Health and Wellness Market Size, Share, Growth Analysis, By Sector(Personal care, beauty) - Industry Forecast 2024-2031

Health and Wellness Market Drivers

Increasing Prevalence of Chronic Diseases to Bolster Market Growth

• Due to sedentary lifestyles and busy schedules, chronic diseases including cancer, diabetes, and cardiovascular diseases are on the rise quickly. Supplements are suggested for people who cannot manufacture vital amino acids, vitamins, and other nutrients as well as individuals who do not consume enough of these elements through diet alone. The World Diabetes Federation estimates that 46 million individuals in North America have diabetes as of 2017. Also, one in five men and one in six women worldwide received a cancer diagnosis in 2018, according to the WHO. Thus, it is anticipated that the global market for health and wellness would grow as chronic diseases become more prevalent.

Health and Wellness Market Restraints

High Cost of Products and Wellness Services to Hinder Market Growth

• One of the things impeding the expansion of the global health and wellness industry is the high cost of dietary supplements and functional foods and drinks. Amway sells pricey dietary supplements under the name Nutrilite. Consumers want wellness services like spas, gyms, clubs, etc. for a balanced and healthy lifestyle, yet these services are pricey. Corporate wellness services like exercise and health risk assessment cost more money. These are the elements that hampered market expansion.