Beauty and Wellness Products Market Size to Hit USD 2,765.8 Billion by 2030 | 80 Pages Report
Key companies covered in beauty and wellness products market are 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), and more players profiled.
Beauty and Wellness Products Market
Pune, India, Sept. 27, 2023 (GLOBE NEWSWIRE) — The global beauty and wellness products market size was valued at USD 1,504.4 billion in 2022. The market is 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% over the forecast period. Social media platforms are redefining the beauty & wellness industry. Rising consumer spending on premium products to improve personal well-being is driving the market growth. Rapid lifestyle changes and a surge in fashion trends are expected to boost market growth during the forecast period. Fortune Business Insights™ shares this information in its report titled “Beauty and Wellness Products Market, 2023-2030.”
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Leading Players Featured in the Research Report:
Companies leading the beauty and wellness products market are 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), and more.
Report Scope & Segmentation:
|2030 Value Projection||USD 2,765.8 Billion|
|Market Size in 2022||USD 1,504.4 Billion|
|No. of Pages||80|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Beauty and Wellness Products Market Growth Drivers||Male Grooming and Ageless Beauty Trend to Boost Market Development|
|Flourishing Beauty & Wellness Industry in Emerging Markets to Drive Market Expansion|
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
Growing Popularity of Wellness and Male Grooming Trends among Men to Drive Market Expansion
The demand for beauty & wellness products is gaining traction among millennials and male consumers. Hence, top beauty product manufacturers are focusing on increasing their product offerings to meet the consumer demand. The increasing male grooming trend due to growing awareness about physical appearance among men is revolutionizing the beauty industry.
Nevertheless, cosmetics are made of several organic and synthetic ingredients. Growing concerns about their severe side effects are restricting sales of beauty & wellness products. The high costs of some beauty products are also hampering market expansion.
Pandemic Hampered Sales of Beauty Products and Led to the Adoption of Eye Makeup Products
The COVID-19 pandemic affected the Beauty and Wellness Products Market growth. Social distancing norms, work-from-home culture, and avoiding public appearances led to a decline in the sales of beauty products. This factor hampered the market growth.
On the other hand, eye products registered strong growth due to the growing usage of eye makeup items, even wearing a mask while attending online meetings as eyes were still visible while attending these meetings.
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Wellness Product Segment To Register Highest Growth Due to Growing Trend of Personalized Nutrition
On the basis of type, the market is classified into hair care products, skincare products, makeup products, food & nutrition products, medicinal products, wellness products, and others.
The wellness product segment is projected to expand at a prominent CAGR over the projected period. The growing trend of personalized nutrition is driving the demand for wellness products. Growing consumption of nutraceuticals and rising emphasis on preventive healthcare are the key factors enhancing segment growth.
Easy accessibility of a wide range of skincare cosmetics and their growing acceptance are stimulating the demand for beauty & wellness products and makeup products.
Supermarkets & Hypermarkets Led Owing to People’s Preference to Purchase Products through Offline Stores
On the basis of distribution channel, the market is divided into supermarkets & hypermarkets, specialty stores, online channels, and others. Supermarkets & hypermarkets held the leading share of the global market in 2022. Growing purchases of beauty & wellness products by consumers through offline stores are expected to fuel the segment growth over the forecast period.
Asia Pacific to Dominate Market Share Due to Surging Consumer Demand for Premium Cosmetic Items
Asia Pacific holds the substantial Beauty and Wellness Products Market share. Increasing consumer demand for exceptional and high-end cosmetic items and the rising disposable income are boosting product sales in the region.
Surging consumer adoption of color cosmetics & premium fragrance items and growing consumption of nutritional food products are the major aspects fostering market growth in Europe.
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Key Market Players Focus on Advancements and Sustainability to Maintain Strong Position
Well-known companies and start-ups are implementing unique strategies to transform the beauty and wellness sector. They are constantly focusing on innovations and quality control in novel products. The rapid expansion of the beauty industry is fulfilling consumer demands. By investing in advancements and sustainability, key players, such as Procter & Gamble, L’Oréal, Johnson and Johnson, and Estée Lauder are making a strong foothold in the industry.
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- 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
- Global Beauty and Wellness Products Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Hair Care Products
- Skincare Products
- Makeup Products
- Food & Nutrition Products
- Medicinal Products
- Wellness Products
- By Distribution Channel (Value)
- Specialty Stores
- Online Channels
- By Region (Value)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
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Key Industry Development
- January 2022: By integrating virtual reality technology, The Procter & Gamble Company introduced BeautySPHERE, an immersive 3D experience for consumers to access products on their desktops.
Read Related Insights:
Hair Care Market to Worth USD 147.49 Billion by 2030 | With a Striking 5.8% CAGR
Skincare Market to Worth USD 167.22 Billion by 2030 | With a 6.21% CAGR
Cosmetics Market to Hit USD 417.24 Billion by 2030 | With a CAGR of 4.2%
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