Global Health and Wellness Market Report and Forecast 2024-2032

Global Health and Wellness Market Size

The global health and wellness market reached around USD 3.78 trillion in 2023, driven by increasing emphasis on improving physical and mental health across the globe. It is projected to grow at a CAGR of 4.1% during the forecast period of 2024-2032 and attain a market value of around USD 5.45 trillion by 2032.

Global Health and Wellness Market Outlook

• In January 2024, Abbott launched a new high protein shake under its latest brand PROTALITY™, targeting busy individuals trying to lose weight, leveraging the success of Ensure® Max Protein to address the rising health product demand and support active lifestyles of individuals globally.

• In October 2023, Nutrient Survival introduced BrainCare to provide convenient, functional beverages that enhance cognitive health. The launch of such products is expected to drive significant growth in the health and wellness market.

• The market is rapidly growing, driven by consumer demand for innovative longevity solutions, exemplified by Timeline's CHF 56M investment in Mitopure technology for healthy aging.

Global Health and Wellness Market Analysis

Health and wellness involve taking care of one’s overall well-being, integrating physical, mental, and social aspects of health. Health refers to the absence of illness and the state of optimal functioning of the body, whereas wellness is a broader concept that involves active lifestyles and healthy choices leading to a state of holistic health.

Maintaining good physical health reduces the risk of chronic diseases such as heart disease, diabetes, and obesity, and promotes a longer, more active life. Regular exercise, balanced nutrition, and adequate sleep are some of the basic human habits to maintain better physical health. Mental wellness also plays a crucial role in maintaining a healthy lifestyle including managing stress, cultivating positive relationships, and participating in events or activities that help in mental clarity and emotional stability. Mental well-being is a major part of one’s lifestyle that significantly affects how we think, feel, and act, influencing our ability to handle stress, relate to others, and make decisions. There is another aspect of human well-being which is social wellness, and it includes the development of a supportive social network, enhancing one’s sense of belonging, and providing emotional support.

The health and wellness market research report offers detailed insights into various growth factors, latest trends influencing the market significantly, along with recent developments expected to aid market growth in the forecast period.

Global Health and Wellness Market Growth Drivers

Surge in Investments and Fundings to Bring Innovative Solutions in the Market

The global health and wellness market is experiencing significant growth driven by increasing consumer awareness and demand for innovative solutions that promote healthy aging and longevity. For instance, in January 2024, Timeline (a Swiss biotech health, aging, and longevity company) raised CHF 56M (USD 66 million) in series D financing, including strategic investments from L’Oréal and Nestlé. This strategic financial support which is partially contributed by BOLD (Business Opportunities for L’Oréal Development) underscores the heightened focus of the market on advanced biotechnology solutions, contributing to the health and wellness industry growth.

Timeline's proprietary technology, Mitopure, which delivers a precise dose of the rare urolithin A molecule to promote healthy aging, exemplifies the multidimensional approach needed for meaningful advancements in longevity and healthspan. This strategic collaboration highlights the commitment of major industry players to longevity solutions rooted in high-level science.

Furthermore, the highly emphasized potential of applying key longevity hallmarks to skin health and beauty by L’Oréal has introduced longevity as the new definition of beauty. This investment is set to enhance the global health and wellness market by fostering innovation and integrating scientific advancements into consumer health products.

Expansion by Key Market Players to Boost Health and Wellness Industry Growth

In January 2024, Abbott launched a new brand PROTALITY™ to support adults in their weight loss journey. The company introduced a high-protein nutrition shake as the first product in the range. The company explains the equivalence of the product with Abbott's successful Ensure® Max Protein drink which will help people get enough protein to help in their weight loss journey by providing necessary muscle mass and function during the process. This launch aligns with the increasing consumer demand for health-oriented products that promote overall well-being and support active lifestyles. Additionally, the market is expected to be augmented by the increasing launches of new health and wellness products. These latest launches align effectively with the increasing awareness among people about how important it is to take care of one’s overall health.

Global Health and Wellness Market Trends

The market is being shaped by several transformative trends, expected to boost the market value significantly in the forecast period. Some of the major market trends are as follows:

Increasing Healthcare Expenditure Fuels Market Growth

According to the World Health Organization (WHO), the global expenditure on health to GDP percentage was more than 7% in 2020. Consumers are extensively spending on products and solutions that can improve their nutrition, mindfulness, fitness, sleep, appearance, and health. Such health and wellness market statistics efficiently point out the increasing expenditure on healthcare promoting the high scope of enhancement and advancement in the market.

