Health and Wellness Market

Global Health and Wellness Market:

The global health and wellness market size reached US$ 3,670.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5,155.6 Billion by 2032, exhibiting a growth rate (CAGR) of 3.69% during 2024-2032. Various technological advancements, including the development of mobile apps, health monitoring devices, wearable instruments, and the rising consumer awareness towards the importance of leading a healthy lifestyle are primarily stimulating the global market for health and wellness.

Health and Wellness Market Analysis:

• Major Market Drivers: Major market drivers that are contributing to the global growth of the health and wellness industry include the rising popularity of health and wellness-related programs among the working population to manage sedentary lifestyles, which, in turn, is also helping them in making better choices for leading a happy life. Additionally, numerous other factors, including the increasing disposable income levels, the elevating consumption of functional beverages, the rising need for maintaining personal care, etc., will continue to augment the scope of health and wellness industry in the future.
• Key Market Trends: One of the most prominent health and wellness industry trends across the globe is the rising popularity of wellness tourism, which includes activities, such as practicing yoga, visiting agricultural fields, meditating at destinations, numerous recreational activities, etc. In addition to this, the introduction of wearable devices and other latest novel technologies that provide a wide array of features, including reminders, goal setting, progress tracking, etc., is further positively influencing the health and wellness market outlook.
• Competitive Landscape: Some of the major market players in the health and wellness market include Amway Corp., Bayer AG, Danone S.A., David Lloyd Leisure Ltd., Fitness First India Pvt Ltd., Herbalife Nutrition Ltd., Holland & Barrett Retail Limited, L’Oréal SA, Nestlé SA, Procter & Gamble, Unilever PLC, and Vitabiotics Ltd., among many others.
• Geographical Trends: According to the health and wellness industry statistics, North America accounted for the largest market share, due to the increasing number of consumers across the region who are actively demanding products and services that positively support their lifestyle choices and health goals. Besides this, the development of digital platforms in North America and the growing focus on R&D activities are acting as significant growth-inducing factors contributing to the health and wellness market share across the globe.
• Challenges and Opportunities: One of the crucial challenges facing the health and wellness market statistics across the globe includes different regulatory policies in several countries. Compliance with safety regulations and standards can be time-consuming. Moreover, the rising number of businesses entering into the health and wellness market segmentation can increase the level of competition and the need for continuous inventions to stand out in the market. However, numerous advancements in wearable devices, the rising consumer consciousness towards their health, and the expanding women population who are using anti-aging beauty and wellness products will present growth opportunities in the health and wellness industry growth.
   

Health and Wellness Market Trends:

The Increasing Need for Providing Awareness Towards Health at Workplaces

The growing requirement among corporate companies to provide and promote health and wellness programs at work is acting as a growth-inducing factor. This is due to the increasing prevalence of chronic diseases, including high blood pressure, diabetes, obesity, etc., and other mental health-related issues. For example, according to a survey conducted, with the sudden outbreak of the COVID-19 pandemic, 74% of employees' productivity has been negatively affected, owing to poor mental health, thereby elevating the need for efficient workplace health and wellness programs. Consequently, these companies across the globe are continuously collaborating with nutritionists, fitness centers, mental health professionals, and other health and wellness providers to offer their insights and expertise to their employees. For instance, GYMGUYZ, the largest onsite, in-home, and virtual personal training company, announced expanding its corporate wellness services. In recent times, the company has offered its corporate wellness services both in-home and onsite at corporate locations and facilities to workers who choose to work from home. Such advancements are projected to bolster the health and wellness industry worth over the forecasted period.

The Elevating Incidences of Chronic Diseases And Disorders

As there is a growing occurrence of chronic diseases across the globe, as individuals do not have enough time to engage in physical activities, the need for providing education about nutrition, lifestyle choices, and fitness to prevent the onset of these chronic conditions becomes prevalent across the globe. For example, as per 2021 statistics published by the American Cancer Society, the global occurrence of cancer is projected to grow to 27.5 million new cases and 16.3 million cancer deaths by 2040. In addition, this has also created significant opportunities for companies across the globe to educate their employees regarding the effects of these chronic diseases and adhere to health and wellness programs. For instance, Mindhouse changed its branding to Shyft to highlight the focus of the company on offering a variety of health and wellness solutions for a wide array of chronic health conditions and issues. This, in turn, helped consumers in remission, reversal, and management of their health conditions.

Introduction Of Health Monitoring Tools and Devices

Key players across the globe are developing health monitoring tools, such as smartwatches, fitness trackers, health monitoring equipment, etc. These tools provide various advantages, including data on metrics like calories burned, sleep patterns, steps taken, etc., which is one of the significant factors in the health and wellness growth report. For instance, the wearable device introduced by Wu et al. monitors several physiological parameters, including electrocardiograph (ECG), body temperature (BT), heart rate (HR), etc. In addition, these physiological measurements can usually be wirelessly transmitted to a gateway using a BLE module, which will continue to augment the market growth over the foreseeable future.

The Rising Number of Companies Providing Health and Wellness Services

Numerous companies across the globe are making efforts to make health and wellness services available to all. They are recognizing the importance of preventive care in enhancing employee productivity and minimizing healthcare costs. For example, mHealth is a community-based wellness platform, which launched a holistic wellness community built for the C-suite. This corporate wellness startup promotes tasks, including daily nutrition and diet, fitness, emotional well-being, chronic care, etc. In line with this, mHealth helps in enhancing the community's physical, mental, and emotional wellness to provide comprehensive solutions to the CXOs and their families.

