Market Overview
The Global Health and Wellness Market is expected to reach a value of
USD 3,812.3 billion in 2023, and it is further anticipated to reach a market value of
USD 5,499.9 billion by 2032 at a
CAGR of 4.2%.
Traditionally, good health meant being free from illness, but the modern concept includes mental well-being. Physical health, influenced by diet, exercise, & the absence of persistent disorders, is crucial. Wellness is an active term, that signifies a healthy lifestyle for optimal potential, considering different aspects like body, career, relationships, & emotions. Regardless of health status, looking for a healthy lifestyle is vital, to creating prosperous & fulfilling lives. Both physical & mental health play key roles in achieving a worry-free and productive life, prompting increased adoption of healthy habits amid rising
health concerns.
Key Takeaways
- By Product, Beauty & Personal Care Product segment takes the lead in 2023 & is anticipated to dominate throughout the forecasted period.
- In addition, the Functional Food & Beverages segment is expected to have significant growth over the forecasted period.
- By Functionality, Nutrition & Weight Management take the lead & drive the market in 2023
- North America has a 43.3% share of revenue in the Global Health and Wellness Market in 2023
Market Dynamic
The growth in demand for protein-based, healthy food & beverages highlights a growing health-conscious consumer base looking for nutritional value & wellness benefits in their diets. Protein-rich beverages, known for providing significant nourishment with high protein content & beneficial nutrients, are favored for boosting energy &supporting overall health. Further, knowing the role of protein in metabolism & weight management, consumers are driving the demand for protein-based healthy food products.
Moreover, the preference for clean-label food, characterized by natural & less processed ingredients, is increasing as individuals adopt healthier lifestyles, aligns with a broader awareness of promoting a sustainable environment, contributing to the growth of the health and wellness
food market.
However, strict regulations are applied for food & beverages to ensure consumer transparency & prevent adulteration. While these regulations assist consumers in understanding nutritional content, the challenge for manufacturers depends on meeting all requirements, posing potential negative impacts on the market.
Research Scope and Analysis
By Product
In terms of products, the global health & wellness market is categorized as functional foods & beverages, beauty & personal care products, preventive & personalized medicinal products, and others, of which beauty & personal care products stand out as the largest segment in 2023. Engaging in beauty rituals, mainly skincare routines, has become a source of comfort, relaxation, & stress relief for individuals. With an increase in emphasis on self-care practices, the need for beauty & personal care products continues to grow.
Further, the influencer culture & social media play an important role in shaping consumer preferences & trends within this market. Moreover, platforms like YouTube, Instagram, & TikTok serve as influential spaces where beauty influencers showcase, review, & introduce new products, creating a direct impact on consumer choices & industry trends.
Also, there is a growing demand for functional foods & beverages offering additional health benefits beyond basic nutrition. Consumers are adding these functional products into their diets to proactively enhance well-being & reduce the risk of chronic diseases, driving growth in this product segment.
By Functionality
The market in terms of functionality includes nutrition & weight management, heart & gut health, immunity, bone health, skin health, and others, among these, nutrition & weight management claims the largest market share in 2023. Individuals are highly cognizant of the profound impact that diet & weight have on their health, encouraging a growth in awareness of the demand for nutritious consumption & weight control, which translates into an increasing demand for products & services dedicated to nutrition & weight management, driven by the desire to maintain good health & prevent diseases linked to lifestyle, like diabetes, obesity, & cardiovascular conditions.
Further, skincare has changed into an integral facet of self-care & wellness routines. People are combining skincare practices into their daily administration not only for physical health but also for relaxation, stress reduction, & allowing a sense of self-care & self-love, which increased focus on skin health significantly contributes to the expansion of this market segment.
The Health and Wellness Market Report is segmented on the basis of the following
By Product
- Functional Foods & Beverages
- Beauty & Personal Care Products
- Preventive & Personalized Medicinal Products
- Others
By Functionality
- Nutrition & Weight Management
- Heart & Gut Health
- Immunity
- Bone Health
- Skin Health
- Others
Regional Analysis
North America emerges as the leading driving force in the global health & wellness market, commanding a higher 43.3% share of revenue, & is expected to maintain this position throughout the forecast period, which is fueled by factors like growth in consumer disposable income, growth in health consciousness, increased demand for healthier products, & growing consumer awareness about health & wellness offerings. Further, the region also benefits from the presence of various key industry players implementing different strategic initiatives, propelling its growth.
