According to the latest report published by Credence Research, Inc. “Global Health and Wellness Market– Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global health and wellness market projected to witness the CAGR of 5.9% from 2018 to 2026.
Market Insights
Growing consumer awareness towards health and wellness across the world propelling the demand for health and wellness products. Increasing urban population coupled with rising disposable income level resulting in changing lifestyle and the purchasing power of the consumers respectively contributed to the health and wellness products market growth. Health and wellness products market is projected to witness the growth of 5.9% during the forecast period from 2018 to 2026. Health and wellness products encompasses products from personal care and food & beverages industry which are healthy, green, fair, and affordable. Rising number of gym goers as well as escalating incidence of different chronic diseases such as diabetes, blood pressure, and other related diseases has intensified the demand for health and wellness products. North America dominates the health and wellness products market followed by Europe and Asia Pacific during 2017-2018. The market in the Asia Pacific is projected to grow at the highest rate during the forecast period.
Based on product type, functional food segment held the largest share of health and wellness market in 2017. Functional foods are the medicinal foods that are helpful in preventing diseases, enhancing health, and reducing the healthcare costs. Changing dietary patterns coupled with modern and healthy lifestyles of consumers mainly in developed regions propelling the growth of this segment during the forecast period. Nutrition and weight management segment dominated the health and wellness market by health benefits in 2017. Extensive range of health benefits from nutrition & weight management such as reduction in the risk of acquiring of various diseases such as stroke, diabetes, heart disease, and osteoporosis fuelling the growth of this segment. Heart and gut health benefit closely follows the nutrition and weight management segment during 2017-2018.
Health and wellness products market is moderately consolidated with the presence of multinational conglomerate as well as small private players. Merger and acquisition is the key strategy adopted by many giants to get an edge over other players in this market. Key manufacturers of health and wellness products includes Pfizer Inc., Provant Health Solution Inc., The Kraft Heinz Company, Nestle S.A., Buy Wellness, Wallgreen Co., and Procter and Gamble among others.
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Industry Outlook
Health & wellness products market is projected to witness the CAGR of 5.9% during the forecast period. This growth can be attributed to multiple factors such as increased consumer awareness, aging population, emerging middle and affluent classes, and consumer awareness toward preventative health care. Moreover, young population in the developing economies are willing to pay premiums for health & wellness products as a result of the rising importance in physical fitness, fuelling the overall growth of the market. Health & wellness products includes broad spectrum of products from food and beverages and personal care industry. Manufacturers are reformulating health & wellness products that imparts various health benefits such as nutrition & weight management, heart & gut health, immunity, bone health, skin benefits, etc. Moreover, several players are also focused on developing their niche products through extensive research and development to capture the unexplored health & wellness products market. Shift in dietary preferences due to health issues such as blood pressure, diabetes, gastrointestinal diseases, and rickets, is making the consumers move towards healthy products, also contributing to the growth of this market.
Health and wellness products market has grown at a substantial rate not only in developed regions such as North America and Europe but also developing countries of the world. Factors such as rising green consciousness, affinity towards natural & organic products, evolving economy, and increasing purchasing power, and boosted store presence of health and wellness products in developing regions such as Asia Pacific and Latin America, creating is immense growth opportunity for health and wellness products market in these regions. Japan, South Korea, Mexico, Brazil, China, Indonesia, India and Australia are the most attractive markets for health & wellness products with high growth potential. Major players operating in health and wellness products market includes Pfizer Inc., Nestle, Procter & Gamble, Buy Wellness, The Kraft Heinz Company, and Danone among others
TABLE 1 Market Snapshot Global Health and Wellness Products Market Value
Functional food led the product type segment owing to increasing consumption as a part of standard diet and offers various health benefits
In 2017, functional food segment accounted for the largest market share and expected to maintain its dominant position over the forecast period. Increasing health consciousness as well as escalating incidence of different chronic diseases such as diabetes, blood pressure, and other related diseases has intensified the demand for functional food. Functional foods segment is also identified as the fastest growing segment as consumers are shifting towards functional foods and drinks in order to address perceived nutritional shortfalls, away from dietary supplements (which have traditionally been a preferred option) mainly in developed economies. Functional beverages that includes functional/fortified juices, dairy drinks, etc. closely followed the functional foods segment with the share of 28.7% in 2017. Personal care products segment is also projected to witness the significant growth owing to rising concerns of people towards improving their health, appearance and looks across the world.
