Health Market Report Overview
The medical and beauty market size is $511.88 billion in 2023. High inflation around the globe is impeding the medical and beauty industry’s path towards further growth this coming year. Moreover, an extended conflict between Russia and Ukraine continually impact global growth and consumer demand from the years upto 2026. Manufacturers will continue to pass the heightened costs onto consumers through price rises to offset inflation.
The health and beauty general market trends report explores how brands can access 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 spend less with the cost-of-living crisis, highlighting a need for brands to deeply resonate with consumers and take advantage of relevant trends to capture their attention.
Beauty and health Market Trends
Ease & Affordability: Millennials and Generation Z individuals are most concerned with their personal financial predicament. This may cause the easy & affordable theme very influential. Hence, greater efforts from brands to offer good value will therefore be appreciated from this demographic. Taking into consideration the rising prices, most individuals are staying loyal to the brands they generally buy, they purchase either fewer products or smaller packs, or are shopping more infrequently. Loyalty schemes are thus important for brands and retailers to reward this behavior and be sure it continues. However, older consumers are minimal planning to switch and therefore are least willing to change their shopping habits. Accepting price increases is preferred over purchasing fewer products through the same brands.
Health & Wellness: Consumers today view the role that great mental wellness diet can begin to play in improving appearance internally. Millennials are equally concerned about their conditioning and mental well-being, while Generation Z is more concerned about aforementioned. Products with stress-relieving and calming claims are designed to address these concerns. Health-conscious consumers are also highly mindful of products’ formulation. The strong influence from the health & wellness theme is impacting the claims that customers find appealing in personal care products when generating an order. The ‘organic’ claim is appealing to most consumers, with Generation X and Y the ones residing in Central and South America or Asia and Australasia being most interested.
Sustainability & Ethics: Since consumers have a complete idea of sustainability today, they look for brands building a concerted effort to mitigate their environmental impact throughout the logistics.
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 draw in and retain a loyal consumer base. Beauty manufacturers will appeal most to environment friendly consumers by ensuring items are simple to eliminate, 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 Forty somethings and beyond.
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 cost-effective ‘dupes’ of trending beauty and health products are appealing to consumers.
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