The health and wellness market will register a CAGR of about 6% by 2023.
One of the major drivers expected to drive the growth of the market during the forecast period is the increased emphasis on effective health and wellness products and a healthy lifestyle by consumers globally. The primary reason driving this increased adoption is the improving economic condition of countries worldwide, which gives liberty to lower- and middle-class consumers to spend more on their health and well-being.
Also, many vendors have been focusing on launching free health coaching, giveaway campaigns, community gatherings centered around self-care, nutrition, and others. Many health and wellness brands, including Weight Watchers, Bodybuilding.com, and CrossFit, successfully market their products through social media channels, such as Twitter and Facebook, and they have been instrumental in spreading the popularity of health and wellness products among consumers.
Therefore, the rising adoption of health and wellness among all demographics is a significant factor that is estimated to positively impact the growth of the global health and wellness market during the forecast period.
The rising number of new products launches in the market
The growth of the global health and wellness market is being propelled by the increasing number of new product launches, especially pertaining to industries like packaged health and wellness food product and beauty and personal care product. Several vendors in the market are focusing on launching a new product named 'Nivea Milk Delights' in women's facewash category in the Indian market.
Moreover, they are also starting a high protein drink with zero sugar called Protinex Lite under the brand name Protinex. Vendors have been focusing on innovating the packaged health and wellness food and beauty and personal care products category by including better quality ingredients. Therefore, the rising number of new product launches in the market will drive the growth of the market during the forecast period.
The high degree of disorganization, price instability, and lack of skilled workforce
The low-entry barrier in the global health and wellness market has been the major reason behind the high degree of disorganization prevalent in the health and wellness market, which creates additional pressure on the established and organized players. The opening of numerous small-sized spas and health and wellness centers in numerous developed and developing economies across the world have given rise to price disparity, as such small-sized enterprises offer services at low costs and have an unskilled workforce at their disposal.
A lack of appropriate training standards and universally accepted accreditations adversely affects the quality of training being imparted in local academies, thereby leading to a rise in the unskilled workforce. This decreases consumer confidence in availing health and wellness services. Therefore, a high degree of disorganization, lack of skilled workforce, and price instability present a massive threat to the growth of the global health and wellness market.
The market appears to be moderately fragmented. The presence of several companies including Bayer AG and Brunswick Corp. makes the competitive environment quite intense. Factors such as the rising number of new product launches in the market and the increasing emphasis on the promotion of health and wellness activities and programs will provide significant growth opportunities to the health and wellness companies.
Danone SA, Nestle SA, and Procter & Gamble Co. are some of the major companies covered in this report.
Key Topics Covered:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2018
- Market size and forecast 2018-2023
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY PRODUCT
- Market segmentation by product
- Comparison by product
- Health and wellness food - Market size and forecast 2018-2023
- Wellness tourism - Market size and forecast 2018-2023
- Beauty and personal care products - Market size and forecast 2018-2023
- Preventive and personalized health - Market size and forecast 2018-2023
- Fitness equipment - Market size and forecast 2018-2023
- Market opportunity by product
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2018-2023
- Europe - Market size and forecast 2018-2023
- APAC - Market size and forecast 2018-2023
- MEA - Market size and forecast 2018-2023
- South America - Market size and forecast 2018-2023
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 11: MARKET TRENDS
- Growing influence of thermal and mineral springs and spas
- Rising demand for organic, eco-friendly, clean-labeled, and sustainable health and wellness products
- Growing number of distribution deals, technological associations,collaborations, and acquisitions
PART 12: VENDOR LANDSCAPE
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Bayer AG
- Brunswick Corp.
- Danone SA
- Nestle SA
- Procter & Gamble Co.
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