Singapore Health and Wellness Market Insights Forecasts to 2033

• The Market is growing at a CAGR of 9.8% from 2023 to 2033
• The Singapore Health and Wellness Market Size is expected to hold a significant share by 2033

The Singapore Health and Wellness Market is anticipated to hold a significant share by 2033, growing at a CAGR of 9.8% from 2023 to 2033. The increasing consumer spending, increasing prevalence of physical & mental diseases, and awareness about health & wellness among consumers are driving the growth of the health and wellness market in the Singapore.     

Market Overview

Health refers to the state of complete physical, mental, and social well-being whereas wellness refers to the state of living a healthy lifestyle. In order to better meet physical, mental, and emotional needs, customers are increasingly gravitating toward wellness products. Therefore, companies that manufacture holistic wellness solutions are leveraging this trend and differentiating themselves from the competition. There are surging national initiatives for supporting holistic well-being for both residents and tourists. For instance, the Wellness Festival Singapore (WFS) has been held in Singapore since 2022 as a major national initiative. Fitness, mental and emotional health, and lifestyle experiences are the three main pillars of wellness that are promoted by the island-wide festival. Further, there are surging advancements and innovations in the healthcare sector as well as current fitness trends including high-intensity interval training, strength training with free weights, online, live, and on-demand exercise courses, and others. The introduction of smart devices such as wearable devices for monitoring health and physical activities, complemented by alerts that promote an active lifestyle is driving the market growth opportunity for health and wellness.

Report Coverage

This research report categorizes the market for the Singapore health and wellness market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore health and wellness market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Singapore health and wellness market.

Driving Factors

The increasing consumer spending on wellness and fitness products or services is significantly driving the market growth for health and wellness. The increased prevalence of comorbid mental and physical disorders including anxiety disorders and obsessive-compulsive disorder among patients is responsible for driving the market demand. Further, the growing awareness about health & wellness among consumers is significantly responsible for propelling the demand for health and wellness.

Restraining Factors

The increased price of wellness products and services including spas & gyms as well as supplements & functional foods are challenging the health and wellness market.

Market Segmentation

The Singapore Health and Wellness Market share is classified into category and functionality.

• The functional foods & beverages segment dominates the market with the largest market share during the forecast period.

The Singapore health and wellness market is segmented by category into functional foods & beverages, beauty & personal care products, personalized medicinal products, and others. Among these, the functional foods & beverages segment dominates the market with the largest market share during the forecast period. Functional foods & beverages are the natural way of improving well-being over high-priced healthcare, providing health benefits and more than just hydration. The growing health consciousness among consumers and demand for clean-label & non-GMO food products are the factors driving the market in the functional foods & beverages segment.

• The nutrition & weight management segment dominates the Singapore health and wellness market during the forecast period.

The Singapore health and wellness market is segmented by functionality into nutrition & weight management, heart & gut health, immunity, bone health, skin health, and others. Among these, the nutrition & weight management segment dominates the Singapore health and wellness market during the forecast period. The increasing number of bariatric surgeries, the adoption of online weight loss, and weight management programs, rising obesity rates as well as the preference for personalized dietary supplements and customized nutrition plans are all the factors propelling the market in the nutrition & weight management segment. 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore health and wellness market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Abbott Laboratories
• Amway Singapore
• Unilever Singapore
• The Estée Lauder Companies Inc.
• L'Oréal S.A.
• Anytime Fitness LLC
• COMO Hotels and Resorts
• Herbalife Singapore
• Cleveland Collection
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In October 2024, Watsons Singapore, a health and beauty retailer, is elated to announce its partnership with GNC, a globally recognized leader in health and wellness. By leveraging Watsons' extensive reach and reputation, GNC aims to re-establish itself as a trusted choice for those committed to enhancing their well-being.

• In September 2024, Glico, a leading food manufacturer most known for its iconic brand Pocky, unveiled its health and wellness portfolio in Southeast Asia with the introduction of its flagship product, Almond Koka, in Singapore.

• In May 2024, the non-profit Global Wellness Institute (GWI), the leading research organization for the global wellness industry, released new data on Singapore's US$16.3 billion wellness economy and all of its ten wellness markets.

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore Health and Wellness Market based on the below-mentioned segments:

Singapore Health and Wellness Market, By Category

• Functional Foods & Beverages
• Beauty & Personal Care Products
• Personalized Medicinal Products
• Others

Singapore Health and Wellness Market, By Functionality

• Nutrition & Weight Management
• Heart & Gut Health
• Immunity
• Bone Health
• Skin Health
• Others