Health and Wellness Market Overview With Detailed Analysis 2022-2028

According to Precision Business Insights (PBI), the latest report the global health and wellness market is expected to be worth USD 1,347.3 million in 2021 and projected to grow at a 6.5% CAGR over 2022 to 2028. One of the major health and wellness industry drivers is the growing demand for spas, and thermal and mineral springs facilities throughout the world. In addition, a surge in the number of artificial thermal & mineral springs and health spas to treat physical and mental ailments would significantly improve the worldwide health and wellness industry. Similarly, poor mental health can have a negative impact on an individual's physical health. This reason is contributing to the huge rise of the health spa business, which is driving the growth of the health and wellness market.

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The Functional Food Market Segment is Dominating the Health and Wellness Market
Fundamental food can be stated as a modified food that claims to improve health, and it does not cure diseases but helps reduce the risk of deadly diseases. The rising concerned population depended on numerous dietary and pharmaceutical items that purported to increase immunity or disease resistance. Customers were promoted to choose high-quality and premium products in the global functional foods industry due to their promoted health and well-being advantages. Furthermore, increased customer awareness of the availability of these functional food items has boosted demand in the global functional foods segment in recent years.

Asia pacific Leads Health and Wellness Market:
Asia Pacific is expected to hold a significant market share in the global Health and Wellness market and is projected to grow at a prominent growth rate over the forecast years due to individuals in the Asia-Pacific area being more aware of the value of health and wellness goods and services. Furthermore, rising demand for wellness tourism and favorable government efforts boost market expansion in the Asia-Pacific region.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Health and Wellness market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In May 2021, Unilever announced a collaboration with the food-tech startup ENOUGH (previously 3F BIO) to bring innovative plant-based meat products to market. In April 2021, Unilever announced a deal to buy Onnit, a holistic wellness and lifestyle brand established in Austin, Texas, in the United States.

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The health and wellness market is segmented based on product type, animal, and geography.
Based on the Product Type, the market is segmented into the following:
• Functional Foods and Beverages
• Beauty and Personal Care Products
• Preventive and Personalized Medicinal Products
• Others

Based on the Functionality the market is segmented into the following:
• Nutrition & Weight Management
• Heart & Gut Health
• Immunity
• Bone Health
• Skin Health
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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Key player's profiles in the health and wellness market report are Amway Corp, Bayer AG, Danone, David Lloyd Leisure Ltd., Fitness First, Herbalife Nutrition Ltd., Holland & Barrett Retail Limited, L'Oréal SA, Nestlé SA, Procter & Gamble, Unilever Plc, Vitabiotics Ltd.

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