Of the identified six dimensions of how consumers are currently defining wellness—better health, better fitness, better nutrition, better sleep, and better mindfulness—better health, while still being the most traditional category, maintains its value as demonstrated by both consumer interest and highest level of spend, having transcended beyond mere medicine and supplements to now include digital health.
Source: Feeling good: The future of the $1.5 trillion wellness market.
McKinsey & Company | January 27, 2022
ZERO-SUGAR ADDED
Dually fueled by increased health awareness among consumers who are seeking to reduce their sugar intake for both better and preventative health, along with brands innovating to provide more natural alternatives to conventional sugar-laden food and beverages, the sugar-free food market amounted to US$69.680 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.57% over the forecast period to approximately US$101.865 billion in 2027.
DIGITAL WELLNESS
An ever-growing market pre-pandemic and without decline thereafter, projected revenue for the digital health market is approximately US$149.90 billion in 2022. With an annual growth rate (CAGR) of 10.59%, market volume is forecasted at US$224.20 billion by 2026. With consumer prevalence and consistency in utilizing data, often connected to wearable devices and mobile apps to enable their health goals, health tracking, and wellness management, the market's largest segment not surprisingly is digital fitness and wellbeing with a projected total revenue value of US$88.67 billion in 2022.
WELLNESS NFTs
Wellness companies have started to integrate non-fungible tokens (NFTs) as a part of their innovation strategy to aid consumers in achieving their health goals, as well as build customer-centric branded products where consumers are co-creators. Brands such as Go! Health Hero and Leisure Project are appealing to consumers in this regard, all while seeking to gain competitive advantage in the marketplace. Valued at US$1.59 billion in 2021, the global non-fungible token market size is projected to reach US$7.63 billion by 2028, growing at a compound annual growth rate (CAGR) of 22.05%. Art and collectibles accounts for the largest market segment at 70% and is forecasted to be valued at US$4.68 billion by 2028.
