As per the latest report by IMARC Group, titled “Health and Wellness Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global health and wellness market reached a value of US$ 3,294 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 4,277 Billion by 2027, exhibiting at a CAGR of 4.2% during 2022-2027. Health and wellness refer to the state of complete physical, emotional and mental well-being of an individual. They are achieved by living a healthy lifestyle, which includes regular exercising and avoiding or limiting the consumption of junk food. Some of their major aspects are fitness, nutrition, personal care, weight management and preventive medicines. At present, the sales of health and wellness products are increasing across the globe owing to the inflating income levels and rising health concerns, such as chronic diseases, overweight, low stamina and mood swings.
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Global Health and Wellness Market Trends:
On account of rapid urbanization, sedentary lifestyles, hectic schedules and increasing consumption of junk food, there is a significant rise in the prevalence of chronic diseases, which include cancer, diabetes, asthma, arthritis, dementia, hypertension, and other stress-related disorders. This has encouraged the adoption of various healthcare activities, such as yoga and meditation, among the masses. Apart from this, the growing popularity of wearable devices like fitness trackers, in confluence with the burgeoning wellness tourism sector, is also contributing to the health and wellness market growth. Spa operators nowadays are utilizing specialized therapeutic waters, such as iodine-bromine and Malkinskaya mineral water, to treat asthma, bronchitis, rheumatism, circulation disorders, spinal column ailments and cardiovascular ailments. This is anticipated to fuel the market growth in the coming years.
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Key Market Segmentation:
The competitive landscape of the market has been examined, with some of the key players :
Breakup by Product Type:
Based on the product type, the market has been segmented into functional foods and beverages, beauty and personal care products, preventive and personalized medicinal products, fitness equipment, and others.
Breakup by Functionality:
On the basis of the functionality, the market has been segregated into nutrition and weight management, heart and gut health, immunity, bone health, skin health, and others.
Breakup by Region
Region-wise, the market has been divided into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others); and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
Key highlights of the report:
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