$ 1,299 Billion Growth in Global Health and Wellness Market During 2020-2024 | Featuring Key Vendors Including Bayer AG, Brunswick Corp., and Core Health & Fitness LLC | Technavio
LONDON–(BUSINESS WIRE)–Technavio announces the release of its latest report on the health and wellness market. The market is segmented by product (naturally health food, functional food, BFY food, organic food, and food intolerance products), distribution channel (retail stores and online stores), end-user (water and waste treatment, food and beverage, pharmaceutical, and others), and geographic landscape (North America, APAC, Europe, South America, and MEA). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across various segments.
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Health and Wellness Market: Key Findings
- Health and wellness market value to grow by USD 1,299.84 billion at over 6% CAGR during 2020-2024
- 32% of market growth to originate from APAC during the forecast period
- Based on product, the naturally health food segment will offer maximum opportunities for vendors during the forecast period
- Health and wellness market is expected to have a negative impact due to the spread of COVID-19
Health and Wellness Market: Growth Drivers
The increasing emphasis on health and well-being is one of the prime factors driving the growth of the global health and wellness market. Rising disposable incomes coupled with expanding middle-class population has increased the consumer expenditure on health and well-being. This is encouraging market players to introduce free health coaching, giveaway campaigns, community gatherings centered around self-care, nutrition, and other services to attract customers. Some vendors are adopting effective marketing campaigns to target specific customer demographics. Thus, the rising emphasis on health and well-being is expected to positively influence the market during the forecast period.
“Increasing incidences of chronic diseases, stress, and other adverse health conditions and the growing influence of thermal and mineral springs and spas will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Health and Wellness Market: Major Vendors
Bayer AG
Bayer AG operates its business through segments such as Pharmaceuticals, Crop Science, Consumer Health, and Animal Health. The company offers health and wellness products under brands such as Eylea, Glucobay, Levitra, Nebido, and Claritin. It also offers other healthcare products.
Brunswick Corp.
Brunswick Corp. operates its business through segments such as Marine Engine, Boat, and Fitness. The company offers various fitness equipment under brands such as Hammer Strength, Indoor Cycling Group, Cybex, and Scifit.
Core Health & Fitness LLC
Core Health & Fitness LLC operates its business through the Core health and fitness brands segment. The company offers a wide range of fitness products and accessories under product segments such as Consoles and displays, Main floor cardio, Indoor cycling bikes, HIIT zone, and Weightroom.
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Related Reports on Consumer Discretionary Include:
Global Health and Wellness Food Market – Global health and wellness food market is segmented by distribution channel (retail stores and online stores), product (naturally health food, functional food, BFY food, organic food, and food intolerance products), and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Global Wellness Tourism Market – Global wellness tourism market is segmented by type (domestic and international), application (physical, psychological, and spiritual), and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
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