Functional Foods Driving Market Demand

The COVID-19 outbreak highlighted the emphasis on improving immunity levels. As a result, there has been robust growth in production of functional foods along with health products. This is positively impacting the market demand. To cater to a wider section of consumers, including children, adults and older people, companies are also attempting to manufacture products such as supplements, oral solutions, gummies, and herbal products, among others. For instance, in December 2022, Herbalife Nutrition announced the launch of its new supplement, Immunoturmeric, in the Asia Pacific to promote a healthy immune system.

Rising Awareness Around Mental Health Issues Drives Market Growth

The wellness market size is experiencing robust growth as there is rising prioritization around mental health amid the growing incidences of anxiety, depression, stress, and burnout. This is also likely to surge the focus on self-care, exercise, mindful eating, and ageing with wellness, among others, in the forecast period. Besides, supplements and vitamins that can improve sleep quality and boost overall health are gaining popularity.

Rising Disposable Incomes

The wellness market growth can be attributed to the rising disposable incomes of the working population and the increasing prevalence of various health-related issues, hence increased expenditure on personal wellness and health-related products. Self-care is emerging as a prominent trend marked by an improvement in consumer’s economic state. Simultaneously, personalization is emerging as a significant trend in the market. Key players are also attempting to leverage innovative technologies to address the health concerns, needs, and preferences of customers by providing solutions and content that can directly address their individual circumstances.
 

Recent Developments in the Market

In October 2023, Nutrient Survival launched BrainCare, which is a tropical lemonade-flavored functional beverage exclusively formulated to enhance memory, focus, and cognitive performance. The product constitutes of 40 essential nutrients, 9 ingredients for brain health, 4 ingredients that help make neurotransmitters, and 3 amino acids that support brain energy. The launch of BrainCare is poised to create a big impact on the health and wellness industry as the demand for such products is rising exponentially in the market.

Wearable biosensors, developed to offer personalized health monitoring to patients is amongst recent developments in the market. In April 2023, Waseda University researchers revealed a wireless bioresonator which is equipped with the ability to catch minute biological signals. Based on the principle of parity-time (PT) symmetry, these chips are affordable and precise in providing real time health monitoring details to patients. In the current medical landscape, where chronic diseases such as diabetes, and cardiovascular conditions are continuously rising, such wearable technologies can be instrumental to detect abnormalities on time.

Global Health and Wellness Market Segmentation

Market Breakup by Product Type

• Beauty and Personal Care Products

• Functional Foods and Beverages

• Preventive and Personalized Medicinal Products

• Others

Market Breakup by Functionality

• Heart and Gut Health

• Nutrition and Weight Management

• Immunity

• Bone Health

• Skin Health

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Health and Wellness Market Share

Market Segmentation by Product Type is Expected to Experience Substantial Growth

Based on product type, the market is segmented into beauty and personal care products, functional food and beverages, and preventive and personalised medicinal products, among others. As per the health and wellness market analysis, beauty and personal care products are witnessing significant demand due to the growing focus on skin and hair health and rising hygiene consciousness. With growing environmental consciousness, there is an increasing preference for organically produced and sulphate and paraben-free beauty and personal care products made from active ingredients like vitamin C, peptides, ceramides, retinols, and sun blocks, among others. Such specific preferences are contributing to increasing wellness market research necessary for comprehending the requirements and functionality of the developed products.

Moreover, the increasing ageing population is anticipated to surge the interest in treatments such as botox, microneedling, and dermabrasion, among others, in the forecast period. Technological advancements and innovations, the introduction of virtual try-ons, the rising disposable incomes of working women, and the proliferation of online marketplaces are also aiding the segment’s growth.

Global Health and Wellness Market Regional Analysis

Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America as well as Middle East and Africa. North America holds a significant portion of the health and wellness market share. The United States, notably, is growing at a healthy pace amidst the growing trend of mindfulness and increasing interest in personalised beauty and nutrition. The US health and wellness market size is expected to grow, driven by innovations by key market players, robust growth of the wearable technology market, and the flourishing functional foods and beverages market.

The Asia Pacific follows North America significantly with South Korea and India leading the regional markets. The heightening trend toward K-beauty and adoption of Korean skincare products globally is a major driver propelling the market. The health and wellness market size in India is likely to grow, owing to affordable and high quality products offered by the Indian brands, which are gaining notable traction among people worldwide. Asia Pacific region is expected to witness healthy growth in the forecast period due to the growing economic development, the proliferation of spas and retreats, thriving medical tourism, and the expansion of the preventative healthcare market. In the forecast period, growing investments in digital health start-ups, coupled with the increasing importance of celebrities and influencer marketing, are likely to aid the market in the coming years.

