Westford, USA, March 31, 2023 (GLOBE NEWSWIRE) -- During 2021-2030, the Health and Wellness market is projected to achieve a value of USD 4340.50 billion at a Compound Annual Growth Rate (CAGR) of 4.3%, with North America and Asia Pacific experiencing significant growth. This growth can be attributed to increased consumer spending on health and wellness products, rising health consciousness, growing interest in natural and organic products, and a greater emphasis on preventive healthcare. A growing number of consumers are prioritizing their health and well-being, actively seeking out products that offer health benefits. According to Nielsen's survey, 72% of individuals worldwide are trying to consume healthier food, while 64% are willing to pay extra for products that provide health advantages.
SkyQuest's latest global research findings reveal that the global preventive healthcare technologies and services market is expected to reach $432.4 billion by 2026, growing at a CAGR of 9.7% during the forecasted period. This growth is due to the increasing trend towards preventive healthcare, with consumers seeking products and services to help them maintain good health and prevent illness. According to the Global Wellness Institute's survey, 42% of individuals worldwide now prioritize preventive health and wellness practices, such as exercise and healthy eating, over traditional medical treatment
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In recent times, the health and wellness market has gained significance owing to the increasing emphasis on preventive healthcare and the adoption of healthier lifestyles. Consumers are actively seeking out products and services that aid in promoting good health and well-being, leading to a rise in the demand for natural and organic products, as well as advanced technologies that enable monitoring and improvement of one's health. It is anticipated that the health and wellness market will continue to flourish as individuals continue to prioritize their health and well-being.
Prominent Players in Health and Wellness Market
- Johnson & Johnson
- Nestle
- Procter & Gamble
- Pfizer
- Unilever
- GlaxoSmithKline
- Herbalife Nutrition
- Danone
- Amway
- Abbott Laboratories
- Coca-Cola
- PepsiCo
- General Mills
- Kellogg Company
- L'Oreal
- Colgate-Palmolive
- The Clorox Company
- The Hershey Company
- Mars, Incorporated
- GNC Holdings
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Dietary Supplements application Segment to Drive Higher Sales Due to the Increasing Focus on Preventive Healthcare
In 2021, the Dietary Supplements application segment was found to be a significant contributor to the rapid growth of the Health and Wellness market, with this trend expected to continue from 2022 to 2030. This growth can be attributed to an increasing focus on preventive healthcare, rising consumer awareness, technological advancements, and the aging population. The United Nations report suggests that the number of people aged 60 years and above is expected to increase to 2.1 billion by 2050, up from 962 million in 2017. SkyQuest's analysis shows that this increase in the aging population has mainly contributed to the market's growth, with an expected Compound Annual Growth Rate (CAGR) of 8.2% during the forecasted period.
According to research analysis, North America is expected to emerge as a dominant player in the Health and Wellness market from 2022 to 2030. SkyQuest has projected that the region will experience a Compound Annual Growth Rate (CAGR) of 9.82% during the forecasted period, owing to various factors such as increasing health consciousness and awareness, rising disposable income, technological advancements, and government support and initiatives. SkyQuest's report reveals that the per capita disposable income in the United States was $47,994 in 2020 and is expected to rise to $50,894 by 2025. This increasing financial capability has led to the growth of the Health and Wellness market in the North American region.
Natural and organic product type Segment to Exhibit Strong Growth due to the Increasing Demand for Sustainable and Environmentally Friendly Products
The Health and Wellness market saw the Natural and Organic product type segment emerge as the dominant method in 2021, and this segment is expected to maintain its lead from 2022 to 2030. The growth of this segment can be attributed to various factors, including increasing awareness and demand for sustainable and environmentally friendly products, rising disposable income, changing lifestyles, government initiatives and regulations, and technological advancements. According to a survey conducted by the Shelton Group, a marketing and advertising agency specializing in sustainability, 90% of United States consumers desire to live a more sustainable lifestyle. Additionally, a Nielsen study found that 81% of global respondents strongly believe that companies should help improve the environment. These statistics highlight consumers' growing awareness and demand for sustainable and environmentally friendly products. Due to the increasing need for natural and organic products, the market is expected to reach $23.6 billion by 2025, growing at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecasted period.
The Asia Pacific region has emerged as a significant player in the Health and Wellness market, and SkyQuest has predicted that it will continue to maintain its leading position by 2030. The Health and Wellness market in the Asia Pacific region is expected to experience significant growth, with a projected Compound Annual Growth Rate (CAGR) of 11.97% during the forecasted period. This growth can be attributed to various factors, such as the increasing demand for natural and organic products, the growth of the middle-class population, and the rising disposable income in the region.
A comprehensive analysis of the major players in the Health and Wellness market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Health and Wellness Market
- Hindustan Unilever Ltd, a packaged consumer goods manufacturer, has invested in two digital-first health and wellness companies, signaling its entry into the Indian market for health and wellness products, which is projected to reach ₹30,000 crore within the next five years. The company has acquired stakes in Zywie Ventures Pvt. Ltd, the producer of the OZiva brand of protein-based lifestyle products, hair and beauty supplements, and Nutritionalab Pvt. Ltd, which offers products under the Wellbeing Nutrition brand.
- Headspace Health has announced its acquisition of Shine, a mental health and wellness app focused on offering a comprehensive mental health experience to the BIPOC community. The financial details of the deal have not been disclosed. According to Headspace Health, the acquisition of the New York-based company will enhance its ability to offer more comprehensive self-care content to its expanding worldwide member base, while also making it more inclusive.
Key Questions Answered in Health and Wellness Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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