Health and Beauty Market Report Overview
Medical and wonder market size is $511.88 billion in 2023. High inflation across the world is impeding the health and sweetness industry’s path towards further growth this season. Moreover, a prolonged conflict between Russia and Ukraine will continue to impact global growth and consumer demand in the years upto 2026. Manufacturers will continue to pass the heightened costs onto consumers through price rises to offset inflation.
Medical and sweetness researching the market report explores how brands can take advantage of the five key trends, namely Easy & Affordable, Health & Wellness, Sustainability & Ethics, Individualism & Expression, and Digitalization. Many individuals are now buying fewer health and beauty products to save cash with the cost-of-living crisis, highlighting the need for brands to deeply resonate with consumers and make use of relevant trends to capture their attention.
Health and Beauty Market Trends
Ease & Affordability: Millennials and Generation Z people are most concerned about their personal financial predicament. This will make the easy & affordable theme very influential. Hence, greater efforts from brands to provide affordable will therefore be appreciated with this demographic. Thinking about the the cost of living, most people are staying faithful to the brands many of them buy, they purchase either fewer products or smaller packs, or are shopping more infrequently. Loyalty schemes are therefore important for brands and retailers to reward this behavior and make sure it continues. However, older consumers are minimal prone to switch and so are least willing to change their shopping habits. Accepting price increases is preferred over purchasing fewer products in the same brands.
Health & Wellness: Consumers today understand the role a good mental health insurance and diet can enjoy in improving appearance throughout. Millennials are equally interested in their health and fitness and mental well-being, while Generation Z is more worried about aforementioned. Products with stress-relieving and calming claims are created to address these concerns. Health-conscious individuals are also highly aware of products’ formulation. The strong influence with the health & wellness theme is impacting the claims that buyers find appealing in personal care products when generating an investment. The ‘organic’ claim is appealing to most consumers, with Generation X and Y and the ones surviving in Central and South America or Asia and Australasia being most interested.
Sustainability & Ethics: Since consumers have a complete understanding of sustainability currently, they look for brands creating a concerted effort to mitigate their environmental impact through the supply chain.
Most consumers agree that they are more faithful to brands that support ‘green’/environmental matters, creating an incentive for brands to align with sustainable principles to get and retain a loyal consumer base. Beauty manufacturers appeal most to environment friendly consumers by ensuring products are easy to get rid of, recycle, and so are zero-wastage. Emerging claims including ‘reduced water footprint’ resonate most with Generation Y consumers, whereas lightweight and plastic-free products resonate most with Baby Boomers.
Beauty and health Market -Take Outs
Brands must deliver value-for-money offerings to cash-strapped consumers, and reward consumer loyalty to make certain it continues, particularly among younger consumers. Smaller pack sizes, multifunctional products, and economical ‘dupes’ of trending beauty and health backpacks are popular with consumers.
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