How Big is the Health and Wellness Market ? :
The latest report by IMARC Group, titled “Health and Wellness Market: Global Market Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” The global health and wellness market size reached US$ 3,481.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4,454.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.99% during 2023-2028.
What is Health and Wellness ? :
Health refers to the state of complete physical, mental, and social well-being, whereas wellness is defined by an attitude of positive behavior. They are holistic concepts that refer to the state of being physically, mentally, and socially healthy that encompasses all aspects of an individual’s life. They are characterized by the state of being free from illness or injury and having a healthy body, positive thoughts, emotions, and attitudes, as well as having effective communication and a sense of belongingness in the community. Good health and wellness practices can help improve the quality of life, both physically and mentally and facilitate productivity. As a result, maintaining proper health and wellness practices aid in reducing healthcare costs by preventing illness and avoiding medical treatment, living longer, having a higher quality of life, and building better relationships.
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Leading Health and Wellness Companies Worldwide:
- Amway Corp.
- Bayer AG
- Danone
- David Lloyd Leisure Ltd.
- Fitness First
- Herbalife Nutrition Ltd.
- Holland & Barrett Retail Limited
- L’Oréal SA
- Nestlé SA
- Procter & Gambl
- Unilever
- Vitabiotics Ltd. etc.
Health and Wellness Market Demand and Growth:
The escalating demand for health and wellness products and services among the masses is a significant factor driving the market. This can be attributed to the growing social media influence leading to a higher interest in the health and wellness community, coupled with the celebrity endorsements of various health and wellness products and services. In line with this, the increasing prevalence of a wide range of chronic diseases, such as cardiovascular disorders, diabetes, obesity and cancer is providing an impetus to the market. Moreover, the growing geriatric population that is more susceptible to developing these ailments is also acting as a significant growth-inducing factor for the market. In addition to this, the paradigm shifts toward the consumption of natural and organic products among individuals are impacting the market favorably.
Continual technological advancements in health and wellness services and the introduction of fitness apps, calorie trackers, meal delivery services, and online health consultations are also impacting the market positively. The market is further fueled by the introduction of various health and wellness initiatives, including the promotion of healthy eating, physical activity, and preventative healthcare measures across several countries. Apart from this, the inflating disposable income levels of the consumers resulting in a higher purchasing power for investing in high-end health and wellness products and services, are creating a positive market outlook. Some of the other factors contributing to the market include the expansion of gyms and wellness centers, rapid urbanization, rising stress levels among the masses due to hectic lifestyles, the emerging trend of personalized healthcare services, and extensive research and development (R&D) activities.
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Key Market Segmentation:
Breakup by Product Type:
- Functional Foods and Beverages
- Beauty and Personal Care Products
- Preventive and Personalized Medicinal Products
- Others
Breakup by Functionality:
- Nutrition & Weight Management
- Heart & Gut Health
- Immunity
- Bone Health
- Skin Health
- Others
Breakup by Region
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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