Wellness represents a multi-trillion dollar opportunity. We zoom in on the range of consumer demands and areas of opportunity in the space.
With summer vacations on our minds, it’s a great time to talk about health and wellness.
This simple concept, referencing our physical health and sense of emotional wellness, is something all of us in the consumer goods industry have heard of.
But I’d argue how we tend talk about the opportunity in our industry is wrong.
To truly capitalize on this multi-trillion dollar opportunity, we need more than this simplistic health and wellness framing, which glosses over the range of consumer demands and pockets of opportunity.
Instead I’d suggest we look at six lenses across consumers’ health and wellness demands.
Mental & behavioral health
This area reaches across the spectrum, from reducing stress to managing diagnosed disorders. As stigmas diminish, we are seeing more startups focused on addressing mental health concerns. (Clients can see a market map of 50+ startups.)
Everything from beverages to wearables is getting in on this trend. (This client brief maps 55+ startups using technology for sleep disorder management.)
This is the connection between what we eat, how we feel, and our health. As our microbiome continue to gain attention in the news, patents in the area span from disease diagnosis to dietary supplements.
Feminine care & sexual health
Technology is transforming what’s possible, from digital birth control aids to egg freezing. This report breaks down how technology is transforming women’s health in particular.
Nobody likes being in debt. But US consumers have a whopping $13.2T of household debt to manage.
Startups recognize the opportunity to support this strain and give alternatives to payday lending. Examples include Brightside Benefit, which offers financial coaching and emergency loans, and Chime, a mobile banking app that offers a 2-day paycheck advance. Watch for retailers to explore links to such services.
Performance health — Includes enhancing physical fitness and focus. Fitness technology startups are notably rising, having already raised $1.3B so far this year, versus the $1.9B raised in all of 2018.
While Peloton is the top funded company pioneering connected workouts, this client-only market map breaks down the fitness tech landscape and identifies how tailored solutions and holistic services are on the rise.
This includes enhancing physical fitness and focus. Fitness technology startups are notably rising, having already raised $1.3B so far this year, versus the $1.9B raised in all of 2018.
While Peloton is the top funded company pioneering connected workouts, this client-only market map brief breaks down the fitness tech landscape and identifies how tailored solutions and holistic services are on the rise.
So, what’s the bottom line?
A common theme across each of these lenses is the rising focus on using technology to offer more personalized and convenient solutions. We’re familiar with these consumer needs in CPG and retail, meaning these industries are well positioned to lead.
Mapping your company and brands’ potential connection across each of these six lenses may uncover fresh opportunities to serve wide-ranging health and wellness demands.