August 28, 2020
Over the past decade, the health and wellness industry has been on the rise as consumers become more conscious of their lifestyles. From foods, technology, and even clothing, adopting a healthier way of life goes beyond one’s fitness and diet, helping shoppers make better choices in all aspects of their lives. According to Technavio, the health and wellness market will grow at a CAGR of over 6% from 2020-2024 with healthy eating habits being a driving factor for market growth.
Health and Wellness Foods
Consumers are becoming increasingly mindful regarding the nutritional value of their products. This comes as more food and beverage companies market nutrient-dense snacks to health-conscious consumers. In a study conducted by the International Food Information Council and American Heart Association, 43% of consumers are always in search of healthy options when shopping for food, while 52% sometimes search out healthy foods when shopping. While the majority of consumers attempt to purchase healthy items, food labels have become an important factor in consumer decision making with 59% of consumers always reading nutrition facts before purchasing a product. Due to the increasing demand for healthy foods and beverages, the health and wellness food industry will be worth $811.82 billion by the year 2021, according to Statista.
Health and Wellness Technology
Today, it has never been easier to keep track of your health, as new apps and devices provide users with insightful data anytime, anywhere. App Samurai states that there are over 97,000 health apps available to download with 70% dealing with wellness and sport and 30% providing patients and health professionals with health services such as monitoring, image diagnosis, and medication control. With this, the market for health and wellness apps is projected to reach USD 57.57 billion by 2026, as forecasted by Fortune Business Insights.
In addition to health apps, wearable health and wellness technology has become a part of the mainstream, as the market for smartwatches and fitness trackers has exploded over the past decade. According to IDTechEx, the wearable technology market has doubled since 2014, with a value of $50 billion as of 2019. With increased capabilities such as calorie, heart rate, and step tracking, smartphone syncing, and sleep tracking, wearable fitness technology helps consumers stay on top of their health 24/7.
Health and Wellness Apparel
As Americans adopt healthier lifestyles, health, and wellness apparel sales have increased drastically. According to Allied Market Research, the sports apparel market size will reach $248.1 billion by 2026, with a CAGR of 5.1%. With increasing health awareness, adoption of physical activities, and the rise of women in sports and fitness, the global sports apparel market has become a lucrative sector of the overall health and wellness industry. With its popularity, the market has become extremely saturated, with businesses trying to stay competitive with breakthrough designs and fabrics for optimal athletic performance.
In addition to fitness apparel, the emergence of well fashion has taken the industry by storm. These garments of clothing can improve the wearer’s wellbeing through self-regulating materials that offer protection from harmful environmental conditions such as extreme temperatures and harmful UV rays. Well fashion may also have the potential to improve sleep patterns, skin conditions, and even kill bacteria. These clothes may be the future of health and wellness apparel, helping consumers become more mindful about the clothes they wear.
In conclusion, the health and wellness industry shows no signs of slowing down, as an increasing number of consumers continue to look for ways to improve their wellbeing. With the market becoming heavily saturated, sectors of the industry must find new ways to cater to health-conscious individuals whether it be through new foods, groundbreaking tech, or trendsetting apparel.