The global Beauty and Wellness Products Market size was valued at USD 1,610.5 billion in 2023. The market is anticipated to reach USD 2,765.8 billion by 2030, with a CAGR of 8.03% during the projected period. Increased wellness-related benefits are attributed to growing health and wellness awareness among consumers. Healthcare organizations are all set to redefine the wellness industry by providing nutritious food and facilities. A rise in government initiatives to enhance product manufacturing techniques is also boosting market expansion. Rapid digitization, rising social media influence, and easy availability of online products contribute to market growth. Fortune Business Insights™ shares this information in its report titled “Beauty and Wellness Products Market, 2024-2032.”
Top Companies Covered in the Beauty and Wellness Products Market:
- L'Oréal S.A. (France)
- Unilever Plc. (U.K.)
- The Estée Lauder Companies Inc. (U.S.)
- The Procter & Gamble Company (U.S.)
- LVMH (France)
- Maison Margiela (France)
- Beiersdorf AG (Germany)
- Shiseido Co., Ltd. (Japan)
- Coty Inc. (U.S.)
- Rituals Cosmetics Enterprise B.V. (Netherlands)
- Kao Corporation (Japan)
Browse Details Summary for the Beauty and Wellness Products Market:
https://www.fortunebusinessinsights.com/beauty-and-wellness-products-market-108456
Segmentation
Wellness Product Segment to Have Highest Growth Rate to Growing Preference for Well-Balanced Diet
Based on the type, the market is segregated into hair care products, skin care products, makeup products, food & nutrition products, medicinal products, and wellness products. Wellness product segment to have highest growth rate due to their increased adoption. Growing preference for protein and amino acids over pharmaceuticals is boosting the sales of wellness products. The rapid shift in eating habits among individuals and the increasing adoption of a well-balanced diet to maintain personal well-being are supporting segment expansion.
Supermarkets & Hypermarkets are Widely Preferred Due to the Easy Availability of Beauty Product Brands
On the basis of distribution channel, the market is segmented into supermarkets & hypermarkets, specialty stores, online channels, and others. Supermarkets & hypermarkets held a leading position in the global market. The wide availability of many beauty product brands at reasonable prices is expected to fuel market growth during the forecast period.
Whereas online channels are forecasted to rise with a prominent CAGR over the projected period. Several discounts and offers on beauty & wellness products, the rapid expansion of the e-commerce sector, and easy purchase & doorstep delivery services are boosting product sales through online channels.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rapid Expansion of Beauty and Wellness Industry due to Increased Consumer Spending Power to Drive Market Growth
Increased consumer spending power due to rising disposable income in developing countries is driving the demand for wellness and beauty products. Easy accessibility of prominent brands due to digitization is boosting the Beauty and Wellness Products Market growth. Rapid integration of advanced technologies is offering immersive digital experiences for consumers. Increasing efforts by start-ups to encourage people to get their hands on beauty products are supporting them to gain a strong image in the market.
However, the availability of counterfeit products with lower-quality ingredients and the growing popularity of home remedies for several skin-related issues are hampering market expansion.
Regional Insights
Rising Natural Beauty Product Demand Makes Asia Pacific a Lucrative Market
Asia Pacific dominates the global Beauty and Wellness Products Market share. Growing popularity and awareness of organic cosmetics are driving the demand for natural skin care products in the region. Market expansion is driven by the increasing adoption of dietary supplements by millennials.
Recent innovations in new skin care products due to increasing consumer awareness about personal grooming are boosting the market growth in North America.
Competitive Landscape
Introduction of High-Quality Beauty Brands by Leading Companies to Boost Market Growth
Startups are focusing on creating unique brands & superior-quality beauty & wellness products, which are specially customized as per consumer demands. Increasing awareness about personal wellness and appearance is boosting the adoption of makeup products. Key market participants are concentrating on introducing organic products.
Key Industry Development
- April 2022: An inauguration of Ferver, a skin care brand announced by Unilever Plc, at Target in the U.S. There are many options under this brand, such as masks, cleansers, and moisturizers.
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