Health and Wellness Global Market Opportunities and Strategies to 2033

This report describes and explains the health and wellness market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global health and wellness market reached a value of nearly $6 trillion in 2023, having grown at a compound annual growth rate (CAGR) of 6.12% since 2018. The market is expected to grow from $6 trillion in 2023 to $8.9 trillion in 2028 at a rate of 8.29%. The market is then expected to grow at a CAGR of 8.47% from 2028 and reach $13.3 trillion in 2033.

Growth in the historic period resulted from impact of aging population, rising healthcare expenditure, increased personal disposable income and growing adoption of telemedicine. Factor that negatively affected growth in the historic period was high costs.

Going forward, the increasing health consciousness, increasing chronic diseases, strong economic growth and government initiatives will drive the growth. Factor that could hinder the growth of the health and wellness market in the future was export restrictions.

The health and wellness market is segmented by product into nutritional supplements, fitness equipment, organic foods and natural products, vitamins and minerals, health and beauty products, weight loss and diet programs and other products. The nutritional supplements market was the largest segment of the health and wellness market segmented by product, accounting for 27.5% or $1.6 trillion of the total in 2023. Going forward, the weight loss and diet programs segment is expected to be the fastest growing segment in the health and wellness market segmented by product, at a CAGR of 10.76% during 2023-2028.

The health and wellness market is segmented by distribution channel into online and offline. The online market was the largest segment of the health and wellness market segmented by distribution channel, accounting for 55.5% or $3.3 trillion of the total in 2023. Going forward, the online segment is expected to be the fastest growing segment in the health and wellness market segmented by distribution channel, at a CAGR of 9.07% during 2023-2028.

The health and wellness market is segmented by sector into personal care, beauty and anti-aging, healthy eating, nutrition and weight loss, wellness tourism, physical activity, preventive personalized medicine and public health, traditional and complementary medicine, spa economy and other sectors. The personal care, beauty and anti-aging market was the largest segment of the health and wellness market segmented by sector, accounting for 19% or $1.1 trillion of the total in 2023. Going forward, the wellness tourism segment is expected to be the fastest growing segment in the health and wellness market segmented by sector, at a CAGR of 11.23% during 2023-2028.

North America was the largest region in the health and wellness market, accounting for 33.9% or $2 trillion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the health and wellness market will be Asia Pacific and North America where growth will be at CAGRs of 8.86% and 8.45% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 8.22% and 7.71% respectively.

The global health and wellness market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 2.70% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. LOreal SA was the largest competitor with a 0.68% share of the market, followed by Procter & Gamble with 0.48%, Unilever PLC with 0.46%, Nestle SA with 0.32%, Estee Lauder Companies (US) with 0.24%, Danone S.A with 0.19%, Abbott Laboratories with 0.14%, Henkel AG & Co. KGaA with 0.09%, Herbalife International of America Inc with 0.08% and Bayer AG with 0.03%.

The top opportunities in the health and wellness market segmented by product will arise in the nutritional supplements segment, which will gain $785.84 billion of global annual sales by 2028. The top opportunities in the health and wellness market segmented by distribution channel will arise in the online segment, which will gain $1.8 trillion of global annual sales by 2028. The top opportunities in the health and wellness market segmented by sector will arise in the healthy eating, nutrition and weight loss segment, which will gain $541.79 billion of global annual sales by 2028. The health and wellness market size will gain the most in the USA at $841.0 billion.

Market-trend-based strategies for the health and wellness market include are introducing innovative products to gain a competitive edge in the market, focus on increasing their investments to capitalize on opportunities and expand their reach into new markets, focus on introducing novel platform technologies, focus on developing innovative AI health and wellness platforms and focus on establishing health and wellness centers that offer a variety of services.

Player-adopted strategies in the health and wellness market include focus on expanding operational capabilities through new product developments, focus on strategic partnerships to develop business expertise and focus on enhancing business capabilities through strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the health and wellness companies to focus on innovative product development, focus on strategic investments, focus on integrated health platforms, focus on AI-powered health platforms, focus on weight loss and diet programs and organic foods and natural products, focus on online segment growth, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events, focus on healthy eating, nutrition, and weight loss, and wellness tourism segments and focus on catering to the aging population.