Health and Wellness Market

Health and Wellness Market was estimated at USD 4,436 Billion in 2020 and projected to grow at 5.5% CAGR during the forecast period.

Health and Wellness Market Overview

Wellness is the process of achieving a good health, i.e., wellness can directly influence the overall health. Health and wellbeing refers to a state of being completely comfortable and happy. the industry broadly emphasizes on weight management, fitness, personal care, and nutrition.

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Major Health and Wellness Market Drivers

The key factor propelling the health & wellness market’s growth globally includes the rising burden of chronic disease in the healthcare system. The high generality and incidence rate of chronic diseases such as dementia, diabetes, cancer, obesity, and others are a significant concern across the globe. This has encouraged people to adopt various healthcare activities and will drive the market growth of the Health and Wellness market. Moreover, the rapid growth of wellness tourism allows people to maintain or enhance their well-being to maintain their health and quality of life.In addition, the emerging trend of wearing devices such as fitness bands and trackers for keeping track of heart rate and blood oxygen level can be prevented by performing various healthcare activities such as meditation, yoga, and athletics. Such factors are driving the demand for health and wellness

Restraint in the Health and Wellness Market

However, lack of awareness regarding several innovative health and wellness products and the high cost of these products such as functional food & beverages, nutritional supplements, preventive medicines, and personalized medicines may hamper the global health and wellness market.

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Type – Segment Analysis

Based on the type, the functional food & beverages segment is expected to grow at the fastest rate in the global Health and Wellness market during the forecast period. Functional food and beverages have an additional physiological benefit above naturally occurring benefits. Functional food & beverages promote optimal health and help reduce disease risk. For instance, in 2020, PepsiCo announced its acquisition with Rockstar Energy for USD 3.85 billion. The acquisition will enable PepsiCo to expand the rising demand for functional beverage space.

Functionality – Segment Analysis

Based on the functionality, the bone health segment is projected to witness a higher market share during the forecast period. Mobility remains a significant concern due to the hectic schedule of consumers; workout activities have been reduced among every age of people, which leads to nutritional deficiencies. For instance, Nestle launched functional food supporting mobility such as bone, muscle, and joint functionality. It is also the first nestle product with functional food approval in China.

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Regional – Segment Analysis:

Based on the region, the Asia Pacific region is projected to capture a significant market share in the global Health and Wellness market. The presence of vast youth population, rapid urbanization, and industrialization are creating opportunities for the cheap production of health & wellness products. Moreover, favorable government policies and initiatives will further boost the market. For instance, the Government of India’s initiative for Ayushman Bharat has opened 1.5 lakh health & wellness centers in India, providing health insurance cover of Rs. 5 Lakh per year to over ten crore poor and vulnerable families for seeking secondary and tertiary care.

Top Market Players

Various notable players operating in the market include Amway Corp., Loreal SA, P&G, Nestle SA, Danone SA, Herbalife Nutrition Ltd., Holland & Barrett Retail Limited, Vitabiotics Ltd., Arla Foods Amba, PepsiCo Inc., and among others.

Key Developments:

• • In 2020, Nestle Health Science entered into an agreement to acquire Vital Proteins, a manufacturer of collagen-based foods, beverages & supplements. Nestle will seek for an opportunity to grow its area of nutrition with a successful brand.
  • In 2020, Loreal partnered with the Thayers Natural Remedies, a US based natural skin care brand. The company has a strong skincare legacy and offers superior products, such as toners and astrigents.

Segments covered in the Report:

The global Health and Wellness market has been segmented on the basis of type, functionality, and regions. Based on type, the market is segmented into Functional Food & beverages, Beauty & Personal Care Products, Preventive & Personalized Medicinal Products, and Others. Based on Functionality, the market is segmented into Nutrition & Weight Management, Heart & Gut Health, Immunity, Bone Health, Skin Health, Others.

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Market Segmentation

Global Health and Wellness Market by Type

• • Functional Food & beverages
  • Beauty & Personal Care Products
  • Preventive & Personalized Medicinal Products
  • Others

Global Health and Wellness Market by Functionality

• • Nutrition & Weight Management
  • Heart & Gut Health
  • Immunity
  • Bone Health
  • Skin Health
  • Others

Global Health and Wellness Market by Region

• • North America Health and Wellness Market (Option 1: As a part of the free 25% customization)

    • North America Health and Wellness Market by Type
    • North America Health and Wellness Market by Functionality
    • US Health and Wellness Market All-Up
    • Canada Health and Wellness Market All-Up

  • Europe Health and Wellness Market (Option 2: As a part of the free 25% customization)

    • Europe Health and Wellness Market by Type
    • Europe Health and Wellness Market by Functionality
    • UK Health and Wellness Market All-Up
    • Germany Health and Wellness Market All-Up
    • France Health and Wellness Market All-Up
    • Spain Health and Wellness Market All-Up
    • Rest of Europe Health and Wellness Market All-Up

  • Asia-Pacific Health and Wellness Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Health and Wellness Market by Type
    • Asia-Pacific Health and Wellness Market by Functionality
    • China Health and Wellness Market All-Up
    • India Health and Wellness Market All-Up
    • Japan Health and Wellness Market All-Up
    • Rest of APAC Health and Wellness Market All-Up

  • RoW Health and Wellness Market (Option 4: As a part of the free 25% customization)

    • RoW Health and Wellness Market by Type
    • RoW Health and Wellness Market by Functionality
    • Brazil Health and Wellness Market All-Up
    • South Africa Health and Wellness Market All-Up
    • Saudi Arabia Health and Wellness Market All-Up
    • UAE Health and Wellness Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Health and Wellness Market All-Up

Major Players Operating in the Health and Wellness (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Amway Corp.
  • Loreal SA
  • P&G
  • Nestle SA
  • Danone SA
  • Herbalife Nutrition Ltd.
  • Holland & Barrett Retail Limited
  • Vitabiotics Ltd.
  • Arla Foods Amba
  • PepsiCo Inc.