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The global health and wellness market reached a value of US$ 3.31 Billion in 2020
According to the estimates by IMARC Group, the global health and wellness market to reach a value of US$ 4.24 Billion by 2026, exhibiting a CAGR of 4.10% during 2021-2026.
The growing prevalence of chronic diseases due to unhealthy dietary patterns and sedentary consumer lifestyles represents one of the key factors impelling the global health and wellness market growth.
The emergence of smart wearable devices, such as fitness bands and trackers, along with the growing traction towards fitness tracking mobile applications, represents some of the key trends in the global health and wellness market growth.
The market experienced a positive impact on account of the sudden outbreak of the COVID-19 pandemic as consumers are focusing on maintaining good health and wellness for mitigating the risk of coronavirus transmission.
On the basis of the product type, the market has been bifurcated into functional foods and beverages, beauty and personal care products, preventive and personalized medicinal products, fitness equipment, and others. In this segment, beauty and personal care products accounts for the largest market share.
Based on the functionality, the market has been segmented into nutrition and weight management, heart and gut health, immunity, bone health, skin health, and others, where skin health holds the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In this segment, North America dominates the global market.
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