The global health and wellness product market is projected to reach approximately USD 7,235 million by 2024. This represents significant growth from its estimated value of USD 4,947 million in 2019, reflecting a compound annual growth rate (CAGR) of 7.9% from 2019 to 2023.
The pandemic triggered a shift in consumer behavior, leading individuals across various demographics to invest more in preventive healthcare and wellness products. As a result of this growing interest in holistic wellness, the market is expected to experience an annual growth rate of 8.2% from 2024 to 2034.
Consumer preferences are rapidly shifting through social media influences, driving up demand for rare and unique health and wellness products. Consequently, the health and wellness product market is projected to reach a valuation of USD 15,982 million by the end of 2034.
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
- Pfizer Inc.
- PROVANT HEALTH SOLUTIONS INC.
- Nestle
- The Kraft Heinz Company
- Arbonne International
- Buy Wellness
- GSK
- Walgreens Co.
- Procter & Gamble
- General Nutrition Centers Inc.
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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)
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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