Health and Wellness Market, by Product Type (Beauty & Personal Care Products, Health & Wellness Food, Wellness Tourism, Fitness Equipment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031

Global Health and Wellness Market Analysis

The Global Health and Wellness Market Size was $4,712.5 billion in 2021 and is predicted to expand at a CAGR of 10.9%, generating a revenue of $12,850.3 billion by 2031.

Global Health and Wellness Market Synopsis

Health and wellness are two concepts that are highly valued. All people, regardless of their age, background, or category, ought to pay attention to these concepts. The rationale for this is that when people are healthy, they can focus effectively on carrying out numerous duties and activities. They will also be able to live effective lives and accomplish the desired goals and objectives. Living effective and successful lives depends on being in good bodily and mental health. A person who is fit and healthy can live life to the fullest without experiencing any serious medical problems. Being healthy involves more than just a person's physical well-being; it also refers to their mental stability or sense of inner peace. Maintaining an active lifestyle and eating nutritious foods like vegetables and protein can both help you feel better about yourself. The impact of food on one's health and happiness is a growing concern for people in the twenty-first century. Supermarkets are stocked with processed foods that are deficient in vital nutrients and heavy in sodium, sugar, and saturated fats. These are shown to be the cause of obesity and significant health issues like diabetes, heart disease, cancer, and others. People have started concentrating more on natural foods, such as organic foods, in an effort to improve and maintain their physical health. The rising demand for environmentally friendly organic food items and the quick increase in the demand for sustainable health and wellness products & services worldwide is anticipated to boost the health and wellness market growth.

However, the high price of health and wellness-related goods and services is a major barrier to the market's expansion. The construction and upkeep of thermal springs and health spas demand substantial investments, which is expected to restrain health and wellness market expansion.

Environmental preservation and the harmful effects of chemical inputs on the soil, environment, and human health are all becoming more widely known on a global scale. As a result, people are now moving more toward organic and eco-friendly food products. There have been several, highly variable health benefits associated with eating organic food. Ascorbic acid and polyphenols are highly concentrated in organic plants, and PUFA and n-3 PUFA are concentrated in organic animal diets. The health and wellness market share growth is experiencing rapid expansion due to rising demand for environmentally friendly organic food items as well as rising demand for sustainable health and wellness goods and services. To meet product demand, existing manufacturers are also increasing technological partnerships, acquisitions, and product developments; this aspect is further anticipated to fuel market expansion in the near future.

According to regional analysis, the North America health and wellness market accounted for highest share in 2021 and is predicted to expand with a considerable CAGR during the forecast period.

Health and Wellness Overview

The words "wellness" and "health" are often used interchangeably. Although one cannot exist without the other, they are two distinct ideas with varying degrees of variability and distinct meanings. According to the World Health Organization (WHO), health is "a condition of whole physical, mental, and social well-being and not only the absence of sickness or infirmity (illness)" and wellness is "a good approach to living" and "the optimal condition of health of individuals and groups." Health is the goal, and the active process of reaching it is wellness.

COVID-19 Impact on Global Health and Wellness Market

The COVID-19 pandemic has brought several uncertainties, leading to severe economic losses as various businesses across the world were on a standstill. But the COVID-19 pandemic had a positive impact on the health and wellness market. Health and wellness emerged as key focus areas among people during the pandemic. The value of leading a healthy life has gained more recognition among people all around the world. The pandemic has highlighted socio-economic and psychological ramifications, imparting a crucial lesson on health. Although COVID-19 impacted the whole world, perhaps the bright side is that people are now more mindful of their own health.

People now more than ever want to improve their lifestyles, which were tarnished by bad habits or negligence prior to the pandemic. They are now pickier about what they eat, when they eat it, the types of workouts they do, and the items they purchase, with a focus on eating a balanced diet. With such significant shifts in consumer demand, the health and wellness market is going to grow. Moreover, numerous governments all around the world are focusing on improving health and wellness among the people of their countries by providing various guidelines and encouraging them to adopt healthy lifestyles. For instance, the Indian government promoted yoga and ayurvedic medicine during the pandemic to improve the health and wellness of people.  

Rise in Demand for Thermal & Mineral Springs and Spas Drives the Growth of the Health and Wellness Market

People have utilized thermal mineral water to treat conditions like rheumatism, skin diseases, and poor digestion since ancient times. It is at least as old for people to travel to thermal springs for health and healing. One of the main factors driving the global spa, thermal, and mineral springs market is the increasing demand for these facilities. The growth of man-made thermal and mineral springs as well as health spas for the treatment of ailments, both physical and mental, will significantly expand the global health and wellness market growth. These thermal & mineral springs provide numerous health benefits, including relief from stress and strain, skin-related disease, improving vascular functions, and help in burning calories. As a result of the pandemic, there is a renewed emphasis on holistic well-being, nutrition, and rejuvenation. As a result, more and more individuals are planning their vacations and short getaways around these possibilities. To cater to this increase in demand, the hospitality group Taj India introduced Taj wellness retreats in September 2020. It offers 14 types of ayurvedic retreats at all Taj hotels, which combine the expertise of in-house spas.

