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The Global Health and Wellness Market size is estimated to grow by USD 1,661.81 billion accelerating at a CAGR of 6.49% between 2023 and 2027.
Our health and wellness market research report offers an in-depth analysis of market drivers, trends, opportunities, challenges, and restraints, with health and wellness market segmentation by product type (beauty and personal care products, health and wellness food, wellness tourism, fitness equipment, preventive and personalized health), distribution channel (online and offline) and geography (North America, APAC, Europe, South America, and Middle East and Africa). Additionally, Technavio provides valuable insights through value chain analysis, parent market analysis, Porter’s Five analysis, vendor analysis, and COVID-19 impact data. The report also includes a thorough analysis of historical market data from 2017 to 2022.
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During the COVID-19 pandemic, health and wellness gained prominence, boosting the demand for at-home wellness products. In the US, smart connected fitness devices like wristbands and smartwatches saw a surge in popularity during lockdowns. As restrictions ease, the US market is poised to rebound swiftly, thanks to widespread vaccination and lifted mask mandates in public spaces, contributing to market growth in the forecast period.
The health wellness market is experiencing growth due to the increasing prevalence of chronic diseases, stress, and other health issues. Chronic conditions like diabetes, multiple sclerosis, blood pressure, osteoporosis, and others are driving consumers to seek preventive measures within the global health and wellness market.
Additionally, rising stress levels prompt investments in fitness equipment, healthcare devices, and supplementary diets. This trend is expected to propel the market's growth as individuals prioritize proactive health management.
The burgeoning market for sustainable health and wellness products is a significant trend shaping the health and wellness industry growth. There's a rising demand for organic, clean-labeled, sustainable, and eco-friendly health and wellness products as consumers actively seek environmentally conscious options with clear labeling. Key global health wellness market players are prioritizing the introduction of new products, exemplified by EVOLVE's Supernola brand foods, which are filler-free and made from whole foods. This emphasis on whole organic products one of the major consumer trends in health and wellness market.
The lack of cost transparency and value-based payments poses a significant challenge to market growth. Consumers are increasingly demanding transparency in pricing for health and wellness products and services. Market vendors must avoid frequent price hikes to rebuild trust with health insurers, physicians, and consumers. Cost control emerges is a primary challenge for vendors aiming to expand their consumer base in the health and wellness industry.
Additionally, addressing pharmacy costs and navigating complex regulatory landscapes are additional hurdles faced by global health wellness market players. Overcoming these challenges becomes crucial for major market players to ensure sustained growth during the forecast period.
Based on product type, the market is segmented into beauty and personal care products, health and wellness food, wellness tourism, fitness equipment, and preventive and personalized health. The market share growth by the beauty and personal care products segment will be significant during the forecast period. This segment includes subcategories such as cosmetics, personal care products such as shower gels, bathing soaps, skincare, haircare, deodorants, anti-aging skin creams, and other products.
Health and Wellness Market
By Product Type
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The beauty segment shows a gradual increase in market share from USD 963.6 billion in 2017. The increasing number of online beauty and personal care online retail stores such as Nykaa E-Retail Pvt. Ltd. (Nykaa) in India fuels the growth of the global beauty and personal care market. L'Oreal SA (L'Oreal), Procter and Gamble Co. (Procter and Gamble), and Beiersdorf AG (Beiersdorf) are some of the major players operating in the global beauty and personal care market.
The health and wellness food segment holds the second-largest market under the Product category. The health and wellness foods comprise a range of foods, including superfood-based packaged snacks, juices, nutrition bars, energy drinks, sports nutrition drinks, plant-based dairy-free food and beverages, protein-enriched foods, almonds, nuts, cashews, and vegan and gluten-free foods. The growth of this segment can be attributed to the rising demand for superfood-based packaged food and beverages worldwide. These contain organic ingredients such as blueberry, cranberry, chia, sesame, hemp, and avocado.
North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Health and Wellness Market Region
By North America
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The health and wellness market has a huge presence in the North American region. The prevalence of chronic lifestyle diseases like diabetes, blood pressure, asthma, arthritis, cancer, and dementia, due to sedentary lifestyles as well as other stress-related disorders has increased significantly in the region. Additionally, trends such as "mindful snacking" have a positive impact on the health wellness market in North America.
In June 2021, Iovate Health Sciences International Inc., a nutritional supplement company, launched the Purely Inspired Superfoods product line. The product is focused on delivering high-quality, nutritious products with Superfood Capsules as part of its new superfood product line. The increasing number of new product launches in the packaged health and wellness food sector, and other categories will drive the health and wellness market in North America.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The health and wellness market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Health And Wellness Market Scope |
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Report Coverage |
Details |
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Page number |
181 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.49% |
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Market growth 2023-2027 |
USD 1,661.81 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.18 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 33% |
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Key countries |
US, Canada, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
adidas AG, Amway Corp., Bayer AG, Beiersdorf AG, Core Health and Fitness LLC, Danone SA, David Lloyd Leisure Ltd., General Mills Inc., Glooko Inc., Herbalife International of America Inc, Johnson Health Tech Co. Ltd., LOreal SA, Nestle SA, Ogilvie and Co., PepsiCo Inc., RSG Group GmbH, Shiseido Co. Ltd., The Procter and Gamble Co., Unilever PLC, and Vitabiotics Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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