Health and Wellness Market size to increase by USD 1,661.81 billion between 2022 to 2027, Beauty and Personal Care Products to be the major contributing segment, Technavio

NEW YORK, March 10, 2024 /PRNewswire/ -- The health and wellness market size is expected to grow by USD 1,661.81 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 6.49% during the forecast period. The market segmentation identifies significant growth potential in the beauty and personal care products sector, particularly within cosmetics, skincare, and haircare subcategories. With a notable uptrend from USD 963.6 billion in 2017, this segment benefits from the proliferation of online retail platforms like Nykaa E-Retail Pvt. Ltd., especially in markets like India. Key players such as L'Oreal SA, Procter and Gamble Co., and Beiersdorf AG drive this growth. Following closely is the health and wellness food segment, featuring a diverse range of products including superfood-based snacks, energy drinks, and plant-based alternatives. Demand surge for organic ingredients like blueberry and chia seeds underpins this segment's expansion on a global scale.

Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format 

Geographical Market Analysis 

North America is projected to account for 33% of the global market during the forecast period. There is an increase in the incidence of 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. Consequently, trends such as "mindful snacking" have a positive impact on the health and wellness market in the region. For instance, 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. Moreover, 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.

Key Companies
The health and wellness market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including:
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, Vitabiotics Ltd.

View a PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

The global health and wellness market has witnessed exponential growth in recent years, fueled by increasing consumer expenditure on health and wellness products and services. As physical and mental diseases such as depression and anxiety continue to rise, individuals are prioritizing their well-being more than ever before. This shift is further encouraged by rising personal disposable income and heightened awareness of the importance of a healthy lifestyle.

Governments are also stepping up, allocating substantial expenditure towards improving healthcare infrastructure and promoting healthy and active lifestyles. Moreover, the emergence of wellness tourism highlights the growing interest in holistic approaches to health, including activities like meditating and yoga set amidst serene agricultural fields or integrated into recreational activities.

In the digital age, digital devices and latest technologies play a significant role in monitoring health and fitness. Fitness bands, trackers, and other wearable devices enable individuals to track their progress and stay accountable to their goals. This is particularly crucial for segments like the women population, who often seek specialized beauty and anti-aging products and rely on the burgeoning cosmetics industry to address their specific needs.

The demand for functional and healthy food products is also on the rise, with consumers increasingly mindful of their dietary choices in the fight against ailments like cancer. Concurrently, personal care products cater to those embracing a sedentary lifestyle, offering solutions to mitigate its adverse effects.

Overall, the health and wellness market is evolving to encompass a holistic approach to well-being, encompassing both physical and mental health. With a focus on preventive measures and lifestyle changes, individuals are embracing a proactive approach to health, aided by advancements in technology and a growing array of products and services tailored to their needs. As this trend continues to gain momentum, the health and wellness market is poised for further expansion, promising a healthier and more vibrant future for all.

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Market Overview

The global health and wellness market is witnessing significant growth driven by increasing consumer expenditure on health and wellness products and services. This surge is attributed to rising concerns about both physical diseases and mental diseases, such as depression and anxiety. As people prioritize holistic well-being, the demand for products and services catering to mental health is escalating. From mindfulness apps to nutritional supplements, the market offers a plethora of solutions. With an emphasis on preventive healthcare, consumers are investing more in self-care practices and seeking out innovative ways to address their health needs. The convergence of technology and wellness is reshaping the industry landscape, promising continued expansion and innovation.

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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio