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.
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“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.
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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)
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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