The latest report by IMARC Group, titled “Health and Wellness Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global health and wellness market size reached a value of US$ 3,294 Billion in 2021. Health and wellness refer to the state of complete physical, emotional and mental well-being of an individual. It is achieved by living a healthy lifestyle, practicing regular exercise, and avoiding or limiting the consumption of junk food. Some of the most crucial aspects of health and wellness are fitness, nutrition, personal care, weight management, and preventive medicines. Over the years, health and wellness products have gained widespread popularity across the globe owing to the inflating income levels and rising health concerns among individuals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Health and Wellness Market Trends:
The market is primarily driven by the growing prevalence of lifestyle diseases such as diabetes, hypertension, asthma, arthritis, cancer, and other stress-related disorders among individuals due to sedentary lifestyles and hectic schedules. As a result, people are extensively adopting various healthcare activities, including yoga, meditation, and athletics. Moreover, the growing trend of using the wearable devices, such as fitness bands and trackers, is also contributing to the market growth. Besides this, the rapid growth of wellness tourism sector is escalating the demand for health and wellness products. Furthermore, the rising disposable incomes and the growing health-consciousness among consumers are anticipated to propel the market growth in the upcoming years. Looking forward, IMARC Group expects the market value to reach US$ 4,277 Billion by 2027, expanding at a CAGR of 4.2% during 2022-2027.
- Based on the product type, the market has been segmented into functional foods and beverages, beauty and personal care products, preventive and personalized medicinal products, and others.
- On the basis of functionality, the market has been segregated into nutrition and weight management, heart and gut health, immunity, bone health, skin health, and others.
- Region-wise, the market has been divided into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others); and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others).
- The competitive landscape of the market has been examined, with some of the key players being Amway Corp., Bayer AG, Danone S.A., David Lloyd Leisure Ltd., Fitness First India Pvt Ltd., Herbalife Nutrition Ltd., Holland & Barrett Retail Limited, L’Oréal SA, Nestlé SA, Procter & Gamble, Unilever PLC, and Vitabiotics Ltd.
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