Health And Wellness Market size to increase by USD 1.93 Trillion between 2023 to 2028, Market Segmentation by Product Type, Distribution Channel, Geography - Technavio
PR Newswire
4 min read
NEW YORK, Dec. 15, 2024 /PRNewswire/ -- The global health and wellness market size is estimated to grow by USD 1.93 trillion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 7.01% during the forecast period. The report provides a comprehensive forecast of key segments below-
Technavio has announced its latest market research report titled Global health and wellness market 2024-2028
The global beauty and personal care market encompasses various subcategories, including cosmetics, shower gels, bathing soaps, skincare, haircare, deodorants, anti-aging skin creams, and more. Notable players in this industry are L'Oreal SA, Procter and Gamble Co., and Beiersdorf AG. The rise of online retailers like Nykaa in India propels market growth. Consumer preference for organic and natural products is escalating, as evidenced by Clariant's development of a sustainable formulation derived from mulberry plant roots for face serums, hand masks, and skin oils. This eco-friendly product effectively combats skin damage caused by disruptions in skin rhythms. These factors contribute positively to the growth of the global beauty and personal care products segment.
Analyst Review
The Health and Wellness market is experiencing significant growth due to increased consumer awareness and expenditure on maintaining a balanced lifestyle. This market encompasses various sub-sectors including alternative therapies, apparel, beauty and anti-aging, fitness and exercise, and preventative healthcare. Alternative therapies such as acupuncture and herbal supplements are gaining popularity as consumers seek holistic approaches to illness prevention and treatment. Cultural developments, such as mental health awareness and stress management, have led to an increase in demand for mental health retreats and stress management products. Beauty treatments, skincare products, and wearable fitness technology also contribute to the market's growth. Disease prevention through preventive screenings and healthy lifestyle choices is a key focus, with cancer being a significant concern. Consumers are increasingly conscious of their overall well-being and are willing to invest in products and services that promote mental, physical, and emotional health. Traditional medical practices continue to play a role in the market, with many integrating modern and alternative approaches for comprehensive care.
Market Overview
The Health and Wellness Market encompasses a range of goods and services aimed at promoting general well-being, disease prevention, and mental and physical health. Alternative therapies, such as meditation, yoga, and herbal supplements, have gained popularity as consumers seek holistic approaches to health. The market includes apparel, skincare products, and functional foods, as well as fitness and exercise equipment and programs. Cultural developments and increased fitness consciousness have led to an expenditure boom in this sector, with the cosmetics industry and personal care products also contributing significantly. Preventative healthcare measures, such as personalized nutrition schedules and preventative screenings, are becoming increasingly important. The latest technologies, including wearable fitness technology and health monitoring devices, are transforming the way we approach wellness. The market caters to various sub-markets, including mental health, anxiety, depression, cancer, and stress management. Government expenditure and healthcare infrastructure investments are also driving growth in this sector. The market serves a diverse population, with a particular focus on women, and offers various recreational activities and mental health retreats for overall well-being.
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