Global Wellness Market - 2023-2030

Overview

Wellness is a way of life that includes several elements that have an overall positive impact on health. It is crucial to understand that wellness is an intentional, continuous, and holistic approach to making good choices in the eight main operating areas of life. The relationship between mental and physical health is so intertwined that issues in one area might affect the other.

Fitness, healthy nutrition, self-care, mindfulness, stress reduction, wellness vacations, healthy aging, complementary medicine, holistic health, and other wellness activities are becoming more popular as well-being has become the dominant lifestyle ideal.

Market Dynamics: Drivers & Restraints

Increased awareness and adaption of healthy lifestyles

The rise in chronic diseases is increasing the awareness among people to adapt to a healthy lifestyle by practicing regular physical activities and consuming a diet with lower fat content, which will help in reducing the occurrence of cardiovascular diseases and reduce stress levels.

Changes in the lifestyle of individuals mainly eating habits have increased chronic diseases such as obesity, cancer, and cardiovascular diseases.For instance, according to the CDC, a total of 695,000 people in the United States died from heart disease in 2021.

Additionally, according to WHO, more than 1 billion people around the globe which include 650 million adults, 340 million adolescents, and 39 million children suffer from obesity. Thus, growing awareness among people due to the increase of chronic lifestyle diseases is expected to rise in the growth of the market growth. Thus, increase in the chronic diseases have been increasing the awareness among people to adapt to a healthy lifestyle.

Restraint

High cost of the products and services

The increased cost of the products and production costs is expected to hamper the market growth. The increase in the cost of raw materials can increase the overall production.

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Segment Analysis

The global wellness market is segmented based on category and region.

Personal care and beauty segment accounted for 47.3% of the market share

Personal care and beauty segment is expected to hold a dominant position in the market share with the increase in awareness about facial care, hair care, and personal hygiene. The usage of a number of products such as anti-aging creams, deodorants, and sun protection and an increase in self-grooming and change in lifestyle are expected to hold the segment in the dominant position in the market share.

For instance, according to the report by the Cosmetics Europe Personal Care Association in 2022, it is estimated that 500 million of Europe use cosmetic and personal care products every day to protect their health, enhance their well-being, and boost their self-esteem.

Additionally, according to the survey conducted by Advanced Dermatology and Cosmetic Surgery, it has reported that Americans spend $722 on their appearance, including skin care. Thus, the increased use of consumers is expected to raise the segment growth.

Geographical Analysis

North America is expected to hold a significant position in the global wellness market share

The increase in health consciousness among people in the region and increased demand for healthy foods and supplements are driving the market growth in the region. Growing desire and thought of developing a healthy lifestyle among individuals is also driving the market growth.

The presence of major players manufacturing and developing healthy natural foods and supplements helps in raising the market growth in the forecast period. For instance, on August 24, 2023, Chewsy, a leading provider of innovative and delicious, candy-style vitamin chews, launched wellness supplements inclusive of beautiful hair, women's multi, men's multi, youthful skin, and so long stress at Harmons Grocery stores in Utah for its customers.

Additionally, on July 02, 2023, Notable launched a new range of supplements for human performance with its innovative product offerings. Notable Focus is a cognitive-enhancing supplement that offers many benefits to support optimal mental performance. Thus, an increase in the launches of a broad number of supplements will enhance market growth in the forecast period.

COVID-19 Impact Analysis:

The COVID-19 has impacted the global wellness market positively. During COVID-19, a number of individuals adapted to purchase supplements online which has made the availability of products to consumers easier. The increase in awareness among people during this period has increased the demand for the products which has created a positive impact on the market.

Competitive Landscape

The leading companies in the global wellness market with a significant market share include: TELUS Health Ltd., Herbalife Nutrition Ltd., Bayer AG, Holland & Barrett Retail Limited, Amway India Enterprises Pvt. Ltd., Nestle India Limited, Procter & Gamble, Unilever PLC, Vitabiotics Ltd., and Vicco Laboratories Pvt. Ltd.

Key Developments

• On February 07, 2022, Hims & Hers Health, Inc. launched three new supplements that are designed to help consumers support their mental wellness, including sleep, stress, and lack of focus.
• On April 13, 2023, Herbalife launched 106 product SKUs in the first quarter of 2023, across the 95 markets the company operates in worldwide.

Why Purchase the Report?

• To visualize the global wellness market segmentation based on category and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of wellness market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global wellness market report would provide approximately 45 tables, 39 figures, and 183 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies