Health and Wellness Market to Observe Significant Growth by 2031 Due to Product Launches and Company Acquisitions by Market Players, such as L'Oréal, Abbott, and Others

The panorama for consumer health and wellness is continuously shifting. Consumers are now focused toward making healthy changes to their lifestyle for living a better life. As people are turning their focus on a more holistic approach to their health and well-being, several brands and manufacturers are hugely investing in health and wellness products as well as services.

The health and wellness sector covers all activities which encourage physical and mental well-being. From healthy diet, personal care, beauty, nutrition, to meditation, weight-loss, spa treatments, and wellness tourism the health and wellness sector takes care of offering all these facilities to customers all across the globe. Today, this sector is experiencing tremendous growth because of the growing emphasis of people on healthcare and their changing lifestyles.

The Rise of Health and Wellness Trends

We live in a modern era, where we have access to various luxury services that can up lift our mental as well as physical well-being. Nowadays, people are opting for spas and thermal & mineral spring treatments. These treatments are seen as a remedy to cure patients suffering from stress, hyper tension, skin infections, abnormal blood circulation, and detoxification of the body. The advantages of thermal springs and health spas are majorly acting as a booster to the growth of health and wellness industry. Furthermore, rising occurrences of chronic disorders and diseases like asthma, arthritis and cancer are increasing the adoption of health and wellness services all across the world. Whereas, rise in trends for organic and sustainable products and services are seen as a major factor boosting the popularity of health and wellness sector.

Health and Wellness Market Trends and Developments  

When it comes to current health and wellness craze, there is certainly a lot to keep up with. Several companies are coming up with interesting and new products and services that promise a better life. Some of the foremost players in the health and wellness market are Abbott,  L’Oréal, B. Braun Melsungen AG, Nestlé, Omron Healthcare, Inc., General Mills Inc., Medtronic, Koninklijke Philips N.V., Animas LLC, LifeScan, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., The Coca-Cola Company, and others. These players are focused on planning and devising tactics, such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market. For instance:

• In March 2019, L'Oréal, the world's leading beauty company has announced partnership with uBiome, a leader in Microbial Genomics with an aim to advance novel research into the skin micro biome. These micro biomes are nothing but trillions of bacteria that live on the skin and also act a major barrier to your skin. With this partnership, the both these brands aim to conduct new research on the skin’s bacterial eco system, with a goal of providing in-depth skin insights to uBiome’s global community.
   
• In December 2020, Abbott, an American multinational medical devices and health care company, developed a new Pedialyte Hydration Solution in order to help support immune health, containing prebiotics, zinc, and vitamins E, C and B12. Along with this development, Abbott expanded its Pedialyte product portfolio with four novel product introductions: Pedialyte Sport, Pedialyte with Immune Support, Pedialyte Electrolyte Water with Zero Sugar, and Pedialyte Organic.
   
• In April 2021, Unilever, a leading consumer goods company, entered into an agreement  to acquire a holistic wellness & lifestyle company, Onnit, which is based in Austin, Texas, the U.S. Onnit’s holistic health offering and digital-first model will help Unilever to grow its portfolio of innovative wellness & supplement brands that include Equilibra, OLLY, SmartyPants Vitamins, and Liquid I.V.

Forecast Analysis of the Global Health and Wellness Market

According to the report published by Research Dive, the global health and wellness market is expected to generate a revenue of $12,850.3 billion by 2031, growing tremendously at a CAGR of 10.9% during the forecast period from 2022 to 2031.

Be it beauty & personal care products or health & wellness food, wellness & tourism or fitness equipment, every sector of the health and wellness industry is booming. This is mainly because people today are more health conscious, which is expected to drive the growth of the global health and wellness market during the forecast period 2022-2031. In addition, the growing investments into research and development activities by various companies are fueling the growth of the industry. Considering all these factors, it is clear that the health and wellness industry in on the verge of gaining heights and bring in various novel products and services in the coming years. However, the high costs of products and services is the predicted to restrain the growth of the market.

Most Profitable Region

The North America health and wellness market is expected to be most dominant during the forecast period, owing to the increased disposable income and increased health consciousness among people in the region. In addition, the improved consumer awareness of health & wellness items and the higher demand for healthy products in the region are other factors expected to bolster the growth of the regional market during the forecast period.

Impact of COVID-19 on the Market

The outbreak of COVID-19 has had a positive impact on the growth of the global health and wellness market, mainly because health & wellness emerged as a key focus area among people during the pandemic period. The value of leading a healthy life has gained more recognition among people across the globe. The pandemic has highlighted socio-economic and psychological ramifications, imparting a crucial lesson on health.