Dublin, April 23, 2024 (GLOBE NEWSWIRE) -- The "Global Men's Health and Wellness Market: Analysis By Type, By Distribution Channel, By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
In 2023, the global men's health and wellness market was valued at US$1.27 trillion, and is probable to reach US$2.57 trillion by 2029. The global men's health and wellness market value is projected to grow at a CAGR of 12.44%, during the forecast period of 2024-2029.
Men's health and wellness includes a broad and holistic approach to men's physical, mental and social well-being. Men are prioritizing wellness across multiple dimensions. From fitness adoption and frequenting boutique studios to integrative health practices and prioritizing self-care, men had a massive impact on the health and wellness industry.
Men are now substantially more aware of their health post-pandemic. Global men's health and wellness market is expected to surge in the future due to rising demand for personalized nutrition and supplements, tech-enabled health monitoring, social influence, telemedicine and digital health services, etc.
Subsequently, social media and online communities are playing an increasingly important role in men's health and wellness, providing platforms for sharing experiences, seeking advice, and finding support from peers facing similar health challenges. Influencers and celebrities are also leveraging their platforms to raise awareness about men's health issues and promote healthy lifestyle choices. Exploring beyond Mega Men multivitamins and reaching the limit on the bench press, there is a growing interest in men's health that includes fertility technology, skincare, emotional well-being, and even cosmetic products.
North America men's health and wellness market enjoyed the highest market share in 2023, owing to rising disposable income of the consumers, increased health consciousness, growing demand for healthy products, and increased consumer awareness regarding men's health and wellness products. Moreover, personalization has become a significant trend in the health and wellness industry in the region.
Asia Pacific men's health and wellness market is expected to grow with the fastest CAGR, as the region has been witnessing innovations in treatment modalities for men's health conditions, including minimally invasive surgical techniques, targeted drug therapies, and regenerative medicine approaches. These advancements aim to improve treatment outcomes, reduce side effects, and enhance quality of life for men with various health concerns.
China men's health and wellness market is expected to augment in the future as social media and celebrity endorsements play a significant role in shaping consumer preferences in China. Influencers and celebrities promoting health and wellness products could drive trends and influence purchasing decisions among men. Additionally, the men's grooming industry in India is experiencing rapid growth, driven by changing perceptions of masculinity and grooming standards.
Competitive Landscape and Recent Developments:
Global men's health and wellness market is fragmented, with a huge number of players in the market. Market players have implemented sustainable growth techniques in the market. To strengthen their position in the market, some of the leading competitors are pursuing various growth methods such as mergers, acquisitions, collaborations, and agreements.
The key players are constantly investing in strategic initiatives, such as new launches, mergers & acquisitions, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, in November 2023, Gillette Gaming introduced a brand-new, imaginative idea called Hit Reset with Gillette to uplift and motivate gamers and fans everywhere. Also, in December 2022, Kao Corporation has introduced UNLICS, a cosmetics brand tailored to the beauty preferences of Generation Z men who seek a more profound approach to personal aesthetics beyond conventional grooming.
Market Segmentation Analysis:
By Type: According to the report, the global men's health and wellness market is segmented into five types: Beauty and Personal Care, Physical Activity, Health and Wellness Food, Wellness Tourism and others.
Beauty and Personal Care segment acquired majority of share in the market in 2023, as emerging fashion trends and the influence of social media have gravitated consumers toward self-grooming and self-care, ignoring the gender binaries of such products and regimens as not being for men, which has led to the growth of beauty and personal care segment among men.
Whereas, health and wellness food segment would experience the fastest growing CAGR in the future, owing to the increasing youth population, who are more concerned about their physical appearances. Young population of men desires to look presentable at all times that propels them to opt for beauty, personal care, nutrition, and weight loss products and services.
By Distribution Channel: According to the report, the global men's health and wellness market is segmented into two distribution channel: Online and Offline.
Online segment acquired majority of share in the market in 2023 and is expected to grow with the fastest CAGR, as men, particularly those with busy schedules or reluctance to visit healthcare facilities, find it more convenient to access health information, products, and services online. This convenience factor has been a significant driver of growth in the online men's health and wellness market.
Market Dynamics
Growth Driver
- Escalating Ecommerce
- Amplified Disposable Income
- Growing Millennials and Gen Z Men Population
- Changing Societal Norms
- Rising Awareness of Skincare among Men
- Rising Popularity of Wellness Tourism
Challenges
- High Cost of Products, And Services
- Societal Stigma and Perception
- Competition with Unisex Products
Market Trends
- Rising Demand for Thermal & Mineral Springs And Spas
- Integration of Digital Devices in the Health and Wellness Industry
- Technological Advancements
- Personalized Nutrition Plans
- Rising Awareness of Mental Health and Mindfulness
- Celebrity Endorsements and Influencer Marketing
- Adaptogens and Herbal Supplements
- Sexual Wellness
Key players of global men's health and wellness market are:
- Koninklijke Philips N.V.
- L'Oreal S.A.
- The Procter & Gamble Company
- Unilever PLC
- Herbalife Ltd
- Nestle S.A. (The Bountiful Company)
- Hims & Hers Health, Inc.
- Equinox Group
- Amway Corp
- David Lloyd Leisure Limited
- Anytime Fitness Franchisor, LLC
- Vitabiotics
For more information about this report visit https://www.researchandmarkets.com/r/xwqq6w
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