The Global Health and Wellness Market Size Was Worth USD 4753 Billion in 2022 And is Estimated to Grow to USD 7405 Billion by 2030, With a CAGR of Approximately 5.7 % Over the Forecast Period From 2023 To 2030.
Health and Wellness Market Overview
The term “health and wellness” describes a person’s total physical, mental, and spiritual well-being. Personal care/beauty, nutrition, weight control, fitness, preventive/personalized medicine, etc., are a few of the crucial components of the health and wellness sector. In addition, clients are offered services related to wellness real estate, wellness tourism, health spas, and thermal and mineral springs, which are crucial components of the industry’s operation. One of the main factors fueling the market’s expansion is the rising prevalence of chronic lifestyle illnesses worldwide. The prevalence of diabetes, blood pressure, cancer, dementia, asthma, arthritis, and other stress-related ailments has greatly increased due to sedentary lives and busy schedules. This has inspired the general public to adopt numerous healthcare practices like yoga, meditation, and exercise. Additionally, the growing trend of adopting wearable gadgets like fitness trackers and bands accelerates market expansion. The industry is also driven by the quickly expanding wellness tourism and mineral spa industries. The market is anticipated to grow due to other reasons, such as quick urbanization, rising disposable incomes, and increasing health-conscious customers globally.
The COVID-19 outbreak has highlighted the significance of health and wellness. Stakeholders are, nevertheless, witnessing extraordinary changes in the health and wellness business. For instance, the impact of travel limitations on income was enormous for the wellness tourism industry. Mass immunization programs and a drop in active coronavirus incidence catalyze the desire for staycations combined with immunity-boosting retreats. Holidays in wellness-oriented locations are helping to relieve anxiety and stress brought on by the pandemic.
The expansion of the health and wellness industry is significantly fueled by the growing emphasis on promoting health and wellness initiatives and programs. One of the key factors anticipated to propel market expansion during the forecast period globally is the emphasis on leading a healthy lifestyle. The primary cause is the rising disposable income brought on by favorable global economic conditions. Many health and wellness product manufacturers use social media platforms like Twitter and Facebook to sell their goods. This has been successful in increasing consumer interest in health and wellness items. A further factor driving the expansion of the global health and wellness market is the rising popularity of thermal and mineral springs and spas.
The cost of producing tablets vs. capsule-based supplements is lower. However, some drawbacks exist, like the binders and fillers making them more challenging to digest. Liquid supplements, typically more expensive, are preferred even if tablets are higher quality than capsules. Since liquid supplements don’t contain any chemicals and have a better absorption rate. A supplement’s cost is significantly influenced by the ingredients’ origin (natural or synthetic) and accessibility. The bioavailability of the raw materials used to make the product is another factor that could impact the project’s overall cost. Most natural ingredients are also not always readily available, and their prices may occasionally increase during the year. These problems affect the price of taking supplements. Thus, the high cost of supplements limits the market growth.
Health and Wellness Market: Segmentation
The global health and wellness market has been segmented into sectors.
Based on sector, the market is divided into personal care & beauty & anti-aging, nutrition & weight loss, physical activity, wellness tourism, preventive & personalized medicine, spa economy, and others. Among these, the personal care & beauty & anti-aging category led the market in 2021 and is expected to maintain its dominance throughout the forecast period. This can be linked to the growing number of young people who are more self-conscious about their physical characteristics. Young people’s desire to always seem presentable drives them to choose beauty, personal care, nutrition, and weight loss products and services. Additionally, the widespread use of social media platforms and their rising popularity have encouraged people worldwide to adopt personal care and beauty goods. This tendency is anticipated to continue in the near future, which will help this category grow over the projected period. On the other hand, the wellness tourism category is expected to grow significantly over the forecast period. The expansion of this market shortly may be attributed to several factors, including expanding consumer spending on health and wellness services, rising disposable income, a booming tourism industry, and greater awareness of wellness tourism.
Health and Wellness Market: Regional Landscape
- In 2022, North America dominated the market for health and wellness. North America is distinguished by rising consumer disposable income, rising health consciousness, rising demand for healthy products, and rising consumer knowledge of health and wellness items. The expansion of the North American health and wellness market is further aided by the existence of multiple leading industry players and their various development strategies.
Health and Wellness Market: Competitive Landscape
Some of the main competitors dominating the global health and wellness market include
- Amway Corp.
- Bayer AG
- David Lloyd Leisure Ltd.
- Fitness First
- Herbalife Nutrition Ltd.
- Holland & Barrett Retail Limited
- L’Oréal SA
- Nestlé SA
- Procter & Gamble
- Unilever Plc
- Vitabiotics Ltd.
- May 2021: The vertically integrated, multi-brand corporation DECIEM Beauty Group Inc., with headquarters in Canada, saw The Estée Lauder Companies Inc. complete the first phase of growing its own in it. The company has agreed to buy the remaining interests in DECIEM after three years at a price that will be determined based on DECIEM’s future performance. The company owns 76% of DECIEM (up from 29%).
- April 2021: Unilever disclosed that it had agreed to buy Onnit, a holistic wellness and lifestyle business based in Austin, Texas, in the United States.
Global Health and Wellness Market is segmented as follows:
Health and Wellness Market by Sector Outlook (Revenue, USD Million, 2017 – 2030)
- Personal Care & Beauty & Anti-Aging
- Nutrition & Weight Loss
- Physical Activity
- Wellness Tourism
- Preventive & Personalized Medicine
- Spa Economy
Health and Wellness Market by Region Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- The UK
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Health and Wellness Market Report Scope
|Market Size Value in 2022
||USD 4753 billion
|Revenue Forecast in 2030
||USD 7405 billion
||CAGR of 5.7 % from 2023 to 2030
|Base Year for Estimation
||2017 – 2022
||2023 – 2030
||Revenue in USD million and CAGR from 2023 to 2030
||Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
||Sector, and Region
||North America; Europe; Asia Pacific; Latin America; Middle East & Africa
||U.S.; Canada; UK; Germany; France; Italy; Spain; China; India; Japan; Australia; South Korea; Brazil; Mexico; Argentina; UAE; Saudi Arabia; South Africa
|Key Companies Profiled
||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, and Vitabiotics Ltd.