The global beauty and wellness market is poised for remarkable growth, with an estimated value of USD 16,95,661.4 million in 2024, up from USD 15,95,165.9 million in 2023. According to a recent report, the market is anticipated to progress at a robust CAGR of 8.1% over the next decade, ultimately reaching USD 36,94,843.6 million by 2034.
Key Drivers of the Beauty and Wellness Market
- Holistic Approaches: The integration of beauty and wellness promotes a comprehensive approach to personal care.
- Social Media Influence: Beauty experts and influencers drive consumer demand through platforms like Instagram and TikTok.
- Rising Health Consciousness: The growing gym culture increases the popularity of dietary supplements and wellness products.
- Diverse Distribution Channels: Supermarkets and online platforms provide convenient access to a wide range of products.
- Cultural Shifts: Increased acknowledgment of emotional well-being enhances the demand for wellness-focused products.
- Innovation: Unique experiences and new product developments keep the market fresh and engaging.
Key Takeaways
- The beauty and wellness market is projected to grow from USD 16.96 billion in 2024 to USD 36.94 billion by 2034.
- A CAGR of 8.1% is expected, driven by evolving consumer preferences and holistic approaches.
- Food and nutrition products will represent 27.6% of the market share by 2024.
- Supermarkets and hypermarkets will account for 35.2% of distribution channels for beauty and wellness products.
- India is anticipated to lead regional growth with a CAGR of 10.8% through 2034.
- Innovations in wellness experiences, such as forest bathing, are key to attracting a diverse consumer base.
Competitive Landscape
Partnerships between brands are prevalent in the market, particularly for geographic expansion. Acquisitions are also common, with many start-ups ultimately becoming part of larger industry players.
Market participants are focusing on branding and marketing strategies. They are leveraging celebrity endorsements to boost demand and frequently collaborating with social media influencers to enhance their reach.
Recent Developments in the Beauty and Wellness Market
- In November 2023, industry giant Nu Skin opened a manufacturing facility in China. The company aims to capture more of the Asian market with the help of the US$ 55 million facility.
- In February 2022, United Kingdom company Fresha acquired the Australian brand Bookwell. The booking platform for spas and salons further expanded its foothold in the market by acquiring the Australian brand.
- In August 2021, the Australian brand Endota entered the United States market. The company’s products were launched at Showfields in New York.
- In February 2021, Soultree opened a beauty and wellness store in Gurugram, India. It boasts of being India’s first solar-powered beauty and wellness store.
Key Companies in the Beauty and Wellness Market
- 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
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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 over 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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