How Has The Health And Wellness Market Size Evolved In Recent Years?
The health and wellness market has seen considerable growth due to a variety of factors.
•The size of the health and wellness market has seen significant expansion in the past few years. It is projected to increase from $6383.68 billion in 2024 to $6880.53 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.8%.
Factors contributing to the growth during the historical period include increased awareness around health, proactive healthcare initiatives, changes in dietary choices, an aging population with concerns about longevity, and solutions for stress management.
What Is The Projected Growth Of The Health And Wellness Market?
The health and wellness market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for health and wellness is projected to experience robust growth in the coming years, expanding to $9670.98 billion in 2029 with an 8.9% compound annual growth rate (CAGR).
Factors contributing to this growth throughout the forecast period include the accessibility of information and education, an increased understanding of mental health, a comprehensive view on well-being, sustainable and environmentally-friendly products, and the growth of health retail in e-commerce. Key trends for the forecast period encompass personalized nutrition, the incorporation of technology in wellness strategies, wellness-oriented travel and experiences, comprehensive health approaches, and diverse, inclusive wellness services.
What Are The Primary Growth Drivers In The Health And Wellness Market?
An increase in chronic illnesses is projected to expedite growth in the health and wellness industry. Chronic diseases, typically lasting three months or more and possibly deteriorating with time, predominantly affect the elderly and although they can be managed, they cannot be cured. Adopting regular exercise and wellness routines helps enhance overall health, fitness and lower the risk of developing chronic conditions. As per the National Institutes of Health (NIH), a US-based biomedical research institution, it is predicted that in 2023, there would be a 99.5% increase in individuals aged 50 and older with at least one chronic disease in the United States, going up from 71.522 million in 2020 to 142.66 million in 2050. Furthermore, those suffering from multiple chronic conditions are expected to increase by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. The World Health Organization, a US-based international public health organization reported in September 2022 that nearly 41 million individuals are expected to die annually, totaling 74% of all global deaths, due to chronic noncommunicable diseases. Moreover, these NCD fatalities are expected to constitute about 77% in low-to-middle income countries. Hence, such exponential growth in chronic diseases serves as a catalyst in propelling the health and wellness industry.
What Is The Segmentation Of The Global Health And Wellness Market?
The health and wellness market covered in this report is segmented –
1) By Product: Nutritional Supplements, Fitness Equipment, Organic Foods And Natural Products, Vitamins And Minerals, Health And Beauty Products, Weight Loss And Diet Programs, Other Products
2) By Distribution Channel: Online, Offline
3) By Sector: Personal Care, Beauty, And Anti-Aging, Healthy Eating, Nutrition, And Weight Loss, Wellness Tourism, Physical Activity, Preventive, Personalized Medicine And Public Health, Traditional And Complementary Medicine, Spa Economy, Other Sectors
Subsegments:
1) By Nutritional Supplements: Protein Powders, Omega-3 Fatty Acids, Probiotics, Herbal Supplements
2) By Fitness Equipment: Cardio Machines, Strength Training Equipment, Fitness trackers And Smartwatches, Home Gym Systems
3) By Organic Foods And Natural Products: Organic Fruits And vegetables, Whole Grains, Organic Dairy Products, Natural Snacks
4) By Vitamins And Minerals: Multivitamins, Single vitamins, Mineral Supplements, Herbal Vitamins
5) By Health And Beauty Products: Skincare Products, Haircare Products, Natural Cosmetics, Personal Hygiene Products
6) By Weight Loss And Diet Programs: Meal Replacement Shakes, Weight Loss Supplements, Diet Plans, Online Coaching Programs
7) By Other Products: Wellness Apps, Stress Management Tools, Essential Oils And Aromatherapy Products, Health Monitoring Devices
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What Emerging Trends Are Shaping The Health And Wellness Market Landscape?
Innovations in products stands as a primary trend seeing traction in the health and wellness sector. The sector's key players are concentrating on unveiling innovative offerings in the health and wellness domain to cater to changing consumer needs, enhance accessibility, and incorporate cutting-edge technologies that improve tailored health management and preventive care. For instance, H&H Group, a health and nutrition entity based out of Hong Kong, introduced three new commodities such as SwisseMe Melatonin Gummies, Biotin Gummies, and Plant Protein Powder in September 2023. This fresh range of SwisseMe health supplements gives Indian consumers access to meticulously researched products in novel and user-friendly formats. They are made from natural constituents and backed by scientifically proven formulas to enrich their lifestyles. The SwisseMe plant-based protein delivers 24g of protein for each serving, catering to daily protein requirements.
Who Are the Key Players in the Health And Wellness Market?
Major companies operating in the health and wellness market include:
• Abbott Laboratories
• B. Braun Melsungen AG
• L’Oreal S.A.
• Nestle S.A.
• General Mills Inc.
• Omron Healthcare Inc.
• Medtronic Inc.
• Koninklijke Philips N.V.
• LifeScan Inc.
• Johnson & Johnson Services Inc.
• F. Hoffmann-La Roche Ltd.
• The Coca-Cola Company
• Fitness First
• Herbalife Nutrition Ltd.
• Holland & Barrett Retail Limited
• Amway Corporation
• Bayer AG
• Danone S.A.
• David Lloyd Leisure Ltd.
• Curefit Healthcare Pvt. Ltd.
• Practo Technologies Pvt. Ltd.
• The Procter & Gamble Company
• Unilever plc
• Vitabiotics Ltd.
• EXOS
• ComPsych Corporation
• Virgin Pulse Inc.
• Quest Diagnostics Incorporated
• Wellness Corporate Solutions LLC
• WellRight
• Marino Wellness LLC
• Privia Health LLC
• Truworth Wellness Technologies Pvt. Ltd.
• Wellsource Inc.
• Provant Health Solutions
• HealthifyMe Wellness Pvt. Ltd.
What are the Regional Insights into the Health And Wellness Market?
North America was the largest region in the health and wellness market in 2024. North America is expected to be the fastest-growing region in the global health and wellness market during the forecast period. The regions covered in the health and wellness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
