Consumer intelligence company NIQ released a report examining the relationship between beauty and wellness, sharing:Health and beauty are intersecting more than ever as shoppers want to look and feel their best.” The report details that the beauty + wellness category will expand the market by 45%.
Driven by beauty, personal health, supplements, functional beverages and potable supplements, candles and fragrance oils, Beauty + Wellness is now valued at $140.7 billion, the report shared.
Insights into key takeaways from the Beauty + Wellness report, including unexpected findings, and how manufacturers and suppliers in the cosmetics and personal care products industry can leverage the report’s findings to improve future product formulations and development processes To find out, CosmeticsDesign interviewed Anna Mayo. NIQ Beauty She is Vice President of Thought Leadership.
Beauty + Wellness Report: Surprising findings and key insights
The company’s analysts use research data andNIQ Panel Consumer Segmentation, Label Insights, Label Insights Trend Search, and NIQ RMS” Mayo said. Using this information, the analyst determined that:For beauty consumers, the definition of beauty is expanding to include beauty from the inside out” Additionally, when thinking about beauty and health, she explained:Consumers are waking up to the idea that in order to look their best on the outside, they need to look after themselves on the inside as well.”
This means that the average beauty and health consumer “Looking for solutions that support whole-body health, beauty retailers are stepping up to offer these products, including vitamins and supplements, oral care, feminine care, sexual health, functional drinks, and home care items. increasing.” Mayo shared. Therefore, it is reasonable to conclude that:The influx of wellness will change the beauty industry.Retailers will expand their ranges and beauty brands will compete across categories for shelf space.” she added.
One of the more unexpected findings was that “What struck us when creating this report is that the store of the future will be The idea was that it might start to look completely different.” she elaborated. moreover,”I was also surprised by how big the wellness market has become and how consumers are focused on feeling their best, not just looking good.” Mayo said.
How data impacts the industry
Mayo said these findings are particularly important for manufacturers and suppliers of cosmetics and personal beauty care products.The cosmetics and personal care landscape is changing. ” In some influential ways. First, she explained:Consumer attitudes toward beauty are expanding and consumers are applying their beauty expectations to a wider range of products, creating potential opportunities for beauty brands to expand into new areas such as personal health and home care. I am.”
She also said:Now there’s new competition for both buyers and shelf space” This meaning is “If beauty brands can expand into wellness, then wellness brands can and will expand into beauty as well.and as a result,”Brands will face more challenges than ever before” she said.
Also, “There will also be a scramble for shelf space as retailers carve out sections of their stores to devote to wellness brands.” she said, “Beauty brands need to be prepared to protect their space” She also said:Consumers will continue to be educated about the ingredients and benefits they want and what they don’t want in a product.This can have a significant impact on purchasing decisions.
Therefore, Mayo concluded:Manufacturers need to think about how their products interact with wellness trends and how they want to highlight those attributes as their brand evolves.”, added the following recommendations:Consumers will continue to expect more benefits from beauty products, so planning now can help brands position themselves well for the future.”
Looking to the future
The Beauty + Wellness report concluded by saying that the data shows a lot about the future of the sector. For example, during the specified study period, search volume for “hair growth products” increased by 43%, search volume for “algae” increased by 10%, and search volume for “snail slime” increased by 431%.
Therefore, the NIQ team “Continue to monitor the expansion of beauty into health. ” And industry officials said,Stay tuned for updates on this dynamic and growing market” Mayo concluded.
Want to learn more about beauty from within and other next-generation beauty consumer trends? Register nowListen to the Beauty Forward Summit for free, airing from January 29th to 31st, 2024.
