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Rising Incidence of Chronic Lifestyle Illnesses Drives Growth

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Dublin, April 10, 2023 (GLOBE NEWSWIRE) — The “Health and Wellness Market By Product Type: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offers.

The global health and wellness market is estimated to garner $12.9 trillion by 2031, increasing from $4.7 trillion in 2021 at a CAGR of 10.9% from 2022 to 2031.

Key Market Players

One of the primary reasons driving market expansion is the rising incidence of chronic lifestyle illnesses throughout the world. Cases of blood pressure, diabetes, asthma, arthritis, dementia, and other stress-related ailments are on the rise as a result of sedentary lifestyles and demanding schedules. This has inspired people to engage in different health-related activities such as yoga, meditation and athletics. Furthermore, the rising trend of employing wearable devices, such as fitness bands and trackers, is boosting market growth.

Increases in awareness of wellness and changes in lifestyle have led clients to select different wellness services such as spas, gyms, clubs, and so on, to live a balanced and healthy life. These services are costly and can only be purchased by persons earning minimum wages. This factor is expected to hamper the market growth.

The integration of digital devices and technology in the health and wellness market has resulted in the introduction of fitness bands, trackers and other wearable devices.

Furthermore, the growing female population is fueling the expansion of beauty and anti-aging goods. The cosmetics business is a significant contribution to the worldwide health and wellness market. Furthermore, the fast-increasing sales of men’s cosmetics are fueling industry growth. Another significant driver is the increase in demand for functional and healthy food items. Consumers’ heightened health consciousness has driven them to purchase more nutritious food products.

Sustainability and hand care premiumization are key beauty and personal care trends that are converting into income opportunities for organizations in the health and wellness industry. The COVID-19 outbreak has heightened the need for sustainability in personal care products.

Personal care firms are stressing sustainability by ensuring the eco-friendliness of pop-up store designs and kiosks. Personal care bottles and containers are constructed from recyclable materials. Companies in the health and wellness market are increasing the availability of alcohol-based hand sanitizers due to the pandemic. They are creating hand purifying gels to meet the hygienic needs of customers. Multi-functional hand care products are becoming increasingly popular in the market.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the health and wellness market analysis from 2021 to 2031 to identify the prevailing health and wellness market opportunities.

  • The market research is offered along with information related to key drivers, restraints, and opportunities.

  • Porter’s Five Forces analysis highlights the potential of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.

  • In-depth analysis of the health and wellness market segmentation assists to determine the prevailing market opportunities.

  • Major countries in each region are mapped according to their revenue contribution to the global market.

  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

  • The report includes the analysis of the regional as well as global health and wellness market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Product Type

By Regions

For more information about this report visit https://www.researchandmarkets.com/r/r0e89a

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