According to the latest report by IMARC Group, titled "Health and Wellness Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global health and wellness market size reached US$ 3,481.8 Billion in 2022. Health and wellness include the well-being of the mind, spirit, and body. It involves taking care of physical, mental, and emotional well-being. It comprises getting enough sleep, exercising regularly, eating a balanced diet, and avoiding unhealthy habits, such as smoking and excessive alcohol consumption. It may also involve engaging in diverse activities and managing stress healthily, along with recognizing and accepting emotions, healthily expressing them, and taking time to relax and process emotions. Some of the health and wellness services offered to consumers include wellness tourism, wellness real estate, thermal and mineral springs, and health spas.
Global Health and Wellness Market Trends:
The growing health consciousness among the masses majorly drives the global market. This can be supported by the rising prevalence of chronic lifestyle diseases, including obesity, diabetes, hypertension, chronic obstructive pulmonary diseases (COPD), asthma, osteoporosis, heart stroke, and cardiovascular diseases due to hectic schedules and sedentary lifestyles led by the masses. With the rising awareness among consumers regarding the importance of good health and its connection to overall well-being, this is driving the demand for several products and services that promote healthy lifestyles, such as nutritious food, fitness and wellness products, and preventive healthcare services. Due to the increasing geriatric population, the demand for health and wellness products and services has rapidly increased as they are prone to comorbidities, thus further impacting the market. Apart from this, several government agencies are undertaking initiatives to promote healthy lifestyles and encourage preventive healthcare, which is acting as another growth-inducing factor. Moreover, various technological advancements in health-related information and products, including fitness bands and trackers, are creating a positive market outlook. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4,454.0 Billion by 2028, exhibiting a CAGR of 3.99% during 2023-2028.
- On the basis of 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.
- Based on the functionality, the market has been classified into nutrition & weight management, heart & gut health, immunity, bone health, skin health, and others.
- On the basis of the region, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, 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 the Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates and others)
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include 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.
|Base Year of the Analysis
||Product Type, Functionality, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
||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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