The health and wellness market size in UK is experiencing significant growth, driven by continuous investments and new product launches. People in the United Kingdom heavily invest in self-care due to high disposable income resulting in notable market growth. The UK also holds the sixth position in the global spa market and the ninth wellness tourism market in the world. These factors are poised to drive the market in the forecast period.

Global Health and Wellness Market Competitive Landscape

The key features of the market report include an array of strategic initiatives made by the leading key players to bring improved, and innovative solutions that address health and wellness market challenges and create opportunities for technology driven startups. The major companies in the market are as follows:

Amway Corp., founded in 1959, is an American marketing company that manufactures and sells health, beauty, and home care products. The company also deals in energy drinks and sports energy bars to promote an active and healthy lifestyle. In March 2023, Amway (Malaysia) launched a “Gut Reset-Weight Management” educational and awareness campaign nationwide. Due to the increasing prevalence of non-communicable diseases (NCDs), Amway decided to provide daily nutrients and fibre for overall weight control among people.

Bayer AG is a German multinational pharmaceutical and biotechnology company and is one of the largest pharmaceutical companies in the world. It deals in over 170 consumer health brands and covers the areas of dermatology, nutritional supplements, pain management, cardiovascular risk prevention, digestive health, cough, cold, and allergy care. In December 2023, Salus Optima and Bayer strategically partnered to enhance the ageing experience of people by providing precision healthcare solutions.

Nestlé S.A., a French personal care company headquartered in Clichy, France. Founded in 1909, it is one of the world’s largest cosmetic companies. The company has developed distinct product ranges such as hair colour, skincare, sun protection, make-up, and perfume. Its products are intended to fight acne and ageing while promoting healthy skin. In October 2023, Nestlé Health Science, a leader in nutritional health and wellness successfully raised a whopping amount of USD 690,000 for the Nestlé Health Science Foundation to support healthier lives for communities and individuals by helping non-government organisations.

L'Oréal S.A. is a French personal care company headquartered in Clichy, France. Founded in 1909, it is one of the world’s largest cosmetic companies. The company has developed distinct product ranges such as hair colour, skincare, sun protection, make-up, and perfume. Its products are intended to fight acne and ageing while promoting healthy skin.

Other players in the market are Danone S.A., David Lloyd Leisure Ltd., Procter & Gamble Co., Unilever plc, The Estée Lauder Companies Inc., Abbott Laboratories, and others.

Key Highlights of the Report

Health and Wellness Market Report Snapshots

Health and Wellness Market Size

Health and Wellness Market Growth

Health and Wellness Market Trends

Health and Wellness Market Share

Health and Wellness Market Regional Analysis

Health and Wellness Companies

Key Questions Answered in the Global Health and Wellness Market Report

• What was the global health and wellness market value in 2023?
• What is the global health and wellness market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What is market segmentation based on the product type?
• What is the market breakup based on functionality?
• What are the major factors aiding the global health and wellness market demand? 
• How has the market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints? 
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period?
• How is the expanding global aging population influencing the demand for health and wellness products?
• Which type of health and wellness product will dominate the market share? 
• Who are the key players involved in the health and wellness market?
• How are partnerships, collaborations, mergers and acquisitions among the key market players shaping the market dynamics?
• What are the key drivers of growth in the health and wellness market? 
• How is consumer behavior evolving in the health and wellness industry? 
• What are the current trends in wellness market segmentation? 
• What is the projected growth rate of the health and wellness market over the next five years? 
• What are the main challenges and opportunities in the health and wellness market? 
• How are digital health innovations impacting the wellness market? 
• What are the primary factors influencing consumer demand for health and wellness products? 
• Which segments within the health and wellness market are experiencing the fastest growth? 
• How is the competitive landscape shaping up in the health and wellness industry? 
• What are the most significant market trends in the health and wellness sector? 
• How is the health and wellness market performing in emerging economies like India? 
• What role do wellness retreats and tourism play in the overall market? 
• How are corporate wellness programs influencing the health and wellness market? 
• What are the key differences in health and wellness market trends between the US, UK, and other major regions? 
• How is the market for health supplements and functional foods evolving? 
• What are the leading marketing strategies for health and wellness brands? 
• How is the integration of telehealth services affecting the wellness market? 
• What are the most promising investment opportunities in the health and wellness sector? 
• How do regulatory changes impact the health and wellness market?