NEWARK, Del, Jan. 14, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the beauty and wellness market is expected to be valued at US$ 16,95,661.4 Million in 2024. In 2023, the market valuation was US$ 15,95,165.9 Million. The market is projected to grow at a CAGR of 8.1% from 2024 to 2034. The market is forecasted to hit US$ 36,94,843.6 Million by 2034.
The beauty and wellness market is benefitting from standards of beauty undergoing changes. The modern emphasis is on well-being as much as improving appearances. Thus, there is more focus on wellness in beauty and wellness products and services.
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Social media is playing an increasingly important role in the beauty and wellness market. Social media influencers can impact the decisions of many consumers, while also bringing the market and its products to the forefront. Many brands in the market are seeking the help of social media beauty influencers to advertise their products.
Food products are playing an ever-increasing role in the expansion of the market. As gym culture and fitness trends become even more prominent, diets are highly emphasized. Beauty and wellness food products are sought to improve health and well-being. The demand for dietary supplements is rising in particular.
Key Takeaways from the Beauty and Wellness Market:
- The beauty and wellness market is projected to be valued at US$ 16,95,661.4 Million in 2024.
- The widely used types of beauty and wellness products are food & nutrition products. In 2024, food & nutrition products are projected to account for 27.6% of the market share.
- Hypermarkets/supermarkets are highly preferred for buying beauty and wellness products. In 2024, the hypermarkets/supermarkets segment is anticipated to account for 35.2% of the market share.
- India is one of the promising countries in the global market. The CAGR for the market in India is estimated to be 10.8% over the forecast period.
- Australia is another country with a bright future for market growth. The CAGR for the market in Australia is anticipated to be 9.3% through 2034.
- The market in China is expected to register a CAGR of 8.2% over the forecast period.
“The beauty and wellness market is being helped by people being more comfortable with creative exercises. Practices like yoga and zumba are helping people improve their well-being through non-traditional routes. Other services like massages and spas are also helping to keep the market diverse and fresh. Thus, there are diverse avenues for progress in the market,” - opines Sneha Varghese, Senior Consultant, Consumer Products & Goods at Future Market Insights (FMI).
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Competition Analysis of the Beauty and Wellness Market:
Both collaborations between equals and takeovers among competitors are frequent in the market. Marketing plays a key role in expansion strategies adopted by brands. Celebrities and social media influencers are being looked at to increase the consumer base.
Some of the prominent companies in the market include –
- L'Oréal S.A.
- Unilever Plc.
- The Estée Lauder Companies Inc.
- The Procter & Gamble Company
- LVMH
- Maison Margiela
- Beiersdorf AG
- Shiseido Co., Ltd.
- Coty Inc.
- Rituals Cosmetics Enterprise B.V.
- Kao Corporation
Recent Developments in the Beauty and Wellness Market:
- In November 2023, Nu Skin opened a new production facility in China.
- In February 2022, Australian brand Bookwell was acquired by competitor Fresha.
- In August 2021, Australian brand Endota made its entry into the United States by making its products available at Showfields in New York.
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Beauty and Wellness Market Segmentation Analysis:
By Type:
- Skincare Products
- Hair Care Products
- Makeup Products
- Food & Nutrition Products
- Medicinal Products
- Wellness Products
- Others
By Distribution Channel:
- Supermarkets & Hypermarkets
- Specialty Stores
- Online Channels
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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