Nutrition & weight management is the largest in health benefit segment and will continue to dominate the market during the forecast period
Nutrition & weight management represents over 30% market value share of the global health and wellness products market in 2017-2018. Nutrition & weight management is essential for the balanced and healthy functioning of the body. The health benefits to consumers is also of critical importance so that they have the knowledge to make decision about the products they consume. Existing anti-obesity drugs, affecting the fundamental processes of the weight regulation in human body display serious side effects which offset their beneficial effects, thus consumers are moving towards health and wellness products such as functional foods and beverages, dietary supplement, etc. Consumers are more aware, and are also willing to spend more on nutrition & weight management foods. Due to increasing costs of healthcare, people are turning towards these products to stay healthy. Health and wellness offers various other benefits such as heart & gut health, immunity, bone health, skin benefits, etc.
Historical & Forecast Period
2016 – Historical Year
2017 – Base Year
2018-2026 – Forecast Period
Our study analyzed each market segment during the period of 2016 to 2026 with 2017 as the base year. Forecast period between 2018 and 2026 considered for the CAGR calculation.
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Report Scope
The report enlightens the thorough outline of global health and wellness Products market by categorizing the market in different segment given below:
Health and Wellness Products Market, By Product Type Segment (2016–2026; US$ Mn)
- Functional Foods
- Functional Beverages
- Supplements
- Personal Care Products
Health and Wellness Products Market, By Health Benefits (2016–2026; US$ Mn)
- Nutrition & Weight Management
- Heart & Gut Health
- Immunity
- Bone Health
- Skin Benefits
- Other Health Benefits
Health and Wellness Products Market, By Distribution Channel (2016–2026; US$ Mn)
- Hypermarket and Supermarket
- Independent Stores
- Drug Stores
- norganized Stores
- Single Brand Stores
- Online Stores
Geography Segment (2016–2026; US$ Mn)
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- India
- Rest of APAC
- Latin America (LATAM)
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa (MEA)
- GCC
- Rest of MEA
This research report describes leading continents and their major countries, along with profiles of key players operating in overall market and their planned developments. Our report further defines the overall market dynamics such as drivers, challenges, and opportunities prevalent in the market to understand global health and wellness products market more explicitly. Our in-depth quantitative and quantitative analysis of each segment up to country level highlights revenue pockets and investment opportunities in the market.
Key questions answered in this report
- What are the current market trends in the health and wellness products market and valuable opportunities for the players?
- How the environmental regulations affect global as well as the regional markets?
- Which is the most lucrative region for investment?
- What is the market size and trends in emerging markets?
- Which are the prime end-use industries of health and wellness products across different geographies?
- Which are the major types of health and wellness products and their market sizes?
- Which are the leading players and their market position?
Table oF Content:
Chapter 1 Preface 14
1.1 Report Scope and Description 14
1.1.1 Study Purpose 14
1.1.2 Target Audience 14
1.1.3 USP and Key Offerings 14
1.2 Research Scope 15
1.3 Research Methodology 16
1.3.1 Phase I – Secondary Research 16
1.3.2 Phase II – Primary Research 17
1.3.3 Approach Adopted 17
1.3.4 Top-Down Approach 17
1.3.5 Bottom-Up Approach 18
1.3.6 Phase III – Expert Panel Review 18
1.3.7 Assumptions 19
1.4 Market Segmentation 20
Chapter 2 Executive Summary 21
2.1 Market Snapshot: Global Health and Wellness Products Market 22
2.1.1 Global Health and Wellness Products Market, by Product Type, 2017 (US$ Mn) 23
2.1.2 Global Health and Wellness Products Market, by Health Benefits, 2017 (US$ Mn) 23
2.1.3 Global Health and Wellness Products Market, by Distribution Channel, 2017 (US$ Mn) 24
2.1.4 Global Health and Wellness Products Market, by Geography, 2017 (US$ Mn) 24
Chapter 3 Market Dynamics 25
3.1 Introduction 25
3.2 Market Dynamics 25
3.2.1 Market Drivers 25
3.2.1.1 Increasing Demand for Fortified Food and Beverages Products 25
3.2.1.1 Driver 2 26
3.2.2 Challenges 26
3.2.2.1 Challenge 1 26
3.2.2.2 Challenge 2 26 …
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