Self-Improvement Products And Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The self-improvement products and services market size has grown strongly in recent years. It will grow from $54.52 billion in 2023 to $59.22 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to rise of personal development seminars, popularity of meditation and mindfulness practices, advent of online courses and resources, increased awareness of mental health importance, and influence of the positive psychology movement.
The self-improvement products and services market size is expected to see strong growth in the next few years. It will grow to $83.58 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to the expansion of online communities for support and accountability, emphasis on holistic well-being in self-improvement offerings, utilization of big data analytics for personalized recommendations, incorporation of gamification elements for engagement, and growth of subscription-based self-improvement services. Major trends in the forecast period include emphasis on mental health and emotional intelligence development, rise of hybrid online-offline self-improvement experiences, focus on sustainable lifestyle changes rather than quick fixes, increasing demand for diversity and inclusivity in self-help content, and emergence of artificial intelligence (AI) companions for continuous personalized guidance.
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Scope Of Self-Improvement Products And Services Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Self-Improvement Products And Services Market Overview
Market Drivers –
The rising stress levels are expected to drive the self-improvement products and services market going forward. Stress level refers to the degree of psychological and physiological tension experienced by an individual in response to internal or external pressures, often assessed on a continuum ranging from mild to severe. Rising stress levels can be attributed to heightened work demands, an increasing prevalence of racism, financial worries, feelings of social detachment, and ambiguity regarding what lies ahead. Self-improvement products and services aid in decreasing rising stress levels by offering tools for mindfulness, resilience building, and personal development, fostering a sense of empowerment and control. For instance, in November 2023, according to a report published by the American Psychological Association (APA), a US-based scientific and professional organization, 81% of older black adults found the U.S. racial climate stressful in 2022. By 2023, discrimination was a major stressor for 43% of black adults and 40% of Latino/a/e adults, more so than for Asian (31%) and white adults (19%). Additionally, inflation stressed 83% of U.S. adults, with most also citing the economy (69%) and money (66%) as significant stressors. Therefore, rising stress levels are driving the growth of the self-improvement products and services market.
Market Trends –
Major companies operating in the self-improvement products and services market are increasing their focus on developing advanced solutions, such as work wellness apps, to gain a competitive edge in the market. A work wellness app is a digital platform designed to promote and support employee well-being through various features such as fitness tracking, mental health resources, and stress management tools. For instance, in August 2021, Fabulous, a France-based digital health and wellness company, launched Fabulous For Work, a self-care app that offers a comprehensive suite of features, including emotional, physical, focus, personal growth, motivation, inclusion metrics, customizable programs, anxiety reduction, screen breaks, exercise prompts, and healthy eating programs. Leveraging years of research, the app incorporates advanced algorithms and methods inspired by elite athletes and successful entrepreneurs to provide personalized support, addressing the rising issue of employee burnout with proactive solutions tailored to individual and organizational needs, thus marking a significant advancement in the self-improvement products and services market.
The self-improvement products and services market covered in this report is segmented –
1) By Type: Products, Services
2) By Focus Area: Physical Health, Mental Health, Motivation And Inspiration, Self-Awareness, Skillset Enhancement
3) By Application: Individuals, Enterprises, Other Applications
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Regional Insights –
North America was the largest region in the self-improvement products and services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the self-improvement products and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the self-improvement products and services market report are <b>BetterHelp; Weight Watchers; Dale Carnegie & Associates Inc.; NutriSystem Inc.; Udemy Inc.; Coursera Inc.; Duolingo; Calm; Noom Inc.; Franklin Covey Co.; Headspace Inc.; Codecademy; Hay House Publishing; Mindvalley Inc.; Landmark Worldwide; Gaia; Sandler Training; Insight Timer; Khan Academy Inc.; The Chopra Center; Fred Pryor/Career-Track; Toastmasters International; SkillPath; Esalen Institute; Elevate Labs; Happify; Lumos Labs Inc. </b>
Table of Contents
- Executive Summary
- Self-Improvement Products And Services Market Report Structure
- Self-Improvement Products And Services Market Trends And Strategies
- Self-Improvement Products And Services Market – Macro Economic Scenario
- Self-Improvement Products And Services Market Size And Growth
…..
- Self-Improvement Products And Services Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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