The United States is the leading market for health and wellness products in North America, and is likely to grow further at a CAGR of 8.3% through 2034. Manufacturers of health-based products are expected to achieve higher profits by matching their products with the expanding wellness tourism. section
Newark, Delaware, February 04, 2024 (GLOBE NEWSWIRE) — The global market value of health and wellness products is estimated at approx. 7,235 million US dollars in 2024. The total market size, in terms of value, was there 4,947 million US dollars in 2019And expanded at a rate 7.9% annually between 2019 and 2023.
The pandemic has led to a behavioral change among people from all walks of life to spend more on preventive healthcare and wellness products. Based on the recently emerging trend in the holistic health products market, the market is expected to witness an annual growth rate of 8.2% from 2024 to 2034.
Consumer tastes are rapidly evolving through social media channels, creating a growing demand for rare and unique health and wellness products. Therefore, the Health & Wellness Products industry is expected to record a rating 15,982 million US dollars by the end of 2034.
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“Innovations in fitness supplement ingredients and beauty care product formulations are expected to be key to the market moving forward. However, customization and customization trends in the health and wellness market are expected to reward more business to new players in the market with already available products. -He says Nandini Roy Chaudhary (Food & Beverage Client Partner at Future Market Insights, Inc.)
Key Takeaways from the Health and Wellness Products Market Study Report
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In Europe, Germany is expected to see an impressive CAGR of 11.8% in demand for health and wellness products until 2034.
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The UK follows Germany in wellness trends, with its regional market expected to grow at a CAGR of 6.9% until 2034.
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In Asia, China holds a significant market share for health and wellness products, and is likely to grow at a rate of 5.5% annually until 2034.
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India is a significantly growing market for natural health products and is expected to witness a CAGR of 9.8% over the forecast years.
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Competitive landscape for participants in the health and wellness products market
The overall health and personal care products market is highly competitive, with many small and large players currently active in this sector. Leading market players are expanding rapidly and investing more in R&D to diversify their product lines to meet the needs of their customers looking for specialized solutions.
Recent developments in players in the health and wellness products industry
In September 2023, Shiseido announced the launch of a new product line or wellness brand, “Shiseido Beauty Wellness”. Shiseido, a popular Japanese beauty company, is growing its business and aims 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 initial research and development in Japan before expanding to other countries.
In April 2023, Herbalife announced the availability of 106 SKUs of the new product across all 95 regions it now serves during the first quarter of 2023. The Herbalife brand is a global community focused on health and well-being to encourage active and healthy lifestyles around the world. The introduction of these new items demonstrates the brand's continued commitment to growing and improving its range of quality products in several health categories.
The key players profiled in the Health and Wellness Products Market report
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Key sectors covered in the Health and Wellness Products Industry Survey Report
By product category:
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Drinks
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Canned food
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Baby food
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baked products
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Breakfast Cereal
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sweets
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Dairy products
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frozen food
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Sauces
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Snacks
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Other product types
Via sales or distribution channel:
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supermarket
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Huge market
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Independent stores
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Drug stores
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Unregulated stores
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One brand store
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Other sales channels
By job:
By product type:
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Food intolerance
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Fortified food products
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Organic products
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Other categories
By region:
author
Nandini Roy Chowdhury (Client Partner for Food & Beverage at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores opportunities and challenges beyond sight. They establish processes and operating models to support their business goals.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has extensive functional experience in key areas, including but not limited to food ingredients, nutrition and health solutions, animal nutrition, and marine nutrients. She is also well versed in the pharmaceutical, biotechnology, retail and chemicals sectors, where she advises market participants on developing methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions, post-merger integration and cost reduction. Nandini earned her MBA in Finance from MIT Business School. She also holds a bachelor's degree in electrical engineering from Nagpur University, India.
Nandini has authored numerous publications and has been quoted in magazines including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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