Beauty and Wellness Products Market
Growth Factors of Beauty and Wellness Products Market
The beauty and wellness products market size was valued at USD 1,504.4 billion in 2022, and the market is now projected to grow from USD 1,610.5 billion in 2023 to USD 2,765.8 billion by 2030, exhibiting a CAGR of 8.03% during the forecast period of 2023-2030.
COVID-19 has affected the beauty and wellness products market growth because people tender products for sporadic usage due to masks and social distancing norms. However, categories include eye makeup products such as eyeliner and mascara since individuals keep their faces exposed during virtual meetings. On the other hand, there was a relatively significant increase in the sales of wellness products such as vitamins, particularly those concerned about health consciousness, home cooking and personal care routines. This shift towards self-care increased the consumption of beauty and wellness products during the pandemic.
Companies in the personal care sector are modifying their products to target the male market and the millennials as the shaving culture becomes popular. This growth is brought about by societal changes where men are allowed and encouraged to groom themselves. Some companies such as Fenty and Milk Makeup have responded by producing androgynous cosmetics and ceasing gendered advertisement. Some other popular designers recently labelled gender-free collections, those are Tom Ford and Gucci. All these trends have gone a long way in increasing the beauty and wellness products market share and other beauty products among all genders.
Also, increasing awareness about health and well-being encourages welfare wellness and organizes employee perks correlated with wellness. Employers are integrating services such as proper diets and physical exercise facilities to keep employees satisfied. Organisations are also now offering membership discounts to members about gym and fitness club memberships. Managing employees’ health through wellness initiatives is still emerging as a concept because most firms have come to realize that a healthy workforce is vital for their well-being. This trend is further adding to the growth of the wellness industry.
Comprehensive Analysis of Beauty and Wellness Products Market
The beauty and wellness products market and consumer goods industry are rising at an exponential rate due to its market segmentation. The market expansion offers a comprehensive regional analysis which gives the key supply and demand dynamics relevant to the consumer goods industry. These segmentations are methodically segregated by types and by distribution channel. The type includes, Hair Care Products, Skincare Products, Makeup Products, Food & Nutrition Products, Medicinal Products and Wellness Products. The distribution channel includes, Supermarkets & Hypermarkets, Specialty Stores, and Online Channels.
Asia Pacific holds the largest cosmetics market share in 2022, contributing 33.57% to the entire market. Premium cosmetics and an increase in consumer income particularly in the Asia Pacific region namely China, India and Southeast Asia region are conducive to the sales of the product. The volume of consumption of green cosmetics reaches 70% in these countries, so there is a high demand for natural and organic products. Knowledge of the negative consequences of traditional cosmetics also provides the impetus towards this direction. Also, the increasing consciousness of health and fitness amongst the young millennial generation is boosting the agencies working on wellness foods and supplements.
Leading competitors in the market also have significant responsibility in the sphere of the consumer goods industry for guaranteeing industrial prospectus and the establishment of market norms. These players include, 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) and Kao Corporation (Japan). These market players provide a level-playing competitive landscape.
In June 2023, Estée Lauder Companies started adopting innovation and science into beauty. At the International Societies of Investigative Dermatology (ISID) meeting held in Tokyo Japan, the company was privileged to provide information regarding its skincare products line. Furthermore, it has focused on research for skin hydration, oxidative damage, scalp aging and other skin issues.
