The consumer sector is increasingly focusing on health and wellness, leveraging innovations to enhance their offerings. Despite a recent decline in health and wellness-related patent applications, these technologies are benefiting companies by securing strategic advantages and fostering industry advancements. Additionally, the sector has seen significant growth in health and wellness-related deals and job postings, highlighting the importance and expanding influence of this trend. GlobalData’s health & wellness market report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the consumer industry regarding health & wellness. It provides an overview of recent developments in health & wellness-related deals, talent acquisition, and patent filings within the consumer industry.
The industry experienced an 11% decline in the number of health & wellness-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of health & wellness-related patent applications in the consumer industry witnessed a drop of 8% compared with Q1 2023.
Strategic deal trends in health & wellness in consumer industry
Consumer companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in health & wellness. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of health & wellness in the consumer industry.
In Q1 2024, the number of health & wellness-related deals in the consumer industry grew by 167% compared with Q1 2023. On a quarterly basis, there was 14% increase in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the consumer industry experienced a 103% growth compared with the previous quarter. On an annual basis, job postings also grew by 18%. Notably, transportation and material moving occupations, with a share of 14%, emerged as the top health & wellness-related job roles within the consumer industry in Q1 2024, with new job postings rising by 330% quarter-on-quarter. Management occupations came in second with a share of 11% in Q1 2024, with new job postings rising by 37% over the previous quarter. The other prominent health & wellness roles include production occupations with a 6% share in Q1 2024, and office and administrative support occupations with a 5% share of new job postings.
Core-Mark Holding, Coca-Cola Europacific Partners, ASICS, LVMH Moet Hennessy Louis Vuitton, and Ingredion are among the top companies leading in health & wellness hiring within the consumer industry.
Countries driving adoption of health & wellness in consumer industry
The US is the leading country in health & wellness adoption within the consumer industry, boasting the highest number of health & wellness-related patents, jobs, and deals. Meanwhile, China, the UK, India and Australia also maintain significant positions in health & wellness adoption within the consumer industry.
In summary, the consumer industry's focus on health and wellness is driving strategic investments and significant growth in related deals and job postings. Despite a decline in patent applications, the US continues to lead in adoption, highlighting the sector's commitment to advancing health and wellness initiatives.
To further understand GlobalData's analysis on health & wellness in the consumer industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