Also, the Asia Pacific region is identified as the most important market for the coming future. Fueled by a large population, fast urbanization, industrialization, government policies attracting foreign direct investments (FDIs), & significant growth potential across different health & wellness sectors, the Asia Pacific market presents strong opportunities, as major economies like China, India, Japan, & South Korea play vital roles in driving the growth of the health & wellness market in the region.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The global health & wellness market is a bit divided, with a large number of companies competing. These players focus on growing their market share via strategies like investments, partnerships, & mergers. Further, companies are investing in the development of their products & services, while also creating competitive pricing. The market players focus on staying competitive in a dynamic market environment, driving current efforts to innovate & collaborate for sustained growth.
In March 2023, P&G India is exploring the introduction of additional nutraceutical & wellness offerings in response to growing demand, as the company, having recently introduced sleeping gummies under its Vicks brand, is considering expanding its wellness portfolio in India. Also, the company is planning to include multivitamins & supplements, signaling its commitment to address evolving consumer needs in the health & wellness sector.
Some of the prominent players in the global Health and Wellness Market are:
- Bayer AG
- L’Oreal
- Nestle
- Unilever
- Danone
- Amway Corp
- Vitabiotics
- Fitness First
- Abbott
- Alter Eco
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Health and Wellness Market:
The COVID-19 pandemic & subsequent economic recession have highly impacted the global health & wellness market. With a growing focus on personal health, there has been a growth in demand for immune-boosting supplements, fitness equipment, & mental health services. In addition, lockdowns & social distancing measures have increased the adoption of digital health solutions & home-based fitness options.
However, economic uncertainties have led some consumers to give importance to important spending over discretionary health products & services. The pandemic has also highlighted the importance of preventive
healthcare, driving interest in holistic wellness. As the world looks toward these challenges, the health & wellness industry is noticing a transformation, with a shift towards more accessible & personalized approaches to well-being.
Recent Development
- In April 2023, iHerb, a major global eCommerce platform focusing on health & wellness, announced its Wellness Experts accessible through its brand blog. In addition, it recently introduced the Wellness Experts feature designed to facilitate easy access to expert health & wellness advice, allowing users to look through a wealth of tips & resources customized to their specific needs & interests.
- In June 2023, Chief Minister M.K. Stalin inaugurated 500 urban health & wellness centers across Tamil Nadu. For INR 125 crore, with a unit cost of INR 25 lakh per center in the first phase, each center is staffed with a nurse, a medical officer, a health inspector, & a hospital worker, with operations from 8 a.m. to noon and 4 p.m. to 8 p.m. Further, these centers offer 12 primary health care services, marking a pioneering initiative in the country.
- In May 2023, Google, the search engine giant, introduced additional support resources for users dealing with stress, as when users search for terms related to suicide or mental health, Google Search will provide helpline numbers & pre-written conversation starters through text messages. Developed in collaboration with the International Association for Suicide Prevention, these encourage to diminish the stigma associated with looking for help & appear under the 988 Suicide & Crisis Lifeline for immediate assistance.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 3,812.3 Bn |
| Forecast Value (2032) |
USD 5,499.9 Bn |
| CAGR (2023-2032) |
4.2% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Product (Functional Foods & Beverages, Beauty &
Personal Care Products, Preventive & Personalized
Medicinal Products, and Others), By Functionality
(Nutrition & Weight Management, Heart & Gut
Health, Immunity, Bone Health, Skin Health, and
Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Bayer AG, L’Oreal, Nestle, Unilever, Danone, Amway
Corp, Vitabiotics, Fitness First, Abbott, Alter Eco, and
Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Health and Wellness Market size is estimated to have a value of USD 3,812.3 billion in 2023
and is expected to reach USD 5,499.9 billion by the end of 2032.
North America has the largest market share for the Global Health and Wellness Market with a share of
about 43.3% in 2023.
Some of the major key players in the Global Health and Wellness Market are Bayer AG, L’Oreal, Nestle,
and many others.
The market is growing at a CAGR of 4.2 percent over the forecasted period.