According to McKinsey & Company research, the global value of the health and wellness market is over USD 1.5 trillion and an annual growth of 5-10 percent. Want to try?
Additionally, if executives and entrepreneurs are in other industries or want to try new businesses, here are some reasons why the health and wellness industry is a smart move.
Market size and growth
As the health and wellness industry as a whole becomes more and more crowded from giant to multinational brands, the potential in this industry will be even greater. In addition, if you look at the United States, the Nutrition Business Journal estimates that by 2024 the US market value will reach USD 66.24 billion, an increase of USD 10 billion compared to 2020.
Consumer demand
Today's consumers demand that brand producers and marketers produce products and services that are aligned with their values, such as sustainability, diversity, transparency and responsibility. New business owners need to understand that health can be defined from several perspectives. These perspectives include better health, better fitness, adequate sleep, increased awareness, and better appearance.
Engage with a committed community
To engage with the community, you can use social media to introduce stories or values from the company. Plus, the entrepreneurs who have the ability to create community will be the ones who will win, now, and in the future. In addition, you can also form a community within the business, whether in health or wellness, such as adopting a better lifestyle.
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