Health and Wellness Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product type, functionality.

Breakup by Product Type:

• Functional Foods and Beverages
• Beauty and Personal Care Products
• Preventive and Personalized Medicinal Products
• Others
   

The report has provided a detailed breakup and analysis of the market based on the product type. This includes functional foods and beverages, beauty and personal care products, preventive and personalized medicinal products, and others. According to the report, beauty and personal care products represented the largest segment. The growing demand for organic and natural products, as individuals across the globe are engaging in beauty and personal care rituals for relaxation and stress relief. For example, Shiseido introduced a new skincare brand, Ulé that sourced pesticide-free botanicals from local vertical farms. The benefits associated with adopting natural skincare led consumers to use sustainable, eco-friendly, and natural skincare products that offer greater product ingredient transparency. Also, in April 2023, a personal care and beauty brand called The Body Shop developed its 'activist' product range in the Indian market. The new line enhanced the brand visibility and sustainable commitment in the country by introducing a selection of skin products and color cosmetics.

Breakup by Functionality:

• Nutrition & Weight Management
• Heart & Gut Health
• Immunity
• Bone Health
• Skin Health
• Others
   

The report has provided a detailed breakup and analysis of the market based on the functionality. This includes nutrition and weight management, heart & gut health, immunity, bone health, skin health, and others. According to the report, nutrition and weight management represented the largest segment. The increasing consciousness among individuals across the globe toward the importance of consuming a healthy diet and nutritious food is escalating the demand for healthy food and snack bar items, which is one of the most prominent consumer trends in the health and wellness market across the globe. For instance, CTRL, one of the fastest-growing meal replacement brands in the United States introduced a new meal on-the-go bars, thereby marking the expansion of the company into functional foods. In addition to this, according to the health and wellness market overview, the inflating popularity of vegan and plant-based products is primarily augmenting the market growth. For example, KaraMD introduced Pure Health Apple Cider Vinegar Gummies, which is a vegan gummy specifically designed to promote digestion regulation, ketosis in the body, weight management, support higher levels of energy, etc. Moreover, ZeoNutra further developed SlimPlus. It is a vegan weight management supplement containing SlimBiome. The product gained traction due to its easy availability on Amazon, Flipkart, ZeoNutra's Website, and healthcare sites, including PharmEasy and NetMeds.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
  • Peru
  • Others
• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • Iran
  • United Arab Emirates
  • Others
     

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others); and the Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates, and others). According to the report, North America holds the leading position in the market. The regional health and wellness market is positively influenced, owing to the inflating popularity of health and wellness treatment programs to improve the mental health of the employees. For instance, according to the data published by the APA, employees were twice as likely to be diagnosed with a mental health issue, and they received treatment from a mental health professional (34% vs. 12%). This bolstered the need for wellness programs in the workplace, thereby stimulating the market in North America. As such, the rising number of fitness centers, gyms, spas, etc., across the region will continue to fuel the market growth. For example, TRX, which is one of the global leaders in functional training products and world-class training content, launched TRX for Employee Wellbeing. It helped to provide access to subsidized memberships and fitness classes to employees at a minimal fee. Furthermore, the introduction of healthy product variants will continue to augment the market growth. For example, in August 2023, Chobani, LLC introduced Chobani Oatmilk Pumpkin Spice, a creamy and rich pumpkin spice-flavored oat drink manufactured from whole grain oats. This latest addition to the brand's pumpkin farm is considered a healthy source of calcium, vegan-friendly, dairy- and lactose-free, and suitable for individuals seeking fall beverages that don't skimp on quality or taste. Chobani Oatmilk Pumpkin Spice is currently available for a suggested retail price of 4.29 USD.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis, such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant, has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the major market players in Health and Wellness industry include Amway Corp., Bayer AG, Danone S.A., David Lloyd Leisure Ltd., Fitness First India Pvt Ltd., Herbalife Nutrition Ltd., Holland & Barrett Retail Limited, L’Oréal SA, Nestlé SA, Procter & Gamble, Unilever PLC, and Vitabiotics Ltd., among many others.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Health and Wellness Market News:

• September 2023: The Shiseido Company introduced a new wellness product line or brand, called 'Shiseido Beauty Wellness.' Presently, Shiseido, a well-known Japanese beauty company, is growing its business and aiming to expand this new product line throughout Asia. Along with Kagome and Tsumura, the company intends to conduct preliminary research and development activities in Japan before expanding to other countries.
• October 2023: Nestlé developed novel new inventions, including a wide variety of plant-based alternatives to white fish. These variants include alternatives to breaded fish fillets, nuggets, and fingers. Consequently, they provide high nutritional value as well as their similar flavor and feel to white fish.
• November 2023: The government bodies across India have decided to rename the Ayushman Bharat-Health and Wellness Centers as 'Ayushman Arogya Mandir'. In the letter dated November 25, the ministry said, "These centers have been successful in launching favorable measures in the healthcare industry to prevent chronic diseases."

Health and Wellness Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the health and wellness market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global health and wellness market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the health and wellness industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.