Health And Wellness Products Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029

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

Functional food led the product type segment owing to increasing consumption as a part of standard diet and offers various health benefits

In 2020, 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 2020. 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 2020-2021. 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.

Easy availability of health and wellness products across all distribution channel propelling the overall market growth

Supermarket and Hypermarket segment held the largest market share by distribution channel in 2020. Supermarket and hypermarket offers multiple variety of products under a single roof to allow customers to accomplish their shopping needs in a go. With the innovative and interesting placement of products, shop designs and merchandise, and dedicated racks by product type enhances shopping experience and facilitate purchasing, consequently attract large amount of foot falls leading to higher revenue. Growing aging population coupled with increasing health problems has spiked the sales of health and wellness products across all fair price outlets. Supermarkets and hypermarket being the most common retail formats which are strategically located within the reach of the customer is anticipated to surge the market growth. Efficient advertising, point of sale displays and store announcements motivates the customers to view the product, generating impulse buying. Trends show that with the rising number of supermarkets in developing countries, health and wellness product manufactures as part of their business strategy are focusing on selling through supermarkets to contact the masses which in turn is expected to propel the growth of this segment during the forecast period.

Self-care and preventive health measures by consumer in North America, making it a largest consumer of health and wellness products

North America is expected to dominate the global market in forecast period due to increasing demand of health and wellness products from the U.S. Consumer shift from synthetic to organic and healthy products expected to boost the North American health and wellness products market. North America is estimated to continue its dominance in the global market on account of favourable regulatory scenarios for natural food supplements and other confectionery products by FDA (Food and Drug Administration) and USDA. Rising consumption of functional/fortified food and beverages owing to rapid advances in science and technology, increasing healthcare costs, changes in food laws affecting label and product claims, aging population and rising interest in attaining wellness through diet, driving the demand for health and wellness products in this region. Asia Pacific is expected to witness robust growth in the during forecast period. Factors such as growing baby boomer population, changing lifestyle patterns, rising disposable income, growing health awareness, and increasing urbanisation supporting the growth of health and wellness products market in the region. Emerging markets of China, India and Australia are further expected to boost the growth of global health and wellness products market.

New product development and merger & acquisition are key strategy adopted by manufacturers to get an edge over other competitors

Health and wellness products market is highly competitive with the presence of large number of conglomerate. New product development and merger & acquisitions are among the most preferred strategy adopted by several major players. For instance, to take more control over health and wellness business and expand its portfolio of consumer healthcare products, P&G acquired consumer health business of Merck KGaA which includes supplements brands such as Femibion, Neurobion, and Nasivin on April, 2021. Key manufacturers operating in health and wellness products market includes Pfizer Inc., Provant Health Solution Inc., The Kraft Heinz Company, Nestle S.A., Buy Wellness, Wallgreen Co., and Procter and Gamble among others.

Historical & Forecast Period

2019 - Historical Year

2020 - Base Year

2021-2029 - Forecast Period

Our study analyzed each market segment during the period of 2019 to 2029 with 2020 as the base year. Forecast period between 2021 and 2029 considered for the CAGR calculation.

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 (2019-2029; US$ Mn)

• Functional Foods
• Functional Beverages
• Supplements
• Personal Care Products

Health and Wellness Products Market, By Health Benefits (2019-2029; US$ Mn)

• Nutrition & Weight Management
• Heart & Gut Health
• Immunity
• Bone Health
• Skin Benefits
• Other Health Benefits

Health and Wellness Products Market, By Distribution Channel (2019-2029; US$ Mn)

• Hypermarket and Supermarket
• Independent Stores
• Drug Stores
• norganized Stores
• Single Brand Stores
• Online Stores

Geography Segment (2019-2029; 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?

This product will be delivered within 2 business days.