Health and Wellness Market Projected to Gain Significant Value by 2024
The global Health and Wellness Market is often cited as the “next trillion dollar industry” and rightly so, considering the wealth of applications and products it incorporates in a variety of industries such as nutraceuticals and cosmeceuticals. Since a last few years, sectors such as healthy eating, nutrition, and weight loss, complementary and alternative medicine, preventative and personalized health, and beauty and anti-aging have grown in leaps and bounds. Currently, there are three trends making their presence known in the global market, viz. athleisure, boutique fitness, and organic diet. From real estate to shopping to smart technology, health and wellness has found a significant place in the everyday life of the world population.
The report on the international health and wellness market sheds light on the important segmentations by nutraceutical and cosmeceutical product types. Besides this, the analysts have explored some of the key geographical segments that the global market is anticipated to mark its territory in. With a conclusive segmentation study provided in this comprehensive publication, interested parties can take hold of the crux of the market.
Buyers of the health and wellness market publication are offered with an up-to-date analysis of the vital technological improvements and market trends. Moreover, it crafts an impact analysis along with a well-defined technological growth map. The report is a crucial guideline to understand the critical market forces restraining and propelling the global market.
By nutraceutical product, the global health and wellness market is segmented into functional foods, functional beverages, and dietary supplements. According to cosmeceuticals, the market is segregated into cosmeceutical ingredients, cosmeceutical products, and cosmeceutical sales. The market is primarily driven by increased health awareness and boosted store presence of health and wellness products. The demand for healthcare devices, exercise equipment, organic foods, and supplementary diets has also augmented the growth of the market.
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The international health and wellness market has grown at a substantial rate not only in developed regions such as North America and Europe but also developing countries of the world. Consumer health awareness and consumer interest continue to rise in Canada on the back of the role of foods and beverages in health maintenance and their benefits. Consumers in the U.S. are anticipated to take a paradigm shift toward healthy and organic food choices as their skepticism about “manmade” healthy products continues.
Emerging economies such as China have persisted to show signs of growth, riding on widening consumer focus on health and increasing household income. New product development has supported the organic baby food segment. In India, the market has been propelled by the demand for health and wellness foods, increased uptake of weight control pills, and growing gym memberships.
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The report has studied some of the leading players which are vying to attain a top spot in the global health and wellness market, viz. Philips Healthcare, Abbott Laboratories, LifeScan, Inc., B. Braun Melsungen AG, Animas Corporation, L’Oréal, Johnson & Johnson, Nestle S.A., General Mills, Inc., Coca-Cola, Omron Healthcare, F. Hoffmann-La Roche, and Medtronic, Inc. With a scrupulous analysis of the competition dynamics, it helps to gain a competitive edge in the worldwide market.