In 2024, the beauty and wellness market is estimated to be valued at US$16,956,614 million, compared to US$15,951,659 million in 2023. Progressing at a compound annual growth rate (CAGR) of 8.1% from 2024 to 2034, the market is anticipated to reach US$36,948,436 million by 2034.

The beauty and wellness market is benefitting from standards of beauty undergoing changes. The modern emphasis is on well-being as much as improving appearances. Thus, there is more focus on wellness in beauty and wellness products and services.

Social media is playing an increasingly important role in the beauty and wellness market. Social media influencers can impact the decisions of many consumers, while also bringing the market and its products to the forefront. Many brands in the market are seeking the help of social media beauty influencers to advertise their products.

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Food products are playing an ever-increasing role in the expansion of the market. As gym culture and fitness trends become even more prominent, diets are highly emphasized. Beauty and wellness food products are sought to improve health and well-being. The demand for dietary supplements is rising in particular.

“The beauty and wellness market is being helped by people being more comfortable with creative exercises. Practices like yoga and zumba are helping people improve their well-being through non-traditional routes. Other services like massages and spas are also helping to keep the market diverse and fresh. Thus, there are diverse avenues for progress in the market,” says an analyst at FMI.

Key Takeaways from the Beauty and Wellness Market

• The beauty and wellness market is projected to be valued at US$ 16,95,661.4 million in 2024.
• The widely used types of beauty and wellness products are food nutrition products. In 2024, food nutrition products are projected to account for 27.6% of the market share.
• Hypermarkets/supermarkets are highly preferred for buying beauty and wellness products. In 2024, the hypermarkets/supermarkets segment is anticipated to account for 35.2% of the market share.
• India is one of the promising countries in the global market. The CAGR for the market in India is estimated to be 10.8% over the forecast period.
• Australia is another country with a bright future for market growth. The CAGR for the market in Australia is anticipated to be 9.3% through 2034.
• The market in China is expected to register a CAGR of 8.2% over the forecast period.

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Competition Analysis of the Beauty and Wellness Market

Both collaborations between equals and takeovers among competitors are frequent in the market. Marketing plays a key role in expansion strategies adopted by brands. Celebrities and social media influencers are being looked at to increase the consumer base. Some of the prominent companies in the market include L’Oréal S.A., Unilever Plc. , The Estée Lauder Companies Inc., and The Procter Gamble Company.

Recent Developments in the Beauty and Wellness Market

• In November 2023, Nu Skin opened a new production facility in China.
• In February 2022, Australian brand Bookwell was acquired by competitor Fresha.
• In August 2021, Australian brand Endota made its entry into the United States by making its products available at Showfields in New York.