Global Health and Wellness Market 2019-2023
About this market
One of the major drivers expected to drive the growth of the market during the forecast period is the increased emphasis on effective health and wellness products and a healthy lifestyle by consumers globally. The primary reason driving this increased adoption is the improving economic condition of countries worldwide, which gives liberty to lower- and middle-class consumers to spend more on their health and well-being. Also, many vendors have been focusing on launching free health coaching, giveaway campaigns, community gatherings centered around self-care, nutrition, and others. Many health and wellness brands, including Weight Watchers, Bodybuilding.com, and CrossFit, successfully market their products through social media channels, such as Twitter and Facebook, and they have been instrumental in spreading the popularity of health and wellness products among consumers. Therefore, the rising adoption of health and wellness among all demographics is a significant factor that is estimated to positively impact the growth of the global health and wellness market during the forecast period. Technavio’s analysts have predicted that the health and wellness market will register a CAGR of about 6% by 2023.
The rising number of new products launches in the market
The growth of the global health and wellness market is being propelled by the increasing number of new product launches, especially pertaining to industries like packaged health and wellness food product and beauty and personal care product. Several vendors in the market are focusing on launching a new product named 'Nivea Milk Delights' in women's facewash category in the Indian market. Moreover, they are also starting a high protein drink with zero sugar called Protinex Lite under the brand name Protinex. Vendors have been focusing on innovating the packaged health and wellness food and beauty and personal care products category by including better quality ingredients. Therefore, the rising number of new product launches in the market will drive the growth of the market during the forecast period.
The high degree of disorganization, price instability, and lack of skilled workforce
The low-entry barrier in the global health and wellness market has been the major reason behind the high degree of disorganization prevalent in the health and wellness market, which creates additional pressure on the established and organized players. The opening of numerous small-sized spas and health and wellness centers in numerous developed and developing economies across the world have given rise to price disparity, as such small-sized enterprises offer services at low costs and have an unskilled workforce at their disposal. A lack of appropriate training standards and universally accepted accreditations adversely affects the quality of training being imparted in local academies, thereby leading to a rise in the unskilled workforce. This decreases consumer confidence in availing health and wellness services. Therefore, a high degree of disorganization, lack of skilled workforce, and price instability present a massive threat to the growth of the global health and wellness market.
For the detailed list of factors that will drive and challenge the growth of the health and wellness market during 2019-2023, view our report.
The market appears to be moderately fragmented. The presence of several companies including Bayer AG and Brunswick Corp. makes the competitive environment quite intense. Factors such as the rising number of new product launches in the market and the increasing emphasis on the promotion of health and wellness activities and programs will provide significant growth opportunities to the health and wellness companies. Danone SA, Nestlé SA, and Procter & Gamble Co. are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Health and Wellness Market 2019-2023
Technavio recognizes the following companies as the key players in the global health and wellness market: Bayer AG, Brunswick Corp., Danone SA, Nestlé SA, and Procter & Gamble Co.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the rising demand for organic, eco-friendly, clean-labeled, and sustainable health and wellness products.”
According to the report, one of the major drivers in this market is the increasing incidences of chronic diseases, stress, and other adverse health conditions.
Further, the report states that one of the major factors hindering the growth of this market is the lack of cost transparency and value-based payments.
Procter & Gamble Co."