Dublin, June 12, 2019 (GLOBE NEWSWIRE) -- The "Global Health and Wellness Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.
The health and wellness market will register a CAGR of about 6% by 2023.
One of the major drivers expected to drive the growth of the market during the forecast period is the increased emphasis on effective health and wellness products and a healthy lifestyle by consumers globally. The primary reason driving this increased adoption is the improving economic condition of countries worldwide, which gives liberty to lower- and middle-class consumers to spend more on their health and well-being.
Also, many vendors have been focusing on launching free health coaching, giveaway campaigns, community gatherings centered around self-care, nutrition, and others. Many health and wellness brands, including Weight Watchers, Bodybuilding.com, and CrossFit, successfully market their products through social media channels, such as Twitter and Facebook, and they have been instrumental in spreading the popularity of health and wellness products among consumers.
Therefore, the rising adoption of health and wellness among all demographics is a significant factor that is estimated to positively impact the growth of the global health and wellness market during the forecast period.
Market Overview
The rising number of new products launches in the market
The growth of the global health and wellness market is being propelled by the increasing number of new product launches, especially pertaining to industries like packaged health and wellness food product and beauty and personal care product. Several vendors in the market are focusing on launching a new product named 'Nivea Milk Delights' in women's facewash category in the Indian market.
Moreover, they are also starting a high protein drink with zero sugar called Protinex Lite under the brand name Protinex. Vendors have been focusing on innovating the packaged health and wellness food and beauty and personal care products category by including better quality ingredients. Therefore, the rising number of new product launches in the market will drive the growth of the market during the forecast period.
The high degree of disorganization, price instability, and lack of skilled workforce
The low-entry barrier in the global health and wellness market has been the major reason behind the high degree of disorganization prevalent in the health and wellness market, which creates additional pressure on the established and organized players. The opening of numerous small-sized spas and health and wellness centers in numerous developed and developing economies across the world have given rise to price disparity, as such small-sized enterprises offer services at low costs and have an unskilled workforce at their disposal.
A lack of appropriate training standards and universally accepted accreditations adversely affects the quality of training being imparted in local academies, thereby leading to a rise in the unskilled workforce. This decreases consumer confidence in availing health and wellness services. Therefore, a high degree of disorganization, lack of skilled workforce, and price instability present a massive threat to the growth of the global health and wellness market.
Competitive Landscape
The market appears to be moderately fragmented. The presence of several companies including Bayer AG and Brunswick Corp. makes the competitive environment quite intense. Factors such as the rising number of new product launches in the market and the increasing emphasis on the promotion of health and wellness activities and programs will provide significant growth opportunities to the health and wellness companies.
Danone SA, Nestle SA, and Procter & Gamble Co. are some of the major companies covered in this report.
Key Topics Covered:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY PRODUCT
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/rx7ekk
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.