Global Health and Wellness Market Expected to Garner $12,850.3 Billion by 2031, Growing at 10.9% CAGR from 2022-2031 [250-Pages] | Explained by Research Dive

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31 Jan, 2023, 13:00 GMT

The health and wellness market is expected to grow by 2031 due to rising demand for health & wellness products. Beauty & personal care products sub-segment is likely to be the most dominant. North America market is likely to be the most profitable

NEW YORK, Jan. 31, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Health and Wellness Market, by Product Type (Beauty & Personal Care Products, Health & Wellness Food, Wellness Tourism, Fitness Equipment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031".

As per the report, the global health and wellness market is predicted to grow at a fascinating CAGR of 10.9% in the 2022-2031 timeframe, thereby garnering $12,850.3 billion by 2031.

Dynamics of the Market

Drivers: Growing demand for sustainable health & wellness products and services is predicted to be the primary growth driver of the health and wellness market in the forecast period. Moreover, growing demand for environmentally friendly organic food items is expected to augment the growth rate of the market in the forecast timeframe.

Opportunities: Since the last few years, various major players of the industry have engaged in technological partnerships, acquisitions, and product developments, which is expected to offer numerous growth opportunities to the market in the analysis timeframe. Along with this, surge in demand for thermal & mineral springs and spas is anticipated to push the market forward.

Restraints: High cost of health and wellness products, however, may dampen the growth rate of the health and wellness market.

Access to the Complete PDF Sample of the Health and Wellness Market

Impact of Covid-19 on the Market

The Covid-19 pandemic, since its outbreak, has been disastrous for industries and businesses across the globe. However, the health and wellness market faced a positive impact of the pandemic. The pandemic saw an increased awareness among the people regarding the importance of maintaining good health and immunity. As a result of this increased awareness, there was a growth in the demand for sustainable health and wellness products and services, which led to a surge in the growth rate of the market.

Segments of the Market

The report has divided the health and wellness market into different segments based on product type and region.

  • By product type, the beauty & personal care products sub-segment is predicted to have a dominant market share by 2031. The massive increase in beauty-conscious female population across the globe is predicted to help the sub-segment to grow in the analysis timeframe.
  • By regional analysis, the health and wellness market in North America region is expected to be the most profitable by 2031. Increased health consciousness and growing disposable income of the people in this region are predicted to be the two main contributing factors behind the growth of the market.

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Significant Market Players

The significant market players of the health and wellness market are

  • Abbott
  • General Mills Inc.
  • Koninklijke Philips N.V.
  • Johnson & Johnson Services Inc.
  • B. Braun Melsungen AG
  • Omron Healthcare Inc.
  • LifeScan
  • The Coca-Cola Company
  • L'Oréal
  • Medtronic
  • Animas LLC
  • F. Hoffmann-La Roche Ltd
  • Nestlé

These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market.

For instance, in December 2022, Hindustan Unilever Limited, a leading consumer goods company based in India, announced the acquisition of Oziva, a plant-based nutrition and beauty products manufacturing company, and Wellbeing Nutrition, a multivitamin nutrition foods provider. These two acquisitions by Hindustan Unilever Limited is predicted to propel the company's market share in the coming few years.

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The Research Dive report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.

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