The global wellcare market is estimated to be US$674 billion, with double digits growth rates expected for many categories, according to a report by PwC.

What is driving this rapid growth of the wellcare industry? They are: growing consumer demand, discretionary health spending, and global technology platforms.

What is wellcare?

The wellcare space is the result of the convergence of three markets: health, food, and beauty. Together, the wellcare industry is focused on wellness, fitness, beauty, and environmental sustainability. Hence, the wellcare space is made up of players including companies in consumer healthcare, fast-moving consumer goods, bio-pharmaceuticals, medical devices, organic beauty companies, functional food businesses, retailers, and technology companies offering consumer devices and platforms for the monitoring of specific health conditions.

What are the trends shaping wellcare products?

The wellcare industry is built around the delivery of health, beauty, or well-being benefits. This is in response to several consumer trends, including:

• Health lifestyle/illness prevention, such as maintaining a daily fitness routine and having a healthy diet;
• Sensorial wellness, such as the maintaining inner balance, relaxation and the practice of yoga;
• Green glam and sustainability, such as using natural beauty products and eating organic food;
• Need for trust, such as demanding full declaration of ingredients and reading online product reviews;
• Convenience, such as getting on-the-go treatments and products and convenience food;
• Individual me, such as using beauty and appearance as the ultimate self-expression, and having an individual “street-style” rather than model ideals;
• Perfectionism and beauty enhancement through medical procedures, such as having celebrity role models, and going for invasive treatments like liposuction and Botox;
• Technology for health and beauty, such as the use of high-performance (almost medical) products and digital products like health apps, fitness trackers and telemedicine; and
• Prevention of ageing, such as fighting signs of age in skin, hair color, weight and appearance.

Rising income and changing demographics are leading to growing demand for health products, as well as, a growing number of consumers who are interested in products that embody holistic concepts of well-being.

Who are interested in wellcare?

The PwC report identified 3 consumer segments within the wellcare industry:

1. Well-being. These consumers – many whom are middle-aged, high-income individuals – are concerned with inner balance and sensory enjoyment. They may visit spas, turn to alternative therapies, go for organic food and natural ingredients, and are interested in health maintenance and wish to appear naturally healthy.
2. Well-conditioned. This group of consumers wants to be healthy, look young and stay in shape. They exercise regularly, take health supplements and go for low-calorie diets. They go for spa treatments and do face treatments at home. They are interested in devices that help them to track their body-fat and calories burned during exercise.
3. Well-shaped. High-income and older, these consumers are concerned with fighting signs of ageing and enhancing their looks through dental, dermatological and cosmetic enhancements.

How can your business be part of the growing wellcare industry?

The growing consumer class with increasing purchasing power for health and beauty products is growing across regions. Other than developed economies such as the United States and United Kingdom, PwC’s “The World in 2050” survey finds that Brazil, China, India, Indonesia, Mexico, Russia and South Korea are expected to have larger economies (in terms of gross domestic product) and purchasing power parity than any of the G7 nations by 2030.

The US$674 billion wellness industry, being a diverse one, offers many points of entry.

If you are a wholesale distributor or retailer looking to tap into the wellcare industry immediately, 22 Health Bee has a range of acupressure products that is suitable for reaching out to the “well-being” segment.

The acupressure products include body mats, pillows, foot mats and footwear. Based on Traditional Chinese medicine principles, these acupressure products work by stimulating acupressure points in the body and promote self-healing of the body.

Acupressure is a deeply relaxing experience and can help users with relieving stress, tension and anxiety, and improves sleep. Hence, acupressure products can help with the general health and well-being of consumers.

Get in touch with us today and find out how your business can immediately tap into the opportunities of the wellness industry with our range of acupressure products.

 

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Source:

• The rise of wellcare: A new market at the nexus of health, food, and beauty