To know more about the global health and wellness market drivers, get in touch with our analysts here.

High Cost of the Products and Services is a Key Restraining Factor for the Growth of the Health and Wellness Market

Customers prefer different wellness services like spas, gyms, and others to live a balanced and healthy life due to the rising worries about total wellness and changes in lifestyle. However, these services are pricey, which is expected to have a negative impact on the market. Costly supplements and functional foods and beverages are anticipated to impede the expansion of the health and wellness sector. These factors are anticipated to hamper the health and wellness market trends during the forecast period.

Growing Trend of Organic and Sustainable Products and Services is Anticipated to Produce Enormous Investment Opportunities in the Health and Wellness Market

Traditional diets are being supplanted by diets that contain significant amounts of industrially processed foods, animal products, and refined sugars, fats, and oils. Conversely, there is a correlation between lesser consumption of these foods and the (slowly) growing popularity of organic diets and unprocessed organic food products. It is contended that the expansion of the organic food industry is already helping to advance the goals of enhancing global public health and minimizing the negative environmental effects of food production and processing. Therefore, eating organic food helps save lives and ensures that humans will continue to exist in the future. This transition will give operators new opportunities while also placing the food system on a sustainable course in the value chain for food. The focus of healthcare costs for governments can change from increasing overall care and wellbeing to treating disease. Innovation spurred by rising public demand and awareness will deliver consumers additional choices for eco-friendly and healthy goods at reasonable costs.

To know more about the global health and wellness market opportunities, get in touch with our analysts here.

Global Health and Wellness Market, by Product Type

On the basis of product type, the market is divided into beauty & personal care products, health & wellness food, wellness tourism, fitness equipment, and others. Among these, the beauty & personal care products segment accounted for the highest market share in 2021, whereas the health & wellness food segment is estimated to show the fastest growth during the forecast period.

Global Health and Wellness Market Trends, by Product Type, 2021

Source: Research Dive Analysis

The beauty & personal care products segment is anticipated to have a dominant market share in 2021. Due to an increasingly beauty-conscious female population, the cosmetics and beauty sector has experienced consistent and long-term growth throughout the years. A number of additional variables, including increase in disposable income, changing lifestyles, shifting tastes and preferences, the rise of online shopping modes, and the growth of the distribution network, have continued to support the demand and supply of the products. The increase in use of skincare products, including anti-aging creams, blemish creams, exfoliators, has led to significant expansion in the market. A variety of new face washes for various skin types have been introduced. A variety of products that combat fatigue, stress, and aging have been produced due to the increased prominence of women's desire to seem young. Demand for cosmeceutical healthcare goods is being fueled in part by the growing trend of healthier lifestyles and greater awareness of the negative effects of utilizing synthetic healthcare and personal care products.

The health & wellness food segment is anticipated to show the fastest growth. Worldwide, there has been a significant shift in consumer purchasing habits toward consumption of healthy foods. Significant shifts in consumer behavior toward the consumption of healthy foods have occurred recently as a result of growing health knowledge, changing lifestyles, and growing concerns about the advantages of health and wellness food. Balanced diet that provides the body with the essential nutrients and number of calories needed for growth, proper physical and mental function, and satisfying the body's fundamental nutritional and metabolic needs all at once is necessary. Nutrition and food intake are crucial for maintaining health and wellbeing. Consumers are becoming aware that eating a nutritious diet is essential to preserving their entire well-being.

Health and Wellness Market, Regional Insights

The health and wellness market opportunity was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Health and Wellness Market Size & Forecast, by Region, 2021-2031 ($Billion)

Source: Research Dive Analysis

Market for Health and Wellness in North America to be the Most Dominant

The demand for health and wellness in the North America region is driven by consumers' increased disposable income, increased health consciousness, higher demand for healthy products, and improved consumer awareness of health and wellness items. A large part of the expansion of the North American health and wellness market is attributable to the existence of multiple top industry players and the various development strategies they have used. Also, there is increased demand among people to improve their health by adopting a healthy lifestyle, which includes using organic foods, vegan food products, and food supplements. There is rise in demand among the region’s spas because of their health and beauty benefits. Health and wellness services are projected to remain in high demand due to the rising need for leading physically and mentally healthy lives. It is anticipated that the frequency of chronic diseases will increase health and wellness market opportunities in the North America region.

Competitive Scenario in the Global Health and Wellness Market

Investments and agreements are common strategies followed by major market players. For instance, in April 2022, Eight Sleep, a smart mattress startup, introduced a new health coaching service. Users can connect with a performance coach through Span, which can offer advice on food and exercise. The advice is founded on information gathered from a variety of fitness and health trackers, including the Eight Sleep smart mattress.

Source: Research Dive Analysis

Some of the leading health and wellness market players are Abbott, B. Braun Melsungen AG, L’Oréal, Nestlé, General Mills Inc., Omron Healthcare, Inc., Medtronic, Koninklijke Philips N.V., LifeScan, Animas LLC, Johnson & Johnson Services, Inc., The Coca-Cola Company, and F. Hoffmann-La Roche Ltd.