| Source: Precedence Research
Pune, INDIA
Ottawa, Nov. 16, 2021 (GLOBE NEWSWIRE) — The global health and wellness market size was reached at USD 4,436.1 billion in 2020. 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.
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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.
Scope of the Health and Wellness Market
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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Key Players
The major key players included in the health and wellness market are 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.
Segments Covered in the Report
By Sector
By Geography
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