LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global health and wellness market to grow at a CAGR of almost 6% during the period 2018-2022, according to their latest report.
One of the major trends that is being witnessed in the market is the rising cases of mental illnesses. Some of the common forms of mental illnesses include anxiety, depression, fear, insomnia, and stress. If not addressed in their early stages, these illnesses can adversely affect physical health and lead to chronic disorders such as diabetes, heart diseases, obesity, and cancer. Stress can be caused because of environmental pressures such as monetary problems, work, and societal expectations. It can lead to adverse effects on an individual's lifestyle and health. It is estimated that out of 100 individuals in the US around 20% experience stress. Mood disorders such as bipolar disorders and depression are the third major cause of hospitalization in the country.
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In this report, Technavio analysts highlight the growing urban population as a key factor contributing to the growth of the global health and wellness market:
Growing urban population
The global urban population is increasing rapidly in developed and developing nations. The increase in urban population has led to changes in lifestyle among people. Although rapid urbanization has improved the living standards of consumers, it has led to various health issues because of the prevalence of a sedentary lifestyle. The increasing incidences of health issues have increased the health consciousness among consumers. The rising disposable incomes around the world have a significant impact on the global health and wellness market.
The per capita disposable income exhibits low volatility in developed countries owing to the growth in double-income households. This has boosted the consumer’s purchasing power. Besides, the affordability of health and wellness food products, as well as fitness equipment, has increased in developing countries. Higher disposable incomes in the Pacific Rim countries such as Malaysia, Indonesia, and Vietnam will further drive market growth.
According to a senior analyst at Technavio for health and wellness, “Financial opportunities in urban areas have led to the migration of people to cities from rural areas. This further expands the urban consumer pool for manufacturers. Evolving lifestyles due to urbanization lead to an increase in spending, accentuating the ease of purchase for health and wellness food products and fitness equipment. More reliable distribution channels including online and retail outlets in urban areas compared with rural areas increase a product's accessibility to the consumers.”
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Global health and wellness market segmentation
This market research report segments the global health and wellness market into the following products (health and wellness food, wellness tourism, beauty and personal care products, preventive and personalized health, and fitness equipment) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the five major products, the health and wellness food segment held the largest market share in 2017, accounting for nearly 40% of the market. This segment is expected to witness steady growth during the forecast period.
The Americas was the leading region for the global health and wellness market in 2017, accounting for a market share of close to 39%. It was followed by EMEA and APAC respectively. The Americas will dominate the market throughout the forecast period.
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