Here at EnVogue, I’ve successfully worked with some of the biggest aesthetic companies in the world for the last 20 years. With hands-on experience in the industry, I’ve seen the beauty and wellness industry experience remarkable growth over the past decade. With increasing consumer awareness and demand for self-care products and services, this sector continues to grow globally.
This article takes a look at 5 global trends in the beauty and wellness industry.
Trend 1 – sustainable and eco-friendly products
One of the first trends that comes to mind is sustainability. Consumers are much more aware about the health of the planet and the impact that their beauty products can have on the environment. There’s an ever growing demand for sustainable products and eco-friendly packaging. Any brand that can utilise these components should benefit from this trend.
We’re seeing things like natural ingredients, certified organic ingredients, recyclable packaging, and ethical supply chain management all coming to the fore.
According to a report by Grand View Research, the global natural cosmetics market is expected to reach USD 54.5 billion by 2027, growing at a CAGR of 5.01% from 2020 to 2027.
This means that consumers are putting their money where their mouth is and buying sustainable beauty products more and more.
Trend 2 – personalisation
Another trend we’re seeing that has enormous potential to grow into the future is that of personalised beauty products. What this means is that consumers are looking for products that aren’t just generic, but that actually tailored to their unique needs and preferences. We’re seeing this trend driving innovation in skincare, hair care, and wellness solutions
As an example of how personalisation in beauty products can be used, there are companies that are offering customised skincare regimes based on individual skin assessments. These assessments take questionnaires, AI analysis, as well as skin tests, and create unique formulations based for each customer
When it comes to wellness products such as supplements or tailored fitness programs, we’re seeing bespoke solutions offered to customers. These solutions take into account factors like age, gender, lifestyle and health conditions. You end up with customers being given personalised programs, custom supplementation, and specific dietary and exercise regimes, all based on their personal assessment.
A study by Deloitte found that 36% of consumers expressed interest in purchasing personalised beauty products, highlighting the growing demand for bespoke solutions.
Trend 3 – tech-driven beauty
Technology and AI are at the forefront of driving innovation in the beauty and wellness space. As just mentioned, AI-powered skincare analysis is becoming more common. We also have virtual try on apps where you can try on clothes. You can also try on makeup products virtually.
These tech driven solutions are enhancing the customer experience and how they interact with the brand and the product. This makes the experience tailored and personal and these tech solutions weren’t available five or 10 years ago
The global beauty tech market is projected to grow at a CAGR of 19.1% from 2021 to 2028, as reported by Data Bridge Market Research.
Trend 4 – wellness tourism
Another big trend is wellness tourism. I know a bit about this, as I’m a keen surfer. I love to get away whenever I can to relax and go for a surf. Getting to the ocean I find it quite invigorating.
Well the wellness industry is catching onto this trend. Wellness tourism is booming. Travellers are going out seeking destinations that are offering holistic wellness experiences. This includes relaxation, exercise, spa treatments, yoga retreats, as well as detox and medical aesthetics.
According to the Global Wellness Institute, the wellness tourism market was valued at USD 639 billion in 2017 and is expected to reach USD 919 billion by 2022.
Trend 5 – men’s grooming
When it comes to men’s grooming, gone are the days of simply washing your face, and away you go. Men are investing a lot more into their personal appearance now and a whole market segment has emerged for men’s grooming and beauty products. This market is expanding rapidly as men are increasingly investing in a range of skin care products, anti-ageing treatments, and hair and grooming products.
The global men’s grooming market is projected to reach USD 78.6 billion by 2023, according to Research and Markets.
Geographic trends
Different regions are contributing to the industry’s growth, each with its own unique trends and consumer preferences.
The Asia-Pacific region holds the largest market share in the beauty industry, driven by countries like China, Japan, and South Korea. In 2020, the Asia-Pacific beauty market was valued at USD 189 billion (Euromonitor International).
In Europe, the beauty and personal care market was valued at approximately USD 135 billion in 2020, with a strong emphasis on luxury and premium products (Cosmetics Europe).
Regulations
Just be aware that the medical aesthetics industry is highly regulated. New regulations are coming out all the time. In Australia, recent regulatory updates have significantly impacted the cosmetic clinic and injectables industry. The Therapeutic Goods Administration (TGA) has introduced new guidelines to ensure consumer safety and the consistent application of advertising regulations across the sector. If you are unsure, it may be wise to consult with a small business lawyer to provide you with legal clarity and guidance.
Key points
- The beauty and wellness industry has experienced remarkable growth over the past decade, driven by increasing consumer awareness and demand for self-care products and services.
- Five key global trends in the industry include sustainable and eco-friendly products, personalisation, tech-driven beauty, wellness tourism, and men’s grooming.
- Geographic trends contribute to the industry’s growth, with new and emerging markets like Asia-Pacific holding the largest market share.
Author: Ian Carroll. EnVogue is committed to bringing the best, clinically proven, medical aesthetic brands to Australia and New Zealand. Our owner, Ian Carroll, has over 20 years of experience working with some of the biggest aesthetic companies in the world, and he is continually looking for new products that deliver the best outcomes for you.
