Feeling good – wellness market

The concept of wellness has been around for a long time. World economy changes shows that a rise in consumer interest and purchasing power presents opportunities across markets, especially as consumer spending rebounds.

The global wellness market is healthy and growing.

In every category, more consumers said they were going to spend more on wellness than those who said they would spend less. The majority of consumers planning to increase their spending was especially large in some categories, including memory/brain enhancers, anti-aging products, beauty supplements, noninvasive cosmetic procedures, nutrition (sports nutrition, juice cleanses, nutrition coaches, fortified foods), and meditation/mindfulness offerings.

This market offers room for growth to all sorts of industry players: traditional “nutraceuticals” companies with experience in regulatory and licensing requirements; global entrants with extensive value chains, marketing capabilities, and deep channel relationships; regional consolidators with local knowledge and partnerships; and emerging brands with digital know-how, integrated consumer data, and an agile operating model.

At the same time, the wellness sector is getting more competitive, so companies should think critically about strategies to engage consumers and whether an ecosystem model might make sense. Companies will want to be purposeful about where to play and how to win with an effective delivery model—whether that model is end-to-end ownership, strategic partnerships, outsourcing and co-manufacturing, or marketplaces.
In every category, more consumers said they were going to spend more on wellness than those who said they would spend less. The majority of consumers planning to increase their spending was especially large in some categories, including memory/brain enhancers, anti-aging products, beauty supplements, noninvasive cosmetic procedures, nutrition (sports nutrition, juice cleanses, nutrition coaches, fortified foods), and meditation/mindfulness offerings.

This market offers room for growth to all sorts of industry players: traditional “nutraceuticals” companies with experience in regulatory and licensing requirements; global entrants with extensive value chains, marketing capabilities, and deep channel relationships; regional consolidators with local knowledge and partnerships; and emerging brands with digital know-how, integrated consumer data, and an agile operating model.

At the same time, the wellness sector is getting more competitive, so companies should think critically about strategies to engage consumers and whether an ecosystem model might make sense. Companies will want to be purposeful about where to play and how to win with an effective delivery model—whether that model is end-to-end ownership, strategic partnerships, outsourcing and co-manufacturing, or marketplaces.

Better health

Extends beyond medicine and supplements to include medical devices, tele-medicine, and remote healthcare services, as well as personal heath trackers.

Better fitness

Was steadily increasing over time before experiencing some upheaval over the past year, with many consumers struggling to maintain pre-COVID-19 fitness levels.

Better nutrition

Has always been a part of wellness, but now consumers want to food to help them accomplish their wellness goals in addition to tasting good.

Better appearance

Primarily relates to wellness-oriented apparel “athleisure” and beauty products example skincare and collagen supplements, but also includes service-oriented offerings like nonsurgical aesthenic procedures.

Better sleep

Now goes beyond traditional sleep medication, like melatonin, to app-enabled sleep trackers and other sleep-enhancing products.

Better mindfulness

Has gained mainstream consumer acceptance relatively recently, with meditation-focused apps and and meditation-oriented offerings.