Driven by increasing emphasis on promotion of health and wellness activities and programs.

The global health and wellness market size is expected to increase by USD 1.39 trillion between 2020 and 2025, expanding at a CAGR of 6.29% during the forecast period.

Technavio expects the market to observe maximum growth in APAC. The increasing investments in wellness tourism and the presence of a number of government initiatives to promote wellness tourism are creating significant growth opportunities for market players.

Technavio has announced its latest market research report titled Health and Wellness Market by Product and Geography - Forecast and Analysis 2021-2025.

The market is driven by the increased emphasis on the promotion of health and wellness activities and programs. Improvements in the economic conditions of countries have given the liberty to lower and middle-class consumers to spend more on health and well-being.

For instance, in China, the total consumer spending grew by almost 8% in 2017 when compared with the previous year. These factors are encouraging vendors to launch free health coaching, giveaway campaigns, community gatherings centered around self-care, nutrition, and others. Vendors are also leveraging social media channels to successfully promote their brands and products. Many such factors are increasing the awareness regarding health and well-being among consumers, which is driving the growth of the market.

As per Technavio, the growing influence of thermal and mineral springs and spas in the market will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.

Health and Wellness Market: Growing influence of thermal and mineral springs and spas

The prevalence of health conditions such as rheumatism, circulation disorders, spinal column ailments, bronchitis, and asthma is increasing across the world. This has increased the demand for mineral springs and spas among consumers.

To capture this growing interest among consumers, many spas and health resorts, especially in regions such as Europe, North America, and Asia have started to use therapeutic waters sourced from natural thermal and mineral springs. This is attracting a lot of consumers to opt for such services, which is expected to have a positive impact on the growth of the market during the forecast period.

Health and Wellness Market: Segmentation Analysis

This market research report segments the health and wellness market by product (beauty and personal care products, health and wellness food, wellness tourism, fitness equipment, and preventive and personalized health) and geography (North America, Europe, APAC, MEA, and South America).

During the forecast period, the APAC region is expected to register the highest incremental growth. Vendors in the region are undergoing M&A, collaboration, and new product launches to strengthen their positions. The region is also observing a significant increase in the sale of fitness equipment and personal & beauty care products. These factors are fostering the growth of the health and wellness market in APAC.