Global Wellness Accessories Market: Introduction
The term ‘wellness accessories’ refers to accessories, such as tables and models, which are used as part of an active process of becoming aware of and making choices toward a healthy and fulfilling life. Generally, the term ‘wellness’ covers emotional wellness, environmental wellness, financial wellness, intellectual wellness, occupational wellness, physical wellness, social wellness, and spiritual wellness.
Rising concerns about every aspect of healthy life among individuals is fueling the demand for wellness accessories. Individuals are becoming dependent on accessories and multiple modules so as to achieve satisfaction and better lifestyle. At present, people are becoming more susceptible to negative elements such as depression, low energy, and relationship stress. The need for wellness accessories in order to overcome these elements has raised exponentially in the recent years.
Global Wellness Accessories Market: Competition Landscape
- In July 2019, Chiquita launched fitness stickers useful to boost health and wellness. The rising need for fitness and healthy lifestyle had prompted the company to launch these stickers.
- In April 2019, a new interactive app called littleglow was launched by Lycored. This app would make wellness easy and accessible by delivering powerful mental, physical, and spiritual activities through smartphone every week.
Oriflame Cosmetics AG
Established in 1967, Oriflame Cosmetics AG is headquartered in Schaffhausen, Switzerland. The company focuses on distributing and manufacturing beauty products and physical wellbeing accessories. The company serves in more than 60 countries across the globe and it has nearly three million independent Oriflame consultants. The company is largely focused on research and development and, for this, it has more than 100 R&D centers across the globe.
Founded in 1987, Jacuzzi Inc. is based in Chino Hills, California (the U.S.). The company is focused on producing functional products for homes and outdoor spaces. The company operates in more than 60 countries across the globe. It is a multi-brand, multi-channel organization with a wide product portfolio.
SWISSE WELLNESS PTY LTD
Established in 1960, SWISSE WELLNESS PTY LTD is headquartered in Collingwood, Australia. The company is focused on providing natural health care products as well as health education. The company offers multivitamins and dietary supplements to industries such as sports nutrition, skin care, and functional foods.
Global Wellness Accessories Market: Dynamics
Rising Need for Multiple Modules for Better Lifestyle
Across the world, working individuals are facing issues such as workload, physical stress, and mental stress. With the rise in stress levels, the demand for wellness accessories and devices that can be used to reduce stress has been increasing. Positive effects of wellness accessories on the lifestyle of individuals are boosting the market.
High Costs of Products
The cost of wellness accessories is high, due to the limited number of providers or developers. Wellness accessories are generally meant for premium-class users. Middle-class or lower-middle-class consumers are not being targeted by market players at present. This factor restrains the market for wellness accessories.
Increasing Levels of Workload and Stress across the Globe
Stress levels and the workload have increased across the globe over the last few decades. The rise in workload has affected working individuals emotionally, physically, and mentally. With this, wellness accessories and modules are likely to be one of the most integral parts of the life of working individuals in the near future. As revealed by the tests, wellness accessories make a significantly positive impact on the life of working individuals by making them feel relaxed even after high workload. With the rise in workload, the demand for wellness accessories would also increase in the next few years.
Global Wellness Accessories Market: Segmentation
The global wellness accessories market can be segmented based on:
Global Wellness Accessories Market Segmentation, by Type
In terms of type, the global wellness accessories market can be segmented into:
- Emotional Wellness
- Environmental Wellness
- Financial Wellness
- Intellectual Wellness
- Occupational Wellness
- Physical Wellness
- Social Wellness
- Spiritual Wellness
The report on the global wellness accessories market is a compilation of first-hand information, qualitative and quantitative assessment by market analysts, and inputs from market experts and market participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness of each segment. The report also maps the qualitative impact of various factors on segments of the wellness accessories market across different geographies.
Regional analysis of the global wellness accessories market includes:
- North America
- South America
- Asia Pacific
- Middle East & Africa
- Mental Wellness
- Emotional Wellness
- Physical Wellness
- Wellness Accessories
- Wellness Devices
- Wellbeing Accessories
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.