The Health and Wellness Market in terms of revenue was estimated to be worth USD 4,332 Bn in 2022 and is poised to reach $8,379 billion by 2032, growing at a CAGR of 7% from 2022–2032.
The state of complete mental, physical, and spiritual well-being is referred to as health and wellness. Personal care and beauty products, weight management, beauty tools, fitness, nutrition, and personalised and preventive medicine are just a few of the important facets of the health and wellness industry. Additionally, services based on wellness tourism, wellness real estate, health spas, and mineral and thermal springs are provided to customers and are a vital part of the industry’s operations.
The key driver of the global health and wellness market share is increasing consumer spending on different health and wellness products and services (read this article to learn more about it). The increasing incidence of mental and physical illnesses, such as anxiety and depression, is largely responsible for the growth of the health and wellness market. Also, one of the key drivers of the growth of the market is the increasing frequency of chronic lifestyle diseases around the globe.
Factors affecting the growth of the health and wellness market
There are several factors that can affect the growth of the health and wellness market. Some of these factors include:
- Increasing use of wearable devices. The growing use of wearable devices will likely facilitate the growth of the global health and wellness market.
- An increase in the number of health-conscious consumers. The main factor driving the growth of the market is an increase in the number of health-conscious consumers around the globe.
- Unhealthy lifestyles of people. Unhealthy lifestyles of people lead to an increase in the prevalence of chronic diseases, which leads to an increase in health consciousness.
- Reducing pharmacy costs. Cost transparency is one of the drawbacks which may hinder the growth of the market.
- Rapid urbanisation. Rapid urbanisation will bring unhealthy lifestyles in some aspects, which results in the growth of the market.
Top trends in the global health and wellness market
Vendors are trying out novel concepts and introducing original products to hold their position in the health and wellness market. For instance, EVOLVE sells foods of the Supernova brand that are made of whole foods and don’t contain any fillers. Thus, during the forecast period, the global health and wellness market will grow at a faster rate as a result of the availability of whole organic products.
Thermal/mineral springs and spas have become progressively popular around the globe due to their ability to ease mental and physical exhaustion and also conditions like problems with rheumatism, circulation, bronchitis, problems with the spinal column, better joint health, and asthma. Resorts and spas have high demand in Asia, Europe, and North America.
Diabetes, asthma, high blood flow, blood sugar level, blood pressure, dementia, arthritis, cancer, and other stress-related disorders have significantly increased because of busy schedules and sedentary lifestyles. Thus, an extensive range of health-related practices, such as yoga, meditation, and sports, have become popular. Moreover, the rising use of wearable devices like trackers and fitness bands is driving the market expansion. The market is also boosted by the faster expansion of wellness tourism and mineral spas. For various cardiovascular conditions, rheumatism, spinal column conditions, asthma, circulation disorders, and bronchitis, spa operators use specialized therapeutic waters like iodine-bromine and Malkinskaya mineral water. The market is projected to be further pushed by other key factors, such as rapid urbanization, rising disposable incomes, and an increase in the number of health-conscious consumers worldwide.
North America held more than 39.5% of the revenue share of the market, and it is likely to continue throughout the forecast period. Elite consumers in NA are more concerned about their health and are more likely to buy healthy products. Also, they are more aware of health and wellness products. Additionally, the North American health and wellness market has developed considerably due to the presence of various major industry players as well as numerous growth strategies.
APAC is thought to be the most opportunistic market during the forecast period. Asia Pacific market size has developed as the most lucrative market because of its rising urbanisation, large population, rapid industrialization, favorable government policies to encourage foreign direct investment (FDI), and enormous potential for growth in various health and wellness sectors. The health and wellness actual market size is developing chiefly due to major economies like Japan, India, China, and South Korea.
The market is moderately fragmented, with numerous market players. These market players are attempting to increase their share of the market by implementing strategies like investments, partnerships, and mergers and acquisitions. Additionally, businesses are investing in product and service enhancements. Also, they are focused on keeping prices competitive. The cosmetics company purchased the US-based company in order to incorporate Thayer’s Natural Remedies into L’Oréal’s Consumer Products Division. The various development strategies, like partnerships, brand-new product launches with cutting-edge features, and acquisitions, provide market players with lucrative market opportunities along with market expansion.
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