Health and Wellness Product Market Surges to US$ 15,982 Million by 2034, Reflecting an 8.2% Growth | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The United States is the leading market for health and wellness products in North America and is likely to advance further with a CAGR of 8.3% through 2034. Health-based product manufacturers are expected to garner higher profits by matching their products with the expanding wellness tourism sector
NEWARK, Del, Feb. 04, 2024 (GLOBE NEWSWIRE) -- The global health and wellness product market size value is estimated to be around US$ 7,235 million in 2024. The overall market size, in terms of value, was around US$ 4,947 million in 2019, and it expanded at a rate of 7.9% per year between 2019 and 2023.
The pandemic instigated a behavioral change among people from all walks of life to spend more on preventive healthcare and wellness products. Based on the recent emerging trend in holistic wellness products market, the market is forecast to witness a year-on-year growth rate of 8.2% from 2024 to 2034.
Consumer tastes are evolving fast through social media channels, creating a higher demand for rare and unique health and wellness products. So, the health and wellness product industry is anticipated to register a valuation of US$ 15,982 million by 2034 end.
“Innovations in fitness supplement ingredients and beauty care product formulations are expected to be the fundamental factor for the advancement of the market. But personalization and customization trends in the health and wellness market are expected to reward more business to new market players through products already in supply,”-says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
Key Takeaways from the Health and Wellness Product Market Study Report
In Europe, Germany is expected to witness an astounding CAGR of 11.8% in demand for health and wellness products till 2034.
The United Kingdom follows behind Germany in wellness trends as its regional market is expected to progress at a CAGR of 6.9% through 2034.
In Asia, China captures a sizable market share for health and wellness products and is likely to grow at a rate of 5.5% per year till 2034.
India is a remarkably growing natural health product market, and it is anticipated to witness a 9.8% CAGR through the projected years.
Competitive Landscape for the Health and Wellness Product Market Participants
The overall market for health and personal care products is highly competitive, as numerous small and big industry players are currently active in this sector. Leading market players are expanding fast and investing more in research and development to diversify their product lines to cater to their customers looking for specialized solutions.
Recent Developments in the Health and Wellness Product Industry Players
In September 2023, the Shiseido Company announced the introduction of a new wellness product line or brand, 'Shiseido Beauty Wellness.' Shiseido, a well-known Japanese beauty company, is growing its business and aiming to expand this new product line throughout Asia. The brand also aims to introduce SBW in other Asian countries, including China, by February 2024. Along with Tsumura and Kagome, the company intends to conduct preliminary research and development in Japan before expanding to other countries.
In April 2023, Herbalife Company announced it to make 106 new product SKUs available in all 95 of the regions it now serves within the first quarter of 2023. Herbalife brand is a global community focused on health and wellbeing to encourage active, healthy lifestyles worldwide. Introducing these new items demonstrates the brand's continued dedication to grow and improve the range of high-quality products in several wellness categories.
Key Players Profiled in the Health and Wellness Product Market Report
Key Segments Covered by Health and Wellness Product Industry Survey Report
By Product Category:
Beverages
Packaged Food
Baby Food
Baked Products
Breakfast Cereals
Confectionery
Dairy Products
Frozen Food
Sauces
Snacks
Other Product Types
By Sales or Distribution Channel:
Supermarket
Hypermarket
Independent Stores
Drug Stores
Unorganized Stores
Single Brand Store
Other Sales Channels
By Function:
Beauty Products
Brain Health Supplements
Immune Support Supplements
Weight Management
Other Functions
By Product Type:
Food Intolerance
Fortified Food Products
Organic Products
Other Categories
By Region:
North America
Latin America
Europe
East Asia
South Asia and Pacific
The Middle East and Africa (MEA)
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
