Health and Wellness Market (By Sector: Personal Care & Beauty & Anti-Aging, Nutrition & Weight Loss, Physical Activity, Wellness Tourism, Preventive & Personalized Medicine, Spa Economy, and Others) - Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global health and wellness market size was estimated at USD 5,244.60 billion in 2022 and is expected to surpass around USD 9,043.81 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 5.6% during the forecast period 2023 to 2032.

Key Takeaways:

• Based on sector, the personal & beauty & anti-aging segment dominated the global health and wellness market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. This segment accounts for around 26% market share.
• On the other hand, wellness tourism segment, which accounts for around 8% of the market share, is estimated to be the fastest-growing segment during the forecast period. 
• Based on region, North America dominated the global health and wellness market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period.
• Asia Pacific is estimated to be the most opportunistic market during the forecast period. 

Health and Wellness Market Report Scope

Health and wellness have become increasingly important concerns among people, especially the young and middle-aged generation, in the past few years. The growing consumer spending on a wide range of health and wellness goods and services around the world is the main factor driving the global health and wellness market share. The rise of the health and wellness sector is mostly due to the rising burden of physical and mental illnesses including anxiety and depression.

The ideas of wellness and good health are highly regarded. Everyone, regardless of age and category, should be aware of these ideas. The reasoning for this is that when people are healthy, they can focus successfully on a variety of tasks and activities. They will also be capable of leading productive lives and achieving their preferred goals and ambitions. Living a productive and successful life requires strong physical and mental health. A fit and healthy person can live life to the fullest without worrying about significant medical issues. Being healthy refers to a person's mental stability or sense of inner calm as well as physical well-being. More people are now adopting a healthy lifestyle like regular healthcare checkups, exercising, and healthy eating habits owing to many prevalent diseases like diabetes, thyroid, blood pressure, and constipation. Thermal mineral water has been used to cure illnesses such as rheumatism, skin problems, and poor digestion since ancient times. People have been traveling to thermal springs for health and healing for at least as long. The rising demand for these facilities is one of the major reasons driving the health and wellness market size. 

Customers prefer various wellness services such as spas, gyms, and many others to live a balanced and healthy life and due to increase in concerns about comprehensive well-being and lifestyle changes. These services, however, are expensive and only available to individuals earning minimum wage, which is predicted to have a detrimental influence on the market. Expensive supplements and functional meals and beverages are expected to stymie the growth of the health and wellness industry. These factors are expected to harm the health and wellness market forecast throughout the time period.

Classical diets are being superseded by diets high in industrially processed foods, animal products, refined sugars, fats, and oils. Conversely, there is a link between less consumption of these foods and the (slowly) growing popularity of organic diets and unprocessed organic food products. It can be argued that the growth of the organic food business is already helping to achieve the goals of improving global public health and reducing the negative environmental consequences of food production and processing. As a result, consuming organic food helps preserve lives. All these factors are accounted for the health and wellness market growth.

Sector Insights

Based on sector, the personal & beauty & anti-aging segment dominated the global health and wellness market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. This segment accounts for around 26% market share. This segment was followed by the nutrition & weight loss segment that accounted for around 15.7%. This can be attributed to the increasing youth population, who are more concerned about their physical appearances. Young population desires to look presentable at all times that propels them to opt for beauty, personal care, nutrition, and weight loss products and services. Moreover, the increased penetration and burgeoning popularity of social media platforms has fostered the adoption of personal care and beauty products among the population all over the globe. This trend is expected to rise in the upcoming future and hence boost the growth of this segment during the forecast period.

On the other hand, wellness tourism segment, which accounts for around 8% of the market share, is estimated to be the fastest-growing segment during the forecast period. The rising awareness regarding the wellness tourism, rising disposable income, rapidly growing tourism industry, and increased consumer expenditure on health and wellness services are the various factors that may be held accountable for the growth of this segment in the foreseeable future. The wellness tourism involves recreational activities, yoga, meditation, spa therapies, and other well-being activities that the tourists undertake at the destinations. The rising government initiatives to boost the tourism sector for generating employment and revenue streams for the economy is a major factor that boosts the growth of this segment globally.

Region Insights

Based on region, North America dominated the global health and wellness market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. North America is characterized by increased disposable income of the consumers, increased health consciousness, increased demand for the healthy products, and increased consumer awareness regarding the health and wellness products. Moreover, the presence of numerous top industry players and various developmental strategies adopted by them has a significant role in the growth of the North America health and wellness market.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific, owing to the presence of huge population, rising urbanization, rapid industrialization, favorable government policies to attract FDIs, and huge potential for growth of various sectors of the health and wellness industry has become the most lucrative market. The major economies such as China, India, Japan, and South Korea are the major contributors to the growth of the health and wellness market.

Some of the prominent players in the Health and Wellness Market include:

• Amway Corp.
• Bayer AG
• Danone
• David Lloyd Leisure Ltd.
• Fitness First
• Herbalife Nutrition Ltd.
• Holland & Barrett Retail Limited
• L'Oréal SA
• Nestlé SA
• Procter & Gamble
• Unilever Plc
• Vitabiotics Ltd.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Health and Wellness market.

By Sector

• Personal Care & Beauty & Anti-Aging
• Nutrition & Weight Loss
• Physical Activity
• Wellness Tourism
• Preventive & Personalized Medicine
• Spa Economy
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)