As the world is going through one of the disastrous phases in the history of mankind due to the COVID-19 pandemic, health has become the apple of everyone’s eye. With high fatality rates, the outbreak has prompted everyone to increase their immunity levels.
With the COVID-19 pandemic, the awareness about the importance of health among many individuals has heightened expansively. Therefore, the health and wellness market is estimated to observe a shining growth period. People are inclining more toward wellness products than before. This factor can be attributed to the enforcement of strict stay-at-home orders. As people were forced to stay home for a prolonged period, the concentration on skincare and wellness increased considerably. Thus, this aspect also had a great impact on the growth of the health and wellness market.
The emergence of second and third waves across many countries and regions has signaled that the pandemic is expected to stay for a few more years. To develop immunity levels, many individuals are focusing on immunity-boosting supplements and products. Furthermore, maintenance of fitness levels has also become crucial in this situation. Thus, individuals are expanding their attention on keeping fit. All these factors bode well for the growth of the health and wellness market.
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Consumers expect to spend more on wellness products in the coming years due to the rising disposable income and the fears of virus transmission. A great shift toward health and wellness services such as counseling for nutrition, personal training, and others will also help boost the growth prospects of the health and wellness market to a considerable extent.
The G4 Dimensions
A four-dimensional trajectory will evaluate the growth of the health and wellness market. These four dimensions, also known as the G4 dimensions, will be beneficial for the players to lay the foundation of growth. Here are the prominent dimensions which will mold the growth structure of the health and wellness market.
Good Sleep: Due to the stress of job losses and financial damage caused due to COVID-19, sleep disorders have become common. Traditional methods still work better, but the pandemic has led to an increase in the functionality of app-based methodologies for sleep. Eight Sleep, the world’s first sleep fitness company recently launched SleepOS, the first-ever independent operating system for proper sleep optimization. Such advancements bring exponential growth.
Good Appearance: Maintaining a good skincare routine has increased the demand for cosmetics and other services related to wellness. The COVID-19 pandemic has accelerated the demand even further. Many new services and products are entering the arena of health and wellness, which will invite considerable growth. Clean personal care products will decide the growth trajectory of the health and wellness market. Many influencers and celebrities are boosting their presence across the health and wellness market. Scarlett Johansson, an actor is launching her own skincare brand. Similar developments will paint strokes of growth.
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Good Health: Many consumers embrace the self-care approach where various tracking apps help monitor the health of an individual. Researchers are discovering novel devices and materials. The sweat-proof electric skin is a classic instance. Researchers at MIT recently engineered the electronic skin, a sticky patch that attaches itself to the body and functions even if the user is sweating. This skin will monitor the health problems prevalent in the user’s body. More developments await across the healthcare sector, assuring extensive growth.
Good Nutrition: Numerous people have understood the importance of nutrition. Consumers now want to achieve their fitness goals in tandem with good taste. Flavor-based nutrition is gaining considerable traction and will substantially influence the health and wellness market substantially. For instance, PeaTos, a snack brand, recently launched a new range of chips that replace artificial colors and flavors with natural ingredients. Such advancements will add extra stars of growth to the health and wellness market.
