Health and Wellness Market By Economic Growth Factors, Development Status, Industry Overview, Future Plans, Competitive Landscape and Opportunities Forecast 2030

According to Precedence Research, The health and wellness market size garnered US$ 4,436.1 billion in 2020 and is expected to generate US$ 7,656.7 billion by 2030, manifesting a CAGR of 5.5% from 2021 to 2030.  The report contains 150+ pages with detailed analysis.

The base year for the study has been considered 2021, the historic year 2019 and 2020, the forecast period considered is from 2021 to 2030. The health and wellness market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).

The rising prevalence of chronic diseases among the global population is the key driver of the global health and wellness market. The sedentary and hectic schedules of the consumers had resulted in the prevalence of stress, depression, anxiety, cancer, diabetes, and various other health related issues. Moreover, the lack of proper diet has resulted in the reduced intake of essential nutrients and minerals required for the healthy and active functioning of human body.

According to the World Health Organization, around 20% of the men and 16.7% of the women are diagnosed with cancer at least once in their lifetime, globally. Further, cardiovascular diseases results in around 18 million deaths across the globe annually. Therefore, rapidly rising prevalence of chronic diseases are the major drivers of the global health and wellness market.

The integration of various latest technologies such as AR, VR, IoT, and blockchain are the various factors that are expected to provide lucrative growth opportunities to the market players across the globe. Constant research and development had resulted in the adoption of smart technologies and innovative ways in the manufacturing of various health and wellness products. The rapidly growing biopharmaceutical industry is boosting the medicine industry globally. The development of various life-saving drugs and development of biologics have provided the treatment for deadly diseases like cancer and tumor.

The high costs of various health and wellness products such as functional food & beverages, nutritional supplements, preventive medicines, and personalized medicines may hamper the growth of the market especially in the underdeveloped and developing countries where the population of middle and lower income group is extremely high. Moreover, lack of awareness regarding several innovative health and wellness products such as personalized medicines, wellness tourism, and several other products and services may hamper the growth of the market during the forecast period.

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Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers, novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace.

Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the major players in the global health and wellness market include:

• Amway Corp.
• Bayer AG
• Danone
• David Lloyd Leisure Ltd.
• Fitness First
• Herbalife Nutrition Ltd.
• Holland & Barrett Retail Limited
• L’Oréal SA
• Nestlé SA
• Procter & Gamble
• Unilever Plc
• Vitabiotics Ltd.

Health and Wellness Market Scope

This market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, the Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes the market by key players and various segment. This report also studies global market prominence, competitive landscape, market share, growth rates market dynamics such as drivers, restraints and opportunities, and distributors and sales channels.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

By sector, the personal & beauty & anti-aging segment dominated the global health and wellness market in 2020, garnering a market share of around 24%. The rising youth population in the underdeveloped and developing regions of Africa and Asia Pacific is the major factor that is expected to boost the growth of this segment during the forecast period. The increased penetration of social media platforms plays a huge role in influencing the youth.

Therefore, all the major market players are investing heavily to establish their online or digital presence. The recent outbreak of the COVID-19 pandemic has necessitated the adoption of digital technologies to remain competitive in the market.

On the other hand, the wellness tourism sector is expected to be the fastest-growing segment during the forecast period. This is attributed to the increasing awareness regarding the wellness tourism among the population. The overall growth of the wellness tourism is attributed to the government and private investments to develop infrastructure in the country to attract tourism. Tourism is one of the major contributors to the GDP of major economies.

North America is the global leader in the health and wellness market. This is attributed to the increased consumer spending on the health and wellness products and services in the region. Further, the higher adoption rate of advanced and innovative technologies in North America has significantly boosted the growth of the health and wellness market in the past few years.

North America is characterized by the presence of various top manufacturers of pharmaceuticals, beauty and personal care products, and nutritional supplements that crucially contributes towards the development of the health and wellness market in the region.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The region is providing lucrative opportunities to the market players owing to the availability of cheap factors of production and favorable governmental policies that attracts foreign direct investments. Countries like China and India are becoming the manufacturing hub of the world as these countries are characterized by the presence of the manufacturing units of almost all the top players operating in the health and wellness market.

Moreover, the presence of huge youth population, rapid urbanization, and rapid industrialization are the various factors that are expected to drive the demand for the beauty and personal care products, nutritional supplements, physical activities, and various other wellness and health products, during the forecast period.

Various developmental strategies adopted by the market players such as partnerships, agreements, new product launches, mergers, and acquisitions contribute exponentially towards the market growth. For instance, in June 2021, Unilever entered into a partnership agreement with the food-tech company, ENOUGH to produce plant-based meat products in the market. Further, in June 2020, L’Oreal acquired Thayers Natural Remedies, a US based skincare brand, to integrate it into L’Oreal’s Consumer Products Division.

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Health and Wellness Market Segments Covered

By Sector

• Personal Care & Beauty & Anti-Aging
• Nutrition & Weight Loss
• Physical Activity
• Wellness Tourism
• Preventive & Personalized Medicine
• Spa Economy
• Others

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World

Research Objective

• To provide a comprehensive analysis of the health and wellness industry and its sub-segments in the global market, thereby providing a detailed structure of the industry
• To provide detailed insights into factors driving and restraining the growth of this global market
• To provide a distribution chain analysis/value chain for the this market
• To estimate the market size of the global health and wellness market where 2019 would be the historical period, 2020 shall be the base year, and 2020 to 2027 will be the forecast period for the study
• To provide strategic profiling of key companies (manufacturers and distributors) present across the globe, and comprehensively analyze their competitiveness/competitive landscape in this market
• To analyze the global market in four main geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World
• To provide country-wise market value analysis for various segments of the health and wellness

TABLE OF CONTENT

Why Buy this Report?

The purpose of Precedence Research’s health and wellness market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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