The Rise of Thermal and Mineral Springs
According to a recent market research report by Technavio, the global health and wellness market is projected to grow by USD 1.39 trillion from 2020 to 2025. Growth will occur at a compound annual growth rate (CAGR) of 6.29%.
One of the critical drivers of the market will be the increased emphasis on promoting health and wellness activities. The rising influence of spas, specifically thermal and mineral springs, is a significant trend that will directly contribute to the industry’s market share growth. There is also an increasing inclination to treat various physical and mental conditions with holistic spa-based treatments, such as circulation disorders, joint and muscle ailments, spinal column ailments, and respiratory diseases, amongst many more. The number of spas has been observed internationally due to consumers' increasing demand for spa services.
As mentioned in the report, a significant challenge the health and wellness industry may face during the forecast period is the possibility of frequent product recalls. Product recalls giving consumers a wrong impression, which can develop a bad reputation for the brand and possibly even the entire industry. It also increases the operational and financial constraints for the companies that operate within the market.
The market is highly fragmented, with several key players occupying the market share. Some of the significant companies observed in the report included: Bayer AG, Brunswick Corp, Core Health & Fitness LLC, Danone SA, and EVOLVE Brands LLC. 34% of the growth in the forecasted period is expected to originate from the Asia-Pacific (APAC) region of the world.
Market Scope
For more information about the market research report and projections throughout the forecasted period, go to PRNewswire.com:
From Health and Wellness Market Size to Reach USD 1.29 Trillion Globally by 2025 at 6.29% CAGR | Technavio - PRNewswire
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What trend in the health and wellness market do you think will take off in the upcoming years?
Written by Yellow Brick Road
June 17th, 2022