By Our Staff Writer
The global health and wellness market size, valued at $4.7 trillion in 2021, is estimated to reach $12.9 trillion by 2031, new research said. The market, covering a wide range of products including beauty and personal care products, health and wellness food, wellness tourism and fitness equipment, is projected to grow at a compound annual growth rate (CAGR) of 10.9 percent from 2022 to 2031, the report published by Allied Market Research said.
The study said 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 have played a big part in the growth of the health and wellness sector,” it said.
According to the study, by region, Asia-Pacific would showcase the fastest CAGR by 2031.
It also pointed out that another structural thrust for market growth over the forecast period is the increasing popularity of health spas, thermal springs and wellness retreats providing treatments for blood circulation disorders, hypertension, skin infections, stress and body detoxification.
Consumers globally are transitioning from reactive, disease-centric healthcare models to proactive preventive wellness strategies embracing functional foods, nutraceuticals, fitness regimens, mental health solutions, and regular health monitoring as part of daily routines, the study revealed.
Rapid adoption of wearable fitness trackers, smartwatches, health monitoring bands, and mobile wellness apps is expanding consumer engagement with personal health data, enabling more informed lifestyle choices and creating new revenue streams for health and wellness brands, it showed.
The study also revealed that mental health awareness has gained mainstream momentum globally, with consumers increasingly seeking stress management tools, mindfulness solutions, sleep optimization products, and emotional well-being services as integral components of their health and wellness routines.
Wellness tourism characterised by everything from spa retreats to mineral springs-based holidays, meditation getaways, detox programs and nature immersion travel is being driven as one of the fastest-growing sub-segments largely due to an increase in professionals seeking vacation experiences focused on mental, physical and spiritual healing, the report said.
