Overview and Scope
Self-improvement products and services refer to a range of tools, resources, and interventions aimed at enhancing personal development, growth, and well-being. These assist individuals in achieving goals, overcoming obstacles, and fostering positive behavioral changes through various techniques such as coaching, courses, and motivational materials.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the self-improvement products and services market report are 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.
The self-improvement products and services market report table of contents includes:
1. Executive Summary
2. Self-Improvement Products And Services Market Characteristics
3. Self-Improvement Products And Services Market Trends And Strategies
4. Self-Improvement Products And Services Market – Macro Economic Scenario
5. Global Self-Improvement Products And Services Market Size and Growth
….
32. Global Self-Improvement Products And Services Market Competitive Benchmarking
33. Global Self-Improvement Products And Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Self-Improvement Products And Services Market
35. Self-Improvement Products And Services Market Future Outlook and Potential Analysis
36. Appendix
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