AI-Driven Transformation, Health and Wellness Market to Expand by USD 1.92 Trillion (2024-2028) Amid Rising Focus on Wellness Programs - Technavio

NEW YORK, Sept. 9, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global health and wellness market size is estimated to grow by USD 1.92 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 7.01% during the forecast period. Increasing emphasis on promotion of health and wellness activities and programs is driving market growth, with a trend towards growing influence of thermal and mineral springs and spas. However, frequent product recalls poses a challenge. Key market players include 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, Novo Nordisk AS, 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 Driver

The global health and wellness market is experiencing significant growth due to increasing demands for treatments of various physical and mental conditions such as rheumatism, circulation disorders, joint health, spinal column ailments, bronchitis, and asthma. Thermal and mineral springs and spas, particularly in Europe, have become popular solutions for these issues. Notable European spas include Bains de Dorres in France, Bad Gastein in Austria, Szechenyi Baths in Budapest, Hungary, Chateau des Thermes in Buxton, UK, and Chaudfontaine in Belgium. Major spa operators are focusing on utilizing specialized therapeutic waters like Malkinskaya mineral water and iodine-bromine waters to address cardiovascular conditions. Additionally, techniques like hydrosulfuric healing and hydropathic healing are being adopted to treat chemical and heat burns and improve mobility for disabled individuals. These factors are expected to positively impact the growth of the health and wellness market during the forecast period. 

The Health and Wellness Market is experiencing significant growth due to increased consumer awareness and cultural developments. Sub-markets like alternative therapies, apparel, beauty and anti-aging, and fitness and exercise are thriving. Consumers are prioritizing balanced lifestyles, disease prevention, and mental health. Fitness programs, fitness equipment, and wearable fitness technology are popular choices for physical fitness. Functional foods, herbal supplements, and nutritional supplements are in high demand for overall well-being. Preventative healthcare, including preventive screenings, is a growing trend. The cosmetics industry offers skincare products and mental health retreats for beauty treatments and mental well-being. Agricultural fields are focusing on producing healthier lifestyle goods and services, such as organic produce and stress management products. Traditional medical practices and herbal remedies are also gaining popularity. Consumer expenditure on healthier lifestyles, including fitness, nutrition, and wellness, is on the rise. Digital devices and health monitoring devices are essential tools for tracking progress and maintaining a healthy lifestyle. Illnesses like cancer, anxiety, and depression are driving the need for preventative measures and treatment. 

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 Market Challenges

• The global health and wellness market faces a significant challenge due to frequent product recalls. These recalls negatively impact market growth by damaging industry reputation and imposing operational and financial burdens on companies. In 2021, for instance, the US Food and Drug Administration (FDA) recalled Jimbos Bloody Mary Mix due to undeclared allergens. Johnson & Johnson Consumer Inc. Also recalled certain aerosol sunscreens due to benzene contamination. Such incidents increase consumer mistrust and may deter potential buyers, potentially hindering the growth of the health and wellness market during the forecast period.
• The Health and Wellness Market is experiencing significant growth due to increased consumer awareness and expenditure towards maintaining overall well-being. Sub-markets like health monitoring devices, herbal supplements, nutritional supplements, and skincare products are seeing increased demand. Preventative healthcare, including preventive screenings and mental health retreats, is becoming a priority. Mental health, including anxiety and depression, is a growing concern, leading to demand for stress management products and holistic approaches like meditating and yoga. Physical diseases, such as cancer, and mental diseases, are driving the need for personalized nutrition schedules and treatment. Agricultural fields are focusing on organic and natural produce. Latest technologies, like wearable fitness technology and digital devices, are revolutionizing healthier lifestyles, with wearable fitness bands and trackers leading the way. The cosmetics industry and personal care products are also benefiting from this trend. The government is investing in healthcare infrastructure to support this growing market. The market includes traditional medical practices, wellness tourism, and recreational activities, all aimed at improving physical fitness, mental health, and overall well-being. The sedentary lifestyle is a major challenge, with weight control products and stress management products offering solutions.

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Segment Overview 

This health and wellness market report extensively covers market segmentation by

1. Product Type
• 1.1 Beauty and personal care products
• 1.2 Health and wellness food
• 1.3 Wellness tourism
• 1.4 Fitness equipment
• 1.5 Preventive and personalized health
2. Distribution Channel
• 2.1 Online
• 2.2 Offline
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Beauty and personal care products- The global beauty and personal care market encompasses various subcategories, including cosmetics, shower gels, bathing soaps, skincare, haircare, deodorants, anti-aging skin creams, and more. Notable players in this industry are L'Oreal SA, Procter and Gamble Co., and Beiersdorf AG. The rise of online retailers like Nykaa in India propels market growth. Consumer preference for organic and natural products is escalating, as evidenced by Clariant's development of a sustainable formulation derived from mulberry plant roots for face serums, hand masks, and skin oils. This eco-friendly product effectively combats skin damage caused by disruptions in skin rhythms. These factors contribute positively to the growth of the global beauty and personal care products segment.

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Research Analysis

The Health and Wellness market is experiencing significant growth due to increased consumer awareness and expenditure on maintaining a balanced lifestyle. This market encompasses various sub-sectors including alternative therapies, apparel, beauty and anti-aging, fitness and exercise, and preventative healthcare. Alternative therapies such as acupuncture and herbal supplements are gaining popularity as consumers seek holistic approaches to illness prevention and treatment. Cultural developments, such as mental health awareness and stress management, have led to an increase in demand for mental health retreats and stress management products. Beauty treatments, skincare products, and wearable fitness technology also contribute to the market's growth. Disease prevention through preventive screenings and healthy lifestyle choices is a key focus, with cancer being a significant concern. Consumers are increasingly conscious of their overall well-being and are willing to invest in products and services that promote mental, physical, and emotional health. Traditional medical practices continue to play a role in the market, with many integrating modern and alternative approaches for comprehensive care.

Market Research Overview

The Health and Wellness Market encompasses a range of goods and services aimed at promoting general well-being, disease prevention, and mental and physical health. Alternative therapies, such as meditation, yoga, and herbal supplements, have gained popularity as consumers seek holistic approaches to health. The market includes apparel, skincare products, and functional foods, as well as fitness and exercise equipment and programs. Cultural developments and increased fitness consciousness have led to an expenditure boom in this sector, with the cosmetics industry and personal care products also contributing significantly. Preventative healthcare measures, such as personalized nutrition schedules and preventative screenings, are becoming increasingly important. The latest technologies, including wearable fitness technology and health monitoring devices, are transforming the way we approach wellness. The market caters to various sub-markets, including mental health, anxiety, depression, cancer, and stress management. Government expenditure and healthcare infrastructure investments are also driving growth in this sector. The market serves a diverse population, with a particular focus on women, and offers various recreational activities and mental health retreats for overall well-being.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product Type
• Beauty And Personal Care Products
• Health And Wellness Food
• Wellness Tourism
• Fitness Equipment
• Preventive And Personalized Health
• Distribution Channel
• Online
• Offline
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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