HEALTH AND WELLNESS AFTER THE PANDEMIC

Following the pandemic, health and wellness lifestyles and products have experienced significant growth, with the latest data suggesting that the category will grow to a value of USD 13,459,600 million by 2032 at a CAGR (compound annual growth rate) of 6.9 percent.

The COVID-19 outbreak prompted industry stakeholders to innovate and explore new revenue streams in health and wellness. However, the pandemic is only one aspect driving the health and wellness category growth, other aspects include the innovations of gadgets and cutting-edge fitness and healthtracking technology, cosmetic and anti-aging goods, the rise of health facilities, increased government spending on advanced healthcare facilities, as well as the increased popularity of wellness tourism.

Currently, the health and wellness market has been dominated by the United States regarding generated revenue, of which there is an estimated continuation over the next decade.

However, the Asia Pacific is a close contender, with it expected to become the most opportunity-rich area for the health and wellness category as a result of its dense population, expanding urbanisation, innovation, and liberalisation of the market for foreign direct investment (FDI) according to Future Market Insights.

Health and wellness products encompass a spectrum of the food and beverage industry and businesses, including also the beauty and cosmetics industry, on a worldwide platform.

Data has suggested that younger generations in emerging regions are willing to pay a premium for health and wellness products in conjunction with the increasing sensitivity and trends towards physical fitness.

As people’s health awareness grows, producers are innovating health and wellness products to cater to consumer demands for free-from, organic, lowcholesterol, sodium and saturated fat options.

Furthermore, the increased prevalence of chronic diseases and illnesses has propelled market growth for health and wellness products. The North American market currently holds a share of 33.6 percent. Conversely, Europe accounts for 39.9 percent of the global market for health and wellness products.

Organic foods currently dominate the health and wellness category at 31 percent, as they cater to consumer demand for clean, pure ingredients with better flavour, high antioxidant and mineral content, and numerous health and immunity benefits.

The popularity of the organic segment in health and wellness products has, consequently, created greater demand for organic fruits, vegetables, meats, dairy, nad baby foods as consumers have become more knowledgeable about the impacts of overly processed foods on their general welfare. n