Health and Wellness Market to grow by USD 1661.81 billion between 2023-2027
According to a research report “ Health and Wellness Market” by Distribution Channel (Online, Offline) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 1661.81 billion at a CAGR of 6.49% during the forecast period. In the global market, the emphasis on wellness and healthy living is a significant growth catalyst. This trend is primarily fueled by increasing disposable income, a result of economic advancements. For instance, China's consumer spending surged by 6.3% in 2019. Consequently, vendors have responded by introducing free health coaching, promotional campaigns, and community events centered around self-care and nutrition. Social media platforms, such as Twitter and Facebook, are utilized extensively to market health and wellness products, effectively expanding their reach among consumers..
Browse market data tables, figures, and in-depth TOC on “Health and Wellness Market” by Distribution Channel (Online, Offline) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2027.
View detailed Table of Content- Click here
By Distribution Channel, the Online segment is projected to dominate the market size in 2024.
ai_market_segmentation_by
By Geography, North America segment is expected to hold the largest market size for the year 2024.
The global Health and Wellness Market encompasses sectors like cosmetics, personal care, and organic products. Notable players include L'Oreal SA, Procter and Gamble Co., and Beiersdorf AG. The market's expansion is driven by the rise of online retailers such as Nykaa E-Retail Pvt. Ltd. in India. Consumer trends favor organic and natural offerings, with companies like Clariant innovating sustainable formulations for face serums, hand masks, and skin oils derived from plant roots.
North America is forecasted to hold the largest market size by region in 2024.
In the North American market, the health and wellness sector holds substantial influence. Chronic diseases, such as diabetes, hypertension, asthma, arthritis, cancer, and dementia, have seen a significant rise due to sedentary lifestyles. Trends like "mindful snacking" positively impact this market. In June 2021, Iovate Health Sciences International Inc., a leading nutritional supplement company, introduced Purely Inspired Superfoods. This product line focuses on delivering premium, nutrient-dense superfood capsules to cater to the growing demand for high-quality health solutions.
The Health and Wellness Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
In the contemporary world, the health and wellness market has experienced significant growth, driven by increased consumer expenditure on various sub-markets. This trend is influenced by the rising awareness of illness prevention through preventative healthcare, mental well-being, and holistic approaches. Wearable fitness technology, stress management products, and skincare products are popular categories, reflecting consumers' focus on balanced lifestyles and disease prevention. Traditional medical practices and alternative therapies, including herbal supplements, have also gained traction. Cultural developments have led to an increased interest in mental health retreats, beauty treatments, and anti-aging solutions. Consumers are increasingly conscious of their fitness and exercise routines, adopting healthy diets, and seeking out apparel that supports their active lifestyles. The health and wellness market encompasses a broad spectrum of offerings, from cancer treatment to mental health services. Disease prevention and stress management are key priorities, with consumers seeking out a range of products and services to maintain their overall well-being. This market is expected to continue growing, as consumers increasingly prioritize their health and seek out innovative solutions to improve their quality of life.
Market Research Overview
The health and wellness market encompasses a broad range of goods and services, including yoga, wearable devices such as fitness bands and trackers, personal care products, mental health retreats, and traditional medical practices. This market caters to the growing consciousness towards maintaining overall well-being, with a focus on disease prevention and stress management. The women population represents a significant sub-market, with a high demand for skincare products, mental health services, and weight control products. Wellness tourism, which includes mental health retreats and recreational activities, is another burgeoning sector. The latest technologies, such as digital devices and functional foods, play a crucial role in this market. Wearable fitness technology, for instance, helps monitor physical fitness and provides personalized nutrition schedules. Preventative healthcare, including preventative screenings and herbal supplements, is another key area of focus. The healthcare infrastructure and government expenditure on health and wellness initiatives are essential drivers of market growth. Consumer expenditure on fitness programs, fitness equipment, and apparel is also on the rise. The cosmetics industry, too, contributes significantly to the market, with a focus on beauty treatments and anti-aging products. Holistic approaches, including meditation and herbal supplements, are gaining popularity in the quest for mental and physical well-being. The market also includes alternative therapies, such as agricultural fields and cancer treatment, to cater to various health needs.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
