Global Health and Wellness Market size was valued at USD 6.1 trillion in 2022 and is poised to grow from USD 6.64 trillion in 2023 to USD 13.03 trillion by 2031, growing at a CAGR of 8.8% during the forecast period (2024-2031).
The global health and wellness market is considered to grow due to the increased prevalence of long-term diseases such as hypertension, diabetes, asthma, arthritis, cancer, dementia, and other diseases. This encouraged various activities related to health, including yoga, meditation, and sport. Furthermore, the market is expected to experience growth due to some factors such as rise in health awareness among consumers, rapid urbanization, surge in disposable incomes, and increase in the adoption of wearables, including fitness bands and trackers.
This is driven by the rapidly growing wellness tourism and mineral spa industries. Specialized therapeutic water, such as iodine-bromine and Malinskaya mineral water, was used by the spa operator to treat various cardiovascular alignment problems, anomalies in circulation, asthma, and other conditions. Wellness tourism is tourism that combines yoga, meditation, and field trips to farms with numerous leisure activities for physical and emotional well-being.
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Health and Wellness Market Segmental AnalysisGlobal Health and Wellness Market is segmented by Category, Functionality, Distribution Channel, Vertical and Region.
Based on Category, the market is segmented into Functional Foods & Beverages, Beauty & Personal Care Products, Personalized Medicinal Products, Others.
Based on Functionality, the market is segmented into Nutrition & Weight Management, Heart & Gut Health, Immunity, Bone Health, Skin Health, Others.
Based on Distribution Channel, the market is segmented into Online, Offline (Supermarkets & Hypermarkets, Retail Stores, Others).
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Corporate Wellness Programs Is a Response to Increasing Health ChallengesOne trend to the market growth is the increase in demand by business organizations to take care of and promote workplace health and wellness programs in their respective workplaces. This is attributed to the rapid rise of mental disorders alongside other fatal chronic conditions such as hypertension, diabetes, obesity, and many others. For instance, it was reported that the sudden COVID-19 pandemic affected the productivity of 74% of workers because of poor mental health, and it is here where health and well-being initiatives at work become highly crucial. These agencies, therefore, join hands with various gyms, mental health professionals, nutritionists, and other fitness and wellness experts across the globe to ensure training and counseling for their personnel. For instance, GYMGUYZ-a gold standard in in-home, virtual, and on-site personal training professional services-recently announced expansion into its corporate wellness offerings. This company recently offered its corporate wellness services to employees who wanted to work from home both at home and on-site at corporate sites and facilities. These developments will increase the value of the health and wellness sector over the forecast period.
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This report covers following players:
- Johnson & Johnson
- Nestle
- Unilever
- Procter & Gamble (P&G)
- Abbott Laboratories
- Bayer AG
- Pfizer Inc.
- Sanofi
- Danone
- Colgate-Palmolive
- Kellogg’s
- Amway
- Merck & Co.
- Novartis
- Roche
- Natura & Co
- Philips Healthcare
- Reckitt Benckiser
- Medtronic
- Kimberly-Clark
How Companies are Advancing Health and Wellness for Better ProductivityWith the rising need for health and wellness services, many businesses across the globe are striving hard to ensure that all can access them. People are realizing how important preventative care is in improving worker productivity and reducing medical expenses. For instance, the community-based wellness platform mHealth introduced the holistic wellness community for C-suite. This workplace wellness business promotes daily intake of food and nutrition, physical activities, mental health, long-term care, etc. As such, mHealth would improve the mental, emotional, and physical wellbeing of the community to provide comprehensive solutions to the CXOs and their families.
Competitive Insights into the Health and Wellness MarketThe health and wellness market is extremely competitive, with well-known companies ranging from Peloton, Fitbit, and Nike to a growing list of innovative startups, as key players. They compete on everything from mental wellness apps to exercise equipment. Two such trends that are really changing the face of the market and have brought cooperation along with competition are digital health technology and personalized health solutions. Tactics play a very important role, and these must be inclusive of technology usage, health integration in daily life, and focus on niche markets.
Move of Key Players in the Health and Wellness Market
- In September 2023, The Shiseido Company launched a new line of wellness products or brands named “Shiseido Beauty Wellness”. Well-renowned Japanese Cosmetics brand Shiseido is expanding its business by trying to launch this new range of products in all of Asia. These initial R&D activities will take place in Japan with Kagome and Tsumura before the company expands into other countries.
- In October 2023, Nestlé had come up with a small number of plant-based alternatives for white fish; it developed fish fingers ranging from nuggets to breaded fillets. For this reason, these alternatives are highly nutritious yet have a taste and texture very similar to white fish.
- In November 2023, government bodies across the country would rename Ayushman Bharat-Health and Wellness Centers as “Ayushman Arogya Mandir.” “These centers have been successfully initiating positive measures in the healthcare industry to avoid chronic diseases,” the Ministry wrote in a letter dated November 25.
This report covers following segments:
A. Category
- Functional Foods & Beverages
- Beauty & Personal Care Products
B. Functionality
- Nutrition & Weight Management
- Heart & Gut Health
C. Distribution Channel
- Online
- Offline
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The global rise in the acceptance of wellness and health-related programs amongst working adults as a means of being in control of sedentary lives and, subsequently, assisting in the better decision making for a happy life is contributing to the global expansion of health and wellness market. This health and wellness market’s scope is going to be further extended by several other variables such as increasing disposable income levels, expanding functional drinks consumption, and growing demand for personal care maintenance.
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