According to the latest report published by Credence Research, Inc. “Global Health and Wellness Market– Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global health and wellness market projected to witness the CAGR of 5.9% from 2018 to 2026.
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Growing consumer awareness towards health and wellness across the world propelling the demand for health and wellness products. Increasing urban population coupled with rising disposable income level resulting in changing lifestyle and the purchasing power of the consumers respectively contributed to the health and wellness products market growth.
Health and wellness products market is projected to witness the growth of 5.9% during the forecast period from 2018 to 2026. Health and wellness products encompasses products from personal care and food & beverages industry which are healthy, green, fair, and affordable. Rising number of gym goers as well as escalating incidence of different chronic diseases such as diabetes, blood pressure, and other related diseases has intensified the demand for health and wellness products.
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North America dominates the health and wellness products market followed by Europe and Asia Pacific during 2017-2018. The market in the Asia Pacific is projected to grow at the highest rate during the forecast period.
Based on product type, functional food segment held the largest share of health and wellness market in 2017. Functional foods are the medicinal foods that are helpful in preventing diseases, enhancing health, and reducing the healthcare costs. Changing dietary patterns coupled with modern and healthy lifestyles of consumers mainly in developed regions propelling the growth of this segment during the forecast period.
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Nutrition and weight management segment dominated the health and wellness market by health benefits in 2017. Extensive range of health benefits from nutrition & weight management such as reduction in the risk of acquiring of various diseases such as stroke, diabetes, heart disease, and osteoporosis fuelling the growth of this segment. Heart and gut health benefit closely follows the nutrition and weight management segment during 2017-2018.
Based on the geography, North America dominated the global health and wellness products market in 2017 in terms of value and expected to maintain its dominance throughout the forecast period. Increasing demand of processed food from the U.S. coupled with healthy eating habit expected to boost the North America health and wellness products market.
Asia Pacific is the third largest market in terms of revenue share and the fastest growing region exhibiting robust growth during the forecast period.
Health and wellness products market is moderately consolidated with the presence of multinational conglomerate as well as small private players. Merger and acquisition is the key strategy adopted by many giants to get an edge over other players in this market.
Key manufacturers of health and wellness products includes Pfizer Inc., Provant Health Solution Inc., The Kraft Heinz Company, Nestle S.A., Buy Wellness, Wallgreen Co., and Procter and Gamble among others.