Health and Wellness Market to Grow by USD 2.07 Trillion (2025-2029), Focus on Promoting Health Programs Boosts Market, AI's Impact on Trends - Technavio

NEW YORK, Feb. 6, 2025 /PRNewswire/ -- Report on how AI is redefining market landscape - The global health and wellness market size is estimated to grow by USD 2.07 trillion  from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  7.1%  during the forecast period. Increasing emphasis on promotion of health and wellness activities and programs is driving market growth, with a trend towards growing influence of thermal and mineral springs and spas. However, frequent product recalls  poses a challenge. Key market players include Adidas AG, Amway Corp., Bayer AG, Beiersdorf AG, Core Health and Fitness LLC, Danone SA, David Lloyd Leisure Ltd., General Mills Inc., Glooko Inc., Herbalife International of America Inc., Johnson Health Tech Co. Ltd., LOreal SA, Nestle SA, Novo Nordisk AS, Ogilvie and Co., PepsiCo Inc., RSG Group GmbH, Shiseido Co. Ltd., The Procter and Gamble Co., Unilever PLC, and Vitabiotics Ltd..

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Market Driver

The Health and Wellness Market is experiencing significant growth due to increased consumer awareness and cultural developments. Sub-markets like alternative therapies, apparel, beauty and anti-aging, fitness and exercise, and functional foods are thriving. Consumers are prioritizing preventative healthcare through disease prevention, personalized nutrition schedules, and regular preventative screenings. The fitness industry is booming with the rise of fitness programs, equipment, and wearable technology. Fitness bands, trackers, and wearable devices are popular tools for monitoring physical activity and overall health. Mental health is also a focus area, with mental health retreats, stress management products, and holistic approaches gaining popularity. Disease prevention is a major trend, with consumers seeking herbal supplements and nutritional supplements to boost their immune system. Agricultural fields are exploring functional foods to meet this demand. The cosmetics industry is also evolving, offering skincare products and beauty treatments that promote overall well-being. Government expenditure and healthcare infrastructure are investing in the latest technologies to improve preventive care and treatment. Traditional medical practices are being integrated with modern approaches to provide more comprehensive solutions. Consumer expenditure on health and wellness goods and services continues to rise, driven by the desire for a balanced lifestyle and mental and physical well-being. Recreational activities like yoga and meditation are becoming essential components of a healthy lifestyle. The market for mental health, including anxiety and depression, is growing rapidly. The wellness tourism industry is also on the rise, offering consumers unique experiences that promote overall well-being. The market for mental health retreats and stress management programs is particularly popular. The sedentary lifestyle is a major concern, leading to an increased focus on weight control products and stress management. Wearable fitness technology and fitness apps are helping consumers stay motivated and track their progress. In summary, the Health and Wellness Market is witnessing significant growth due to increased consumer awareness, preventative healthcare, and cultural developments. The market is diverse, encompassing various sub-markets, including alternative therapies, apparel, beauty and anti-aging, fitness and exercise, functional foods, and mental health. Consumers are seeking holistic approaches to promote overall well-being and prevent physical and mental diseases. The market is expected to continue growing as consumers prioritize their health and wellness. 

The health and wellness market has seen a significant increase in demand due to the growing number of individuals seeking treatment for various physical and mental conditions. This trend is particularly noticeable in the use of thermal and mineral springs and spas, which have gained popularity for treating conditions such as rheumatism, circulation disorders, joint health issues, spinal column ailments, bronchitis, and asthma. In Europe, regions like France, Austria, Hungary, the UK, and Belgium are home to renowned thermal and mineral springs, including Bains de Dorres in the Pyrenees, Bad Gastein, Szechenyi Baths in Budapest, Chateau des Thermes in Buxton, and Chaudfontaine. The number of spas utilizing these natural resources has increased globally, catering to the rising consumer demand for spa services. 

