Health and Wellness Market Is Expected to Reach USD 12.9 Trillion by 2031: Says Allied Market Research

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Feb 08, 2023, 11:00 ET

PORTLAND, Ore., Feb. 8, 2023 /PRNewswire/ -- Increased consumer expenditure on a wide range of health and wellness products and services across the globe is boosting the market growth. The rising burden of mental and physical diseases such as cancer, depression, anxiety, and a variety of others has played a big part in the growth of the health and wellness sector. By Product Type, the beauty & personal care products segment held the highest share in 2021. By region, Asia-Pacific would showcase the fastest CAGR by 2031.

According to the report published by Allied Market Research, the global Health and Wellness Market was estimated at $4,712.5 billion in 2021 and is expected to hit $12,850.3 billion by 2031, registering a CAGR of 10.9% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

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Report coverage & details:

Forecast Period	2022–2031
Base Year	2021
Market Size in 2021	$4712.5 billion
Market Size in 2031	$12850.3 billion
CAGR	10.9 %
No. of Pages in Report	280
Segments Covered	Product Type
Drivers	Increasing demand for high-performance materials in skin care and anti-aging facial tools is increasing
Drivers	The rise in demand for thermal and mineral springs and spas is boosting the health and wellness market.
Restraints	The high cost of products and services is a significant challenge to the growth of the health and wellness market.
Opportunities	The rising popularity of organic and sustainable products and services is expected to provide major investment opportunities in the health and wellness market.

Impact of Covid-19 on Health and Wellness Market-

The COVID-19 pandemic had a positive impact on the health and wellness market. During the pandemic, an increasing number of customers emphasize their mental and physical health. Furthermore, during this terrifying time, health and wellness products provide customers with a sense of individual control and help in the development of inner calm.
However, covid-19 increased the sales of health and wellness goods by re-prioritizing consumer values, which included an increased significance on health in a holistic manner. Wellness has developed into a lifestyle rather than an occasional activity, including many sectors of the consumer's everyday life.

The global Health and Wellness Market is analyzed across Product Type, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

By Product Type, the Beauty & Personal Care Products segment held the largest share in 2021, garnering around one-fourth of the global Health and Wellness Market revenue, and is projected to maintain its dominance by 2031. The Health & Wellness Food segment, on the other hand, would showcase the fastest CAGR of 11.6% during the forecast period.

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By region, Asia-Pacific held the major share in 2021, garnering nearly half of the global Health and Wellness Market revenue. The same region would also showcase the fastest CAGR of 11.3% from 2022 to 2031. The other provinces studied through the report include Europe, North America, and LAMEA.

The key market players analyzed in the global health and wellness market report include Abbott, B. Braun Melsungen AG, L'Oréal, Nestlé, General Mills Inc., Omron Healthcare, Inc., Medtronic, Koninklijke Philips N.V., LifeScan, Animas LLC, Johnson & Johnson Services, Inc., The Coca-Cola Company, and F. Hoffmann-La Roche Ltd.

These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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