Wellness is Going Mainstream, Per Report
From functional foods to fitness, the global health and wellness market is poised for growth
The global health and wellness market is set to soar, with new projections estimating a growth of $1.93 trillion from 2024 to 2028, according to a new market research report from Technavio. The growth is driven by a surge in demand across various sectors, including beauty and personal care, health-conscious foods, wellness tourism, fitness equipment and preventative and personalized health services.
Leading the charge as the fastest-growing segment is the global beauty and personal care market, according to Technavio, which is being shaped by a growing consumer interest in organic and natural products and is underscored by a broader focus on health and wellness.
Technavio also highlights the rise of alternative therapies such as acupuncture and herbal supplements, as well as the increasing popularity of stress management products, functional foods, fitness programs and mental health retreats—all contributing to a new holistic approach to well-being.
There has been a noticeable crossover between personal care products and wellness as of late, with beauty-focused retailers, such as Ulta, onboarding new brands for consumers to explore.
Neom Wellbeing, a luxury brand based in the U.K. known for its diffusers, skin and hair care products, has entered the U.S. market on Ulta.com and is set to launch in select Ulta Beauty stores beginning next month. Ulta has also tapped health and wellness brand Apothékary to join its online shelves as its first sober-curious product, designed for health-conscious consumers.
The area of nutrition has seen several developments this year, with brands like Gainful, offering personalized supplements and Bioniq providing user-specific blends powered by blood tests or a quiz. Functional foods have also gained traction, such as fiber-packed products from Vibi+, gut health-supporting power from Supergut, and nootropics — believed to enhance cognitive function — from Odyssey. The door is also open for vegan-based brands to elevate lentil and bean-based products, especially in light of proposed dietary guidelines encouraging a more plant-based diet.
Fitness brands are also responding to the growing interest in wellness. Fitness On Demand, a global leader in omnifitness with customers in 20 countries, has invested in developing expert-led recovery classes, mindfulness and nutrition guidance for its platform.
“At Fitness On Demand, we’re fully aligned with these shifts,” Fitness on Demand CEO Andy Peat said. “Our offerings are tailored to meet rising member expectations at the gym, at home and on the go.
Famed fitness pioneer Tracy Anderson has taken a similar position, opening a London studio this year within Surrenne, an exclusive well-being and longevity-focused club that complements her fitness method and encourages easy access to Hyperice and Hypervolt products, spa treatments and steam rooms.
Wellness retreats are also becoming a popular escape amid the booming wellness tourism sector. Celeb-loved The Ranch has expanded to the East Coast by way of Malibu, offering guests six hours of daily, low-impact exercise, guided hikes, low-impact strength training or core-focused classes and restorative yoga or meditation. Canyon Ranch, on the other hand, has launched a $20,000 longevity-focused stay that includes a battery of tests.
