The global health and wellness market was valued at USD 4,436.1 billion in 2020 and is expected to reach over USD 7,656.7 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
The global health and wellness market is primarily driven by the increased consumer expenditure of a wide variety of health and wellness products and services across the globe. The growing burden of physical and mental diseases such as cancer, depression, anxiety, and numerous others has a significant role in the development of the trillion dollars health and wellness industry. The rising personal disposable income, increased awareness regarding the health and wellness products and services among the consumers, rising government expenditure on the development of sophisticated healthcare infrastructure, and desire for healthy and active lifestyle among the population are several important factors that drives the growth of the global health and wellness market.
The increased demand for the healthy products and increased awareness regarding the importance of personal hygiene has boosted the growth of the personal care products globally. The sedentary lifestyle of the consumers, busy and hectic schedules, and growing prevalence of various chronic diseases such as asthma, blood pressure, diabetes, cancer, arthritis, and various mental disorders are the major drivers of the health and wellness market. The rising popularity of wellness tourism is expected to be a significant contributor to the global health and wellness industry. Wellness tourism is associated with undertaking tourism activities for the physical and mental well-being. The wellness tourism includes activities such as meditating at destinations, practicing yoga, visiting agricultural fields, and various recreational activities.
The integration of digital devices and latest technologies in the health and wellness industry has led to the emergence of fitness bands, trackers, and other wearable devices. Furthermore, the increasing women population is fostering the growth of beauty and anti-aging products. The cosmetics industry is an exponential contributor to the global health and wellness industry. Further, the rapidly growing sales of men cosmetics is boosting the market growth. The rising demand for the functional and healthy food products is another major contributor. The increased health consciousness has compelled the consumers to increasing adopt the consumption of healthy food products. The rapid increase of the fast food chains in the developed and developing nations had resulted in unhealthy food habits of the consumers. Moreover, the processed meat consumption is carcinogenic, according to the World Health Organization. Hence, the rapidly growing demand for the healthy and functional food and beverages is expected to boost the growth of the global health and wellness market, during the forecast period.
Based on sector, the personal & beauty & anti-aging segment dominated the global health and wellness market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This segment accounts for around 24% market share. This segment was followed by the nutrition & weight loss segment that accounted for around 15.6%. This can be attributed to the increasing youth population, who are more concerned about their physical appearances. Young population desires to look presentable at all times that propels them to opt for beauty, personal care, nutrition, and weight loss products and services. Moreover, the increased penetration and burgeoning popularity of social media platforms has fostered the adoption of personal care and beauty products among the population all over the globe. This trend is expected to rise in the upcoming future and hence boost the growth of this segment during the forecast period.
On the other hand, wellness tourism segment, which accounts for around 6% of the market share, is estimated to be the fastest-growing segment during the forecast period. The rising awareness regarding the wellness tourism, rising disposable income, rapidly growing tourism industry, and increased consumer expenditure on health and wellness services are the various factors that may be held accountable for the growth of this segment in the foreseeable future. The wellness tourism involves recreational activities, yoga, meditation, spa therapies, and other well-being activities that the tourists undertake at the destinations. The rising government initiatives to boost the tourism sector for generating employment and revenue streams for the economy is a major factor that boosts the growth of this segment globally.
Based on region, North America dominated the global health and wellness market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. North America is characterized by increased disposable income of the consumers, increased health consciousness, increased demand for the healthy products, and increased consumer awareness regarding the health and wellness products. Moreover, the presence of numerous top industry players and various developmental strategies adopted by them has a significant role in the growth of the North America health and wellness market.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific, owing to the presence of huge population, rising urbanization, rapid industrialization, favorable government policies to attract FDIs, and huge potential for growth of various sectors of the health and wellness industry has become the most lucrative market. The major economies such as China, India, Japan, and South Korea are the major contributors to the growth of the health and wellness market.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of hugenumber of market players. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products and services. Moreover, they are also focusing on maintaining competitive pricing.
In June 2021, Unilever entered into a partnership agreement with the food-tech company, ENOUGH to produce plant-based meat products in the market
In June 2020, L’Oreal acquired Thayers Natural Remedies, a US based skincare brand, to integrate it into L’Oreal’s Consumer Products Division.
The various developmental strategies like acquisitions, partnerships, and new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global health and wellness market include:
Scope of the Health and Wellness Market Report
|Market Size||USD 7,656.7 Billion by 2030|
|Growth Rate||CAGR of 5.5% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Companies Covered||Amway Corp., Bayer AG, Danone, David Lloyd Leisure Ltd., Fitness First, Herbalife Nutrition Ltd., Holland & Barrett Retail Limited, L'Oréal SA, Nestlé SA, Procter & Gamble, Unilever Plc, Vitabiotics Ltd.|
Segments Covered in the Report
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