From a sudden drop from the cold region From collagen to celery juice, the $1.8 trillion global consumer wellness market may surface with limited clinical research or credibility, but it’s not immune to fads. Today, consumers are no longer simply trying these health trends and hoping for the best, but are asking, “What does the science show?”
McKinsey’s latest Future of Wellness study surveyed more than 5,000 consumers in China, the United Kingdom, and the United States to examine the trends shaping the consumer wellness environment. This article combines these findings with a discussion of her seven wellness subsets, including women’s health, weight management, and in-person fitness. Our research suggests that these subsets are particularly ripe areas for innovation and investment activity.
The future of wellness backed by science and data
In the United States alone, the wellness market is estimated to be worth $480 billion and growing at a rate of 5-10% annually. Currently, 82 percent of US consumers consider health to be a top or important priority in their daily lives, similar to what UK and Chinese consumers report (73 percent and 87 percent, respectively). is.
This is especially true for Gen Z and Millennial consumers. They purchase more wellness products and services than older generations in the same aspects outlined in previous research, including health, sleep, nutrition, fitness, appearance, and mindfulness (Exhibit 1) .
Responses to survey questions from around the world revealed common themes regarding consumer expectations. That means consumers are looking for health and wellness solutions that are effective, data-driven, and backed by science (Exhibit 2).
5 trends shaping the consumer health and wellness space in 2024
Fifty-eight percent of Americans who responded to our survey said they prioritize their health more now than they did a year ago. Her next five trends include emerging priorities as well as those consistent with previous research.
7 Growth Areas in Wellness
Based on last year’s research, several growth spots are emerging in the wellness space. Increasing consumer interest, technological advances, product innovation, and an increase in chronic diseases are driving growth in these sectors.
women’s health
Historically, women’s health has been underserved and underfunded. Currently, purchases of women’s health products are increasing across a variety of care needs (Exhibit 5). While the highest percentage of respondents said they purchased menstrual care and sexual health products, consumers said they spent the most on menopause and pregnancy-related products in the past year.
Digital tools are also becoming more prevalent in women’s health. For example, wearable devices can track a user’s physiological signals to identify peak fertility.
Despite recent growth in the women’s health sector, there remains an unmet demand for products and services. Menopause has been a particularly overlooked area of the market, with only 5% of femtech startups addressing menopause needs. Consumers also continue to engage with services across the women’s health sector, including menstrual and intimate care, fertility support, pregnancy and motherhood products, and women-focused health care centers. This presents an opportunity for companies to expand their products and services in these areas.
healthy aging
The shift toward preventive medicine, the growth of health technology (such as telemedicine and digital health monitoring), and advances in anti-aging product research are driving demand for products and services that support healthy aging and longevity.
More than 60% of consumers surveyed believe it is “very” or “extremely” important to purchase products and services that support healthy aging and longevity. Approximately 70% of consumers in the UK and US and 85% of consumers in China said they purchased more products in this category in the past year than the previous year. These results are similar across age groups, suggesting that efforts toward healthy aging are being driven by both younger generations seeking preventive solutions and older generations seeking longer lifespans. . As populations continue to age across developed countries (one in six people worldwide will be over 60 by 2030), we expect to see even greater focus on healthy aging globally. .
To succeed in this market, companies can take a holistic approach to healthy aging solutions, including consideration of mental health and social factors. It will be particularly important to bring to market products and services that anticipate the needs of aging consumers, rather than marketing products that emphasize the aging process. For example, services that address aging in older adults may focus on one aspect of longevity, such as fitness or nutrition, rather than the aging process itself.
weight management
Weight management is a top priority for American consumers, with nearly one in three adults suffering from obesity. In our survey, 60 percent of US consumers said they were currently trying to lose weight.
Although exercise is the most commonly reported weight management intervention in our survey, more than 50% of U.S. consumers rate prescription drugs, including glucagon-like peptide-1 (GLP-1) drugs, as “very effective.” We believe that this is a “specific” intervention. Perceptions of prescription drugs differ in other regions, with less than 30% of UK and Chinese consumers believing weight loss drugs are very effective.
Given the recent GLP-1 weight loss trend, it is too early to understand how it will impact the broader consumer health and wellness market. Businesses should continue to monitor this area as more data emerges on adoption rates and impact across categories.
Face-to-face fitness
For many consumers, fitness has moved from a casual interest to a priority. Approximately 50% of U.S. gym-goers say fitness is a core part of their identity (Exhibit 6). This trend is even stronger among younger consumers, with 56% of U.S. Gen Z consumers surveyed considering fitness a “very high priority” ( (compared to 40% of the population).
The top two areas where consumers expect to spend more on fitness are in-person fitness classes and personal training. Consumers expect to maintain their health club memberships and spending on fitness apps.
The challenge for fitness companies is to keep consumers within the ever-growing range of choices. Providing best-in-class amenities, convenient locations and hours, and loyalty and referral programs are critical. Building a strong community and offering experiences such as retreats, as well as services such as nutritional coaching and personalized workout plans (potentially enabled by Gen AI) are among the top players. helps you evolve your value proposition and manage customer acquisition costs.
gut health
More than 80 percent of consumers in China, the UK, and the US believe that gut health is important, and more than 50 percent expect it to become a higher priority in the next two to three years.
While probiotic supplements are the most frequently used gut health products in China and the US, UK consumers are opting for probiotic-rich foods and over-the-counter medications such as kimchi, kombucha and yoghurt. Masu. About a third of US consumers, a third of UK consumers, and half of Chinese consumers say they wish there were more products on the market to support gut health. . At-home microbiome testing and personalized nutrition are two areas he says companies can build on the growing interest in this area.
sexual health
Expanding cultural conversations about sexuality, improving sex education, and growing support for women’s sexual health challenges (low libido, vaginal dryness, painful intercourse, etc.) are all contributing to increased demand for sexual health products. Contributing to
87% of U.S. consumers report spending the same amount or more on sexual health products in the past year than the previous year, with personal lubricants, contraceptives, and sex toys being the most frequently purchased items. said.
Amid the COVID-19 pandemic, more companies have started selling sexual health products online, but a variety of retailers, from traditional pharmacies to beauty retailers to department stores, Merchants are now adding more sexual health brands and products to their shelves. . This creates marketing and distribution opportunities for disruptive brands to reach new audiences and scale.
sleep
Although health and wellness is consistently the second-highest priority for consumers, sleep is also the area where consumers say they have the most unmet needs. In a previous report, his 37% of U.S. consumers expressed a desire for additional sleep and mindfulness products and services, such as those that address cognitive function, stress, and anxiety management. . A year has passed since then, and little has changed. One of the big challenges in improving your sleep is that there are a huge number of factors that can affect a good night’s sleep, including diet, exercise, caffeine intake, screen time, stress, and other lifestyle factors. That’s what it is. As a result, few, if any, tech companies or emerging brands in the sleep space have been able to create an attractive ecosystem to help consumers improve their overall sleep. There is an opportunity for businesses to leverage consumer data to effectively address specific pain points, such as sleep induction, minimizing sleep disruption, reducing wakefulness, and improving sleep quality.
As consumers gain more control over their health, they seek accessible, data-backed products and services that allow them to do so. Companies that can help consumers make sense of this data and provide solutions that are personalized, relevant, and rooted in science are best positioned to succeed.
