The beauty and wellness industry is more than just skin deep – it’s a multi-trillion dollar market experiencing phenomenal growth. Estimated at a staggering USD 16,95,661.4 million in 2024, the market is projected to reach a breathtaking USD 36,948,436 million by 2034, fueled by a CAGR of 8.1%. Here’s why you should invest in this transformative industry:
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A Holistic Approach to Beauty: Consumers today see beauty as a reflection of overall wellness. By offering products and services that promote both physical appearance and inner well-being, you cater to a more mindful and discerning audience.
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Beyond Superficial – The Wellness Imperative: The focus on healthy living is driving demand for wellness-oriented beauty products. Position your brand as a partner in achieving holistic wellness, incorporating ingredients that nourish and revitalize.
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A Shift in Standards: Beauty standards are evolving, with inclusivity and self-expression taking center stage. Embrace diversity in your marketing and product offerings to resonate with a wider customer base.
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Untapped Potential in Emerging Markets: The beauty and wellness market is booming globally, with significant growth expected in developing economies. Expand your reach to capture new markets and a passionate customer base.
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Personalization is Key: Consumers crave personalized experiences. Offer customized product recommendations, develop targeted marketing campaigns, and cater to individual needs to stand out from the competition.
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Innovation is the Name of the Game: The beauty and wellness industry thrives on innovation. Invest in research and development to create cutting-edge products and treatments that address evolving consumer demands.
The beauty and wellness market isn’t just about selling products – it’s about empowering individuals to feel confident, embrace a holistic approach to well-being, and express their unique beauty.
“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,” says an analyst at FMI.
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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.
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., and The Procter & Gamble Company.
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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Key Segments
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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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