Top Trends in the Health and Beauty Market – Understanding Consumer Trends and Attitudes

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Health and Beauty Market Report Overview

The health and beauty market size is $511.88 billion in 2023. High inflation across the world is impeding the health and beauty industry’s path towards further growth this year. Moreover, a prolonged conflict between Russia and Ukraine will continue to impact global growth and consumer demand in the years upto 2026. Manufacturers may continue to pass the heightened costs onto consumers through price rises to offset inflation.

The health and beauty market research report explores how brands can tap into the five key trends, namely Easy & Affordable, Health & Wellness, Sustainability & Ethics, Individualism & Expression, and Digitalization. Many consumers are now buying fewer health and beauty products to save money considering the cost-of-living crisis, highlighting a need for brands to deeply resonate with consumers and tap into relevant trends to capture their attention.

Health and Beauty Market Outlook, 2023-2027

Health and Beauty Market Outlook, 2023-2027

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Health and Beauty Market Trends

The key trends in the health and beauty market are ease & affordability, health & wellness, sustainability & ethics, individualism & expression, and digitalization.

Ease & Affordability: Millennials and Generation Z consumers are most concerned about their personal financial situation. This makes the easy & affordable theme very influential. Hence, greater efforts from brands to deliver value for money will therefore be appreciated by this demographic. Considering the rising cost of living, most consumers are staying loyal to the brands they usually buy, they are buying either fewer products or smaller packs, or are shopping less often. Loyalty schemes are therefore essential for brands and retailers to reward this behavior and ensure it continues. However, older consumers are the least likely to switch and are least willing to change their shopping habits. Accepting price increases is preferred over purchasing fewer products from the same brands.

Health & Wellness: Consumers today understand the role that good mental health and diet can play in improving appearance from the inside out. Millennials are equally concerned about their physical fitness and mental well-being, while Generation Z is more concerned about the latter. Products with stress-relieving and calming claims are being developed to address these concerns. Health-conscious consumers are also highly aware of products’ formulation. The strong influence of the health & wellness theme is impacting the claims that consumers find appealing in personal care products when making a purchase. The ‘organic’ claim is appealing to most consumers, with Generation X and Y and those residing in Central and South America or Asia and Australasia being most interested.

Sustainability & Ethics: Since consumers have a complete understanding of sustainability these days, they seek out brands making a concerted effort to mitigate their environmental impact across the supply chain.

Most consumers agree that they are more loyal to brands that support ‘green’/environmental matters, creating an incentive for brands to align with sustainable principles to attract and retain a loyal consumer base. Beauty manufacturers will appeal most to environmentally conscious consumers by ensuring products are easy to dispose of, recycle, and are zero-wastage. Emerging claims such as ‘reduced water footprint’ resonate most with Generation Y consumers, whereas lightweight and plastic-free products resonate most with Baby Boomers.

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Health and Beauty Market -Take Outs

Brands must deliver value-for-money offerings to cash-strapped consumers, and reward consumer loyalty to ensure it continues, particularly among younger consumers. Smaller pack sizes, multifunctional products, and affordable ‘dupes’ of trending health and beauty items are attractive to consumers.

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Health and Beauty Market Report Overview

Market Size (2023) $511.88 billion
Forecast Period 2023-2027
Historical Period 2019-2022
Key Trends Ease & Affordability, Health & Wellness, Sustainability & Ethics, Individualism & Expression, and Digitalization

Key Highlights

  • Over a third of global consumers pay very high attention to the ingredients used in their beauty and grooming products.
  • Almost two-thirds of global consumers are extremely or quite concerned about their personal financial situation.
  • Almost a quarter of Gen Z consumers are staying loyal to the beauty & grooming brands they usually buy but are either buying fewer products or smaller packs.

Reasons to Buy

  • Understand the relevant consumer trends and attitudes that are driving innovation to tap into what is really impacting the industry.
  • Access valuable strategic take-outs to help direct future decision-making and inform new product development.

Procter & Gamble

Table of Contents

1. Industry overview

2. Top trends in health and beauty

‒ Trend #1: Easy & Affordable

‒ Trend #2: Health & Wellness

‒ Trend #3: Sustainability & Ethics

‒ Trend #4: Individualism & Expression

‒ Trend #5: Digitalization

3. Take-outs

4. Appendix

Frequently asked questions

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