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 Market Challenges

• The Health and Wellness Market encompasses various sub-markets, including alternative therapies, apparel, beauty and anti-aging, fitness and exercise, functional foods, and personal care products. Consumers seek balanced lifestyles, disease prevention, mental health, and overall well-being. Challenges include the rise of cultural developments like traditional medical practices and holistic approaches. Diseases such as cancer and mental diseases like anxiety and depression fuel consumer expenditure on preventative healthcare, treatment, and wellness tourism. Fitness consciousness increases with the availability of fitness programs, equipment, and wearable fitness technology. Agricultural fields offer functional foods, while the cosmetics industry provides skincare products and mental health retreats. Nutritional supplements, herbal supplements, and stress management products cater to specific needs. Government expenditure on healthcare infrastructure and latest technologies support this market's growth.
• The global health and wellness market faces significant challenges due to frequent product recalls. These recalls negatively impact market growth and impose operational and financial burdens on companies. For instance, in February 2024, Agrotato, S A de C V, a Mexican company, recalled its whole cucumbers due to potential Salmonella contamination detected by the FDA. Such incidents harm industry reputation and increase costs associated with product replacement, regulatory investigations, and damage control efforts.

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Segment Overview 

This health and wellness market report extensively covers market segmentation by  

• Product Type
• Beauty And Personal Care Products
• Health And Wellness Food
• Wellness Tourism
• Fitness Equipment
• Preventive And Personalized Health
• Distribution Channel
• Online
• Offline
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

1.1 Beauty and personal care products-  The global beauty and personal care market encompasses categories like cosmetics, shower gels, bathing soaps, skincare, haircare, deodorants, and anti-aging skin creams. Major players include L'Oreal SA, Procter and Gamble, and Beiersdorf AG. The trend towards organic and natural products is growing, as shown by Clariant's development of a sustainable formulation using mulberry plant roots for face serums, hand masks, and skin oils. Online retailers like Nykaa in India contribute to market growth. These factors will continue to positively impact the beauty and personal care products segment during the forecast period.

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Research Analysis

The Health and Wellness Market encompasses various sub-markets, including alternative therapies, apparel, beauty and anti-aging, fitness and exercise, herbal supplements, mental health, and skincare products. With the increasing awareness of a balanced lifestyle and disease prevention, consumers are turning to holistic approaches and traditional medical practices for treatment and prevention. Cultural developments have led to an increased focus on mental health and well-being, resulting in the growth of mental health retreats and stress management products. The market for healthy lifestyle choices continues to expand, with consumers spending on preventative healthcare, preventive screenings, and wearable fitness technology. The sub-markets of cancer and diet are significant areas of focus, with a growing emphasis on plant-based diets and personalized nutrition plans. Overall, the Health and Wellness Market is a dynamic and evolving industry that caters to the diverse needs of consumers seeking to improve their physical, mental, and emotional well-being.

Market Research Overview

The Health and Wellness Market encompasses a range of goods and services aimed at promoting general well-being, disease prevention, and mental health. Sub-markets include alternative therapies, apparel, beauty and anti-aging, fitness and exercise, functional foods, and health monitoring devices. Consumers are increasingly conscious of their health, leading to increased expenditure on personalized nutrition schedules, herbal supplements, and holistic approaches. Cultural developments, such as increased mental health awareness and the popularity of yoga and meditation, are driving growth in mental health retreats and stress management products. Preventative healthcare measures, like preventative screenings and fitness programs, are gaining traction. Agricultural fields are exploring functional foods and nutritional supplements to address physical diseases like cancer and depression. The latest technologies, such as wearable fitness technology and digital devices like fitness bands and trackers, are revolutionizing the way we monitor and manage our health. Government expenditure on healthcare infrastructure and the cosmetics industry's focus on skincare products further expand the market. Overall, the Health and Wellness Market caters to the diverse needs of consumers seeking a balanced lifestyle, illness prevention, and overall well-being.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product Type
• Beauty And Personal Care Products
• Health And Wellness Food
• Wellness Tourism
• Fitness Equipment
• Preventive And Personalized Health
• Distribution Channel
• Online
• Offline
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio