The market for beauty and wellness is estimated to be valued at USD 16,95,661.4 million in 2024. In 2023, the market size was USD 15,95,165.9 million. The market is expected to progress at a CAGR of 8.1% from 2024 to 2034. The beauty and wellness market is anticipated to reach USD 36,94,843.6 million by 2034.
Beauty and Wellness Market Insights:
| Attributes | Details |
|---|---|
| Beauty and Wellness Market Value, 2024 | USD 16,95,661.4 million |
| Projected Market Value, 2034 | USD 36,94,843.6 million |
| Value-based CAGR, 2024 to 2034 | 8.1% |
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The beauty and wellness market was worth USD 12,87,644.6 million in 2019. The market grew at a CAGR of 5.5% from 2019 to 2023.
The pandemic limited the appeal of beauty and wellness to the people. As people were locked up at home, the lesser requirement was felt for beauty products. Even when stepping outside, masks were mandatory, covering up a significant portion of the face, making many beauty products redundant. The pandemic also resulted in many distribution channels for beauty products, such as supermarkets and specialized stores, shutting down. However, the market was on the path to recovery as the effects of the pandemic subsided. The market reached USD 15,95,165.9 million in 2023.
| Market Valuation (2019) | USD 12,87,644.6 million |
|---|---|
| Historical CAGR (2019 to 2023) | 5.5% |
| Historical Market Valuation (2023) | USD 15,95,165.9 million |
Long-term Analysis of the Beauty and Wellness Market
In 2024, the value of the beauty and wellness market is estimated to be USD 16,95,661.4 million. The market is expected to progress at a CAGR of 8.1% from 2024 to 2034.
The market’s prospects are brighter during the forecast period as compared to the historical period. The pandemic highlighted the need for physical wellbeing. Thus, in the post-pandemic era, beauty is going hand-in-hand with wellness. Further, emotional wellness is also receiving increased attention. There is a greater willingness among people to acknowledge and discuss topics like depression and anxiety, and thus, wellness products targeting emotional wellbeing are anticipated to propel the market.
The market is also expected to expand over the forecast period due to deeper penetration of beauty and wellness products in emerging markets. While beauty products have already made their mark globally, it is anticipated that wellness will also grow in importance alongside appearances. The market is projected to reach USD 36,94,843.6 million by 2034.
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An analysis of the beauty and wellness market is done with respect to two categories: type and distribution channel. The type of beauty and wellness products available in the market is ever-increasing. The places people go for beauty and wellness products are also increasing.
| Attributes | Details |
|---|---|
| Top Type | Food & Nutrition Products |
| Market Share in 2024 | 27.6% |
Food & nutrient products are the preferred method for beauty and wellness among consumers. In 2024, food & nutrient products are expected to account for 27.6% of the market share by type.
Dieting and gym culture have led to greater care being shown in food consumption. People are looking to beef up their bodies or augment their daily food intake. Thus, products like dietary supplements are growing in popularity. Other products like collagen drinks are offering different flavors and tastes to appeal to consumers.
| Attributes | Details |
|---|---|
| Top Distribution Channel | Supermarkets/Hypermarkets |
| Market Share in 2024 | 35.2% |
Supermarkets/hypermarkets are the avenue through which beauty and wellness products are mainly sold. In 2024, supermarkets/hypermarkets are anticipated to contribute to 35.2% of the market share by distribution channel.
Supermarkets provide customers with a wide variety of products. Consumers are also able to buy multiple beauty and wellness products from the same place.
While supermarkets/hypermarkets continue to reign in the distribution channel segment, other avenues are also progressing. The online channel is booming, while specialty stores are also receiving the vote of confidence from consumers, especially those looking to buy premium products.
Government encouragement for wellness centers and products is propelling the growth of the market in the Asia Pacific region. The increasing disposable income and the considerable middle-class population are also contributing to the increase in demand for beauty and wellness products.
In Europe and the United States, Eastern beauty and wellness practices are seeing increasing adoption. Busy working professionals are also taking the help of beauty and wellness products to deal with pressures.
| Countries | CAGR (2024 to 2034) |
|---|---|
| United States | 5.7% |
| Australia | 9.3% |
| Germany | 7.5% |
| China | 8.2% |
| India | 10.8% |
India is a country offering some of the most lucrative opportunities for market growth. The CAGR for the market in India is pegged at 10.8% CAGR through 2034.
India is home to a number of different cultures, traditions, and skin tones. Thus, the consumer base for beauty wellness is diverse in the country. The market players are taking advantage by marketing products to different subsets of the population and offering a wide range of products to people.
China is another Asian country offering lucrative opportunities for market players. The market is expected to register a CAGR of 8.2% in China over the forecast period.
Traditional Chinese medicine holds a prominent place in Chinese culture. A practice like Gua Sha is increasing in popularity even outside China. Vendors in the market are taking advantage by combining traditional Chinese beauty and wellness practices with modern tools to appeal to the Chinese population, for example, serums and face masks with Chinese herbal medicine.
Australia is home to a number of beauty and wellness brands that have earned reputable names in the country. Brands like Haircarebear, Celebrity Slim, and Skin Virtue, have established a sense of trust with consumers, ensuring a bright future for the market in the country. The market in Australia is predicted to grow at a CAGR of 9.3% through 2034.
Germany is a haven for spas. From premium, higher-end ones to more affordable ones, German spas are serving customers wellness solutions in the form of steam. Combined with the German propensity for high-end beauty products, Germany is set to be filled with opportunities for the market. The CAGR for the market in Germany is predicted to be 7.5% from 2024 to 2034.
A significant chunk of the American population is taking part in practices like massages, wellness retreats, and yoga classes. Thus, beauty and wellness services are growing at a CAGR of 5.7% over the forecast period in the United States.
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Partnerships between brands are common in the market, especially when the objective is geographic expansion. Acquisitions are also frequent in the market, with many start-ups eventually coming under the control of giant market players.
Market players are emphasizing branding and marketing. Celebrity endorsements are being sought to develop demand, while collaborations with social media influencers are also common.
Recent Developments in the Beauty and Wellness Market
The size of the beauty and wellness market is estimated to be USD 16,95,661.4 million in 2024.
Hypermarkets/supermarkets facilitate higher product sales, with an expected market share of 35.2% in 2024.
The beauty and wellness market is expected to register an impressive CAGR of 10.8% in India through 2034.
The market is predicted to be USD 36,94,843.6 million by 2034.
Holistic treatment and dietary supplements are two of the trends in the beauty and wellness industry.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 5.1. Skincare Products 5.2. Hair Care Products 5.3. Makeup Products 5.4. Food & Nutrition Products 5.5. Medicinal Products 5.6. Wellness Products 5.7. Others 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Distribution Channel 6.1. Offline 6.1.1. Supermarkets & Hypermarkets 6.1.2. Specialty Stores 6.2. Online 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. L'Oréal S.A. 17.2. Unilever Plc. 17.3. The Estée Lauder Companies Inc. 17.4. The Procter & Gamble Company 17.5. LVMH 17.6. Maison Margiela 17.7. Beiersdorf AG 17.8. Shiseido Co., Ltd. 17.9. Coty Inc. 17.10. Rituals Cosmetics Enterprise B.V. 17.11. Kao Corporation 18. Assumptions & Acronyms Used 19. Research Methodology
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Beauty and Wellness Market
