Health and Wellness Market By Product Type (Personal Care, Dietary Supplements, Wellness Tourism, and Fitness Equipment, and Others), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 - 2032

Market Perspective

The global Health and Wellness Market size was worth around USD 4.86 trillion in 2022 and is projected to reach a valuation of USD 9.49 trillion by 2032 at a CAGR of nearly 6.92% between 2023 and 2032.

The global health and wellness market has experienced substantial growth in revenue over the past decade, and this trend is expected to continue in the coming years. This can be attributed to the growing emphasis on healthy lifestyles and increased awareness of health and wellness among people worldwide. The market has seen a significant revenue boost due to the rising rates of chronic diseases affecting individuals at younger ages. The main concerns for this trend are changes in work modules, dietary habits, and sedentary lifestyles.

Furthermore, the high cost of treating chronic illnesses has made individuals prioritize maintaining a healthier lifestyle. Consequently, health and wellness products and services have become increasingly important among consumers. Notably, companies such as Wellable are at the forefront of providing fitness services across multiple countries.

However, there are still some factors that could hinder the growth of the industry, including price disparities, high costs of dietary supplements and other services, and access barriers to underserved populations. Therefore, there is a need for companies to find innovative solutions to address these challenges and promote accessibility and affordability for all individuals seeking to lead a healthy lifestyle.

Key Insights

• Based on product type, the personal care segment held the largest market share
• Based on region, North America Dominates the market

Increasing Prevalence of Chronic Diseases to Drive Market Growth

There has been a significant increase in the number of people suffering from chronic diseases such as cancer, diabetes, and hypertension. This rise is primarily due to sedentary lifestyles caused by excessive work, availability of products and services at doorsteps, and other similar reasons. However, people are now changing their mindset to avoid chronic illnesses by focusing on health and wellness. This shift has driven the health and wellness market exponentially. Corporate offices and other businesses are offering mental and physical fitness programs through key players in the market for the well-being of their employees.

Increasing Adoption of Organic Products and Sustainable Services to Offer Lucrative Revenue Opportunity

The urge for healthy lifestyles has increased the demand for organic or natural products instead of artificially manufactured products. Consumers are now aware of the effects of consuming inorganic supplements and are opting for sustainable services with lower impacts on their health. This factor has resulted in rising demand for organic products or sustainable services, offering a lucrative revenue opportunity for various investors and established companies.

Disproportional Costs of Health & Wellness Services Will Restrain the Market Growth

The imbalance in the costs associated with the consumption or utilization of health and wellness products and services is a challenge for market growth. The opportunities in the health and wellness market have attracted many small and medium-scale investors, resulting in cheaper services or product costs compared to big players in the market. Consumers with lower disposable incomes find cheaper services more affordable. However, this has created a disparity in pricing and may restrain the market's growth. It is essential to find a balance between affordable prices and quality services/products to promote accessibility and affordability for all individuals seeking to lead a healthy lifestyle.

Recent Developments

December 2022:  Wellable acquired DailyEndorphin, a company providing solutions to challenges of corporate wellness

May 2021:  Onnit which provides holistic wellness solutions was acquired by Unilever PLC. Unilever PLC through the acquisition aimed at strengthening its product portfolio. Onnit is one of the leading brands in health & wellness solutions based upon scientific solutions.

Segmentation Analysis

Based on product type, the market is further categorized into Personal Care, Dietary Supplements, Wellness Tourism, Fitness Equipment, and Others. The personal care segment dominated the market share in 2022 owing to extensive demand and use of these products in daily life. Personal care products comprise of skincare products, beauty lotions, and other hygiene maintenance goods. These products are the daily needs of more than 68% of the world population and their demand is majorly observed in North America, Europe, and Asia Pacific regions.

Personal care has become a necessity in all types of regions in recent years. The U.S. and other European countries are among the largest consumers. Asia Pacific and Middle East and Africa have attracted the market to a certain extent owing to the availability of raw materials in the region. In 2022, spending in the U.S. on personal care products was recorded at over USD 92 billion.

The dietary supplement is estimated to observe the fastest CAGR throughout the forecast period owing to widespread awareness about necessary nutrients that are required for a healthy lifestyle along with fitness. Fitness equipment attracted significant consumers in North America, Europe, and Asia Pacific owing to the availability of compact fitness equipment that can easily be installed at homes. This innovation was one of the most prominent factors resulting in the potential growth of the segment. The concept of wellness tourism has been developed in recent years owing to new and innovative ideas made available by key players to attract consumers.

North America Continues to Lead Due to Increased Health and Wellness Awareness

North America continued to hold the largest regional share of the global health and wellness market in 2022, accounting for more than 35% of revenues. The region's dominance can be attributed to a combination of factors, including the increasing disposable income of consumers, rising awareness of health and wellness, and a growing number of chronic illnesses among younger populations. Additionally, the presence of established players in the region has led to the development of new and innovative products designed to attract and retain consumers.

The United States remains the most prominent country in the region, accounting for over 50% of the revenues generated. Corporate offices, businesses, and other organizations have also been instrumental in driving the growth of the health and wellness market in North America, as they have increasingly undertaken initiatives to promote employee well-being.

Asia Pacific Health and Wellness Market to Grow at Fastest CAGR

Asia Pacific health and wellness market is expected to grow at the fastest pace in the coming years. The region has a large and growing population, with rising disposable incomes and increasing awareness about the importance of health and well-being. This has led to a surge in demand for health and wellness products, such as dietary supplements, functional foods, and fitness equipment.

In addition to the growing population and rising incomes, the Asia Pacific region also has abundant availability of raw materials needed for manufacturing health and wellness products. This has attracted many multinational companies to set up manufacturing facilities in the region, which in turn has led to increased investments and job opportunities.

India, Australia, and China are some of the key markets driving the growth of the health and wellness market in the Asia Pacific region. These countries have large populations, increasing consumer awareness, and supportive government policies that are encouraging the growth of the industry.

Competitive Landscape

• AMWAY CORP.
• Bayer AG
• BRAUN SE
• BioThrive Sciences
• DANONE S.A.
• Herbalife International of America, Inc.
• INVOQ HEALTHCARE INDIA PRIVATE LIMITED
• JOHNSON HEALTH TECH.
• SOUKYA
• UNILEVER
• Wellable LLC

The global health and wellness market is segmented as follows:

By Product Type

• Personal Care
• Dietary Supplements
• Wellness Tourism
• Fitness Equipment
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America