New York, USA, May 10, 2022 (GLOBE NEWSWIRE) -- Research Dive states that the global health and wellness market is estimated to garner a revenue of $6,543.4 million by 2026, and rise at a CAGR of 4.8% in the forecast period from 2019 to 2026. The all-inclusive report on health and wellness market provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the estimations of the market, making it easier and helpful for the novel participants to better understand the global market.
Market Dynamics
Analysts at Research Dive states that the increasing demand for spas, and thermal & mineral springs across the globe is the major factor anticipated to propel the growth of the global health and wellness market. In addition, the rising demand for eco-friendly organic food products along with the significant growth in the requirement for sustainable health & wellness products and services are projected to open up massive growth opportunities for the global market in the coming years. Conversely, the high costs of product & services for health and wellness may restrict the market growth in the forecast period.
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Wellness Tourism Sub-segment to Witness Significant Growth
Based on product type, the wellness tourism sub-segment is predicted to surpass a revenue of $1,017.8 million by 2026 and witness lucrative growth during the analysis period. This sub-segment growth of the global health and wellness market is mainly owing to the rising importance of wellness tourism as it plays a major role in hospitality industry, such as resorts, hotels, and tourist destinations. Besides, wellness tourism has become one of the major strategies to attract as well as entertain tourists.
North America Region to Hold the Largest Market Share
By region, the North America health and wellness market is expected to reach up to $2,519.2 million by 2026 and account for the majority of market share during the analysis period. This is majorly due to the growing usage of health and wellness products & services in the developed countries like Canada and the U.S., and the increasing prevalence of chronic diseases in the region. In addition, the presence of major manufacturers along with the increasing the number of product launches in the region are other factors predicted to drive the North America market for health and wellness in the coming future.
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Prominent Market Players
The report presents several aspects of these major players such as strategic moves and business & financial performance of key players, latest developments, SWOT analysis, and product portfolio. Some of the key players of the global health and wellness market are:
- Abbott
- L’Oréal
- B. Braun Melsungen AG
- Nestlé
- Omron Healthcare, Inc.
- General Mills Inc.
- Medtronic
- LifeScan
- Koninklijke Philips N.V.
- Animas LLC
- The Coca-Cola Company
- Johnson & Johnson Services, Inc.,
- F. Hoffmann-La Roche Ltd.
These players are executing several strategies to gain a dominant position in the global industry.
For instance, in October 2021, LR Health & Beauty, the leading direct selling company for health and beauty products, announced the launch of new aroma wellness product segment, ‘LR SOUL OF NATURE’ with an aim to expand its fragrance and wellness products.
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Related links:
- 5 Must Try Activities for Improving Your Health and Wellness
- Health and Wellness: What Should You Do to Ensure a Healthy Lifestyle?
- Growing Awareness about Healthcare to Augment the Growth of Health and Wellness Industry
