The latest market report published by Credence Research, Inc. “Global Health and Wellness Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The worldwide health and wellness industry has grown steadily in recent years and is predicted to increase at a 5.80% CAGR between 2023 and 2030. In 2022, the market was worth USD 840.29 billion, and it is predicted to grow to USD 6898.4 billion by 2030.
Health and wellness market provides key insights into the industry, highlighting its growth potential, challenges, and market trends. The report, which analyzes the market based on product type and geography, predicts a significant expansion of the market in the coming years.
According to the report, the beauty and personal care products sector holds a prominent share of nearly 6% in the global health and wellness market, with North America dominating the industry. The rising prevalence of chronic lifestyle disorders and the demand for high-performance components in skincare products and anti-aging facial appliances are identified as primary drivers of market growth.
Despite the positive outlook, the global health and wellness market faces several challenges. The high prices of health and wellness products and services, along with a lack of knowledge and education about the benefits of health and wellness activities in certain areas, pose hurdles for the industry.
Nevertheless, the report identifies significant growth opportunities in the market, including personal care products and the emerging trend of sustainability in electronic devices. Additionally, hand care premiumization and the growing awareness of the health benefits of functional foods are expected to drive market growth.
Browse 200 pages report Health and Wellness Market By Product Type (Beauty & Personal Care Products, Health & Wellness Food, Wellness Tourism, Fitness Equipment, Others) -Growth, Future Prospects & Competitive Analysis, 2016 – 2030)- https://www.credenceresearch.com/report/health-and-wellness-market
China Health and Wellness Market Drivers encompass a multitude of factors that have been instrumental in shaping the country’s growing interest in personal health and well-being. With an increasing middle-class population, rising disposable incomes, and changing consumer preferences, China has witnessed a significant shift towards healthier lifestyles. The government’s emphasis on promoting fitness initiatives through campaigns like “Healthy China 2030” has further catalyzed this trend. Additionally, heightened awareness about the benefits of preventive healthcare measures among Chinese consumers has spurred demand for products and services focused on nutrition, exercise, mental wellness, and alternative therapies.
The segmentation analysis of the market reveals that beauty and personal care products accounted for a 24% market share in 2022, while wellness tourism is expected to be the fastest-growing sector during the forecast period. The health and wellness food segment is projected to experience the highest growth rate.
Key players in the global health and wellness market include Johnson & Johnson Services, Inc., Nestle, F. Hoffmann-La Roche Ltd, Animas LLC, B. Braun Melsungen AG, and L’Oreal, among others. These companies are focusing on product innovation, distribution channel expansion, and mergers and acquisitions to stay competitive in the market.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Health and Wellness Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- Major nations in each region with their import/export statistics
- The global Health and Wellness Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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