Segmentation Table
Global Beauty and Wellness Products Market Scope
Study Period 2019-2030
Base Year 2022
Forecast Period 2023-2030
Growth Rate CAGR of 8.03% from 2023 to 2030
Historical Period 2019-2021
Unit Value (USD Billion)
Segmentation By Type, Distribution Channel, and Region
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 Geography
North America
Europe
Asia Pacific
South America
The Middle East and Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Emerging Trends
- 4. Key Insights
- 4.1. Overview of the Parent/Related Markets
- 4.2. Industry SWOT Analysis
- 4.3. Supply Chain and Regulatory Analysis
- 4.4. Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- 4.5. Qualitative Analysis (in relation to COVID-19)
- 4.5.1. Impact of COVID-19
- 4.5.2. Supply Chain Challenges
- 4.5.3. Potential Opportunities due to COVID-19
- 5. Global Beauty and Wellness Products Market Analysis, Insights and Forecast, 2019-2030
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Type (Value)
- 5.2.1.1. Hair Care Products
- 5.2.1.2. Skincare Products
- 5.2.1.3. Makeup Products
- 5.2.1.4. Food & Nutrition Products
- 5.2.1.5. Medicinal Products
- 5.2.1.6. Wellness Products
- 5.2.2. By Distribution Channel (Value)
- 5.2.2.1. Specialty Stores
- 5.2.2.2. Supermarkets/Hypermarkets
- 5.2.2.3. Online Channels
- 5.2.2.4. Others
- 5.2.3. By Region (Value)
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. South America
- 5.2.3.5. Middle East & Africa
- 6. Competitive Matrix
- 6.1. Business Strategies Adopted by Leading Players
- 6.2. Global Beauty and Wellness Products Market Revenue Share/Ranking Analysis, By Key Manufacturer, 2022
- 7. Company Profiles
- 7.1. L’Oréal Professional
- 7.1.1. Overview
- 7.1.2. Description
- 7.1.3. Product Portfolio
- 7.1.4. Financials (Data as available in public domain and/or on paid databases)
- 7.1.5. Recent Developments
- 7.2. Unilever
- 7.2.1. Overview
- 7.2.2. Description
- 7.2.3. Product Portfolio
- 7.2.4. Financials (Data as available in public domain and/or on paid databases)
- 7.2.5. Recent Developments
- 7.3. Procter & Gamble
- 7.3.1. Overview
- 7.3.2. Description
- 7.3.3. Product Portfolio
- 7.3.4. Financials (Data as available in public domain and/or on paid databases)
- 7.3.5. Recent Developments
- 7.4. Estée Lauder Inc.
- 7.4.1. Overview
- 7.4.2. Description
- 7.4.3. Product Portfolio
- 7.4.4. Financials (Data as available in public domain and/or on paid databases)
- 7.4.5. Recent Developments
- 7.5. Beiersdorf AG
- 7.5.1. Overview
- 7.5.2. Description
- 7.5.3. Product Portfolio
- 7.5.4. Financials (Data as available in public domain and/or on paid databases)
- 7.5.5. Recent Developments
- 7.6. Shiseido Co., Ltd.
- 7.6.1. Overview
- 7.6.2. Description
- 7.6.3. Product Portfolio
- 7.6.4. Financials (Data as available in public domain and/or on paid databases)
- 7.6.5. Recent Developments
- 7.7. Coty Inc.
- 7.7.1. Rituals Cosmetics Enterprise B.V.
- 7.7.2. Overview
- 7.7.3. Description
- 7.7.4. Product Portfolio
- 7.7.5. Financials (Data as available in public domain and/or on paid databases)
- 7.7.6. Recent Developments
- 7.8. Kao Corporation
- 7.8.1. Overview
- 7.8.2. Description
- 7.8.3. Product Portfolio
- 7.8.4. Financials (Data as available in public domain and/or on paid databases)
- 7.8.5. Recent Developments
- 7.9. LVMH
- 7.9.1. Overview
- 7.9.2. Description
- 7.9.3. Product Portfolio
- 7.9.4. Financials (Data as available in public domain and/or on paid databases)
- 7.9.5. Recent Developments
- 7.10. Maison Margiela
- 7.10.1. Overview
- 7.10.2. Description
- 7.10.3. Product Portfolio
- 7.10.4. Financials (Data as available in public domain and/or on paid databases)
- 7.10.5. Recent Developments
- 8. Strategic Recommendations
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