In 2022, the market for health and wellness products is projected to be worth US$ 6,900 Million. Health & wellness products have received a lot of attention lately, especially in the wake of the COVID-19 pandemic outbreaks, which has prompted business stakeholders to look at new revenue streams.
The overall sales of health & wellness products products are projected to grow at a robust CAGR of 6.9% between 2022 and 2032, totalling around US$ 13,459.6 Million by the end of 2032.
Health & wellness products are the products that provide a broad spectrum of the food and beverage industry coupled with beauty product industry globally. Younger consumers in the developing countries are willing to pay premiums for health & wellness products as a result of the rising importance in physical fitness. Manufacturers are reformulating health & wellness products to reduce cholesterol, sugar, sodium content and saturated fat of the food products due to increasing health consciousness among the people.
Health & wellness products provide healthful benefits to the consumers along with innovations in various health & wellness products. Manufacturers are using organic ingredients in various health & wellness products instead of artificial ingredients which are harmful to the body. Consumers are focusing on functional food products which are fortified with various essential ingredients such as vitamins, minerals, amino acids and nucleotides which provide health benefits and promotes better health.
Global Health & Wellness Products Market: Regional Outlook
Geographically, the global health & wellness products industry can be divided by major regions which include North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. Globally, among all regions, Asia Pacific has developed as the dominant region in global health & wellness products market followed by Middle East and Africa.
Increasing food and beverage industry along with growing cosmetic industry, has strengthened the growth of global health & wellness products market and hence is projected to significantly expand the revenue contribution of the market over the forecast period. Growing alternatives to food products in developing countries is also another driving factor of global health & wellness products market.
Global Health & Wellness Products Market: Growth Drivers
The global health & wellness products market driving factors are increasing demand for ready-to-eat snack foods coupled with the convenience of foods. Increasing opportunities in weight management program and rising concern regarding physical fitness is also another factor that is driving the health & wellness products market globally. Rising number of supermarkets, hypermarkets, and independent retail stores are rapidly increasing the demand for various health & wellness products worldwide. Manufacturers are focusing on providing healthier product offerings in various health & wellness products. Hence, the global health & wellness products market is expected to observe robust growth over the forecast period.
Global Health & Wellness Products Market: Key Players
Some of the key players identified across the value chain of the global health & wellness products market include Pfizer Inc., PROVANT HEALTH SOLUTIONS INC., Nestle, The Kraft Heinz Company, Arbonne International, LLC, Buy Wellness, GSK, Walgreen Co., Procter & Gamble, General Nutrition Centers Inc. and others. The companies are expected to expand their business by enhancing their product portfolio in global health & wellness products market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global health & wellness products market till 2026.
Key Segments of Health & Wellness Products Industry Survey
• Packaged Food
• Baby Food
• Baked Products
• Breakfast Cereals
• Dairy Products
• Frozen Food
• Independent Stores
• Drug Stores
• Unorganized Stores
• Single Brand Store
• Beauty Products
• Brain Health Supplements
• Immune Support Supplements
• Weight Management
• Food Intolerance
• Fortified Food Products
• Organic Products
• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint
Information Source: https://www.futuremarketinsights.com/reports/health-and-wellness-products-market