The beauty, health and wellness industries are constantly evolving and meeting the needs of consumers. Health, fitness, hygiene, and the spirit of youth are top priority for billions of people worldwide. However, the global coronavirus pandemic has amplified many concerns for these factors, creating opportunities for proven products to meet shifting market needs.
The beauty, health and wellness industry accounts for $15.6 billion annually in India. Among these, hair care is expected to become the largest sector by 2025, with a $4.54 billion market size. Experts believe that this industry’s main drivers are natural and clean formulas, scientific solutions with practicality, consistency, transparency, and affordability-merged with businesses’ entrepreneurial expertise.
Health and wellness are essential - with or without a pandemic. Buyer focus during the pandemic has shifted somewhat as people contemplate the shelf-life and durability of goods.
Beauty, Health and Wellness – Facts and Figures
According to a study by Indian Market Research – Euromonitor International, cosmetics and personal care products are among the primary sectors affected by the pandemic inflicted recession in the beauty, health and wellness industry.
More than 30% of respondents to an April 2020 Euromonitor poll considered consumers would be buying more health and wellness-related products permanently due to the coronavirus pandemic. Interestingly, 65% of global customers consider mental well-being a critical factor in health perceptions, and 34% take steps to manage nervousness, stress and mental health.
Effect of COVID-19
Over last year, many people paid less attention to their appearances and looks, per se, while remotely during the pandemic. Due to working from home, more people are putting a hold on practices like makeup and fancy care retunes. However, skincare is essential – with or without a pandemic. Additionally, buyer focus has shifted somewhat due to COVID-19, as people contemplate the shelf-life and durability of packaged goods, including personal and beauty care commodities.
These are some of the emerging trends in the Beauty, Health and Wellness space.
The cleansing campaign has completed the goals of genuine and lasting beauty efforts in the industry. At the same time, the antibacterial beauty has enhanced significantly. In 2020, people felt protected when products had medical titles like “sterilised” and “medically authorised” written on them. The “clean” trend has become a guarantee for producing “clean” beauty and wellness products in clinical settings.
By harvesting and incorporating individual plant cells in the lab, brands like Biossance and One Ocean Beauty can deliver incredibly effective and safe skincare products without harming the environment. Scientific brands like Codex and REN conduct rigorous medical testing to prove their natural compounds’ benefits and are setting new industry standards for testing.
Haircare and health care products such as scalp scrubs are very popular. However, the growth of luxury goods with more innovative and consumer products in this category is expected in 2021. The scalp has huge wellness potential, particularly in aromatherapy, owing to how quickly essential oils applied there can hit the bloodstream.
According to Cult Beauty’s Trend Forecast, “Hair tea” infusions are a growing trend, “as the hair world is colonised by formats and components traditionally linked with other methods of well-being, like the microbiome-boosting Scalp & Hair Serum by Gallinee or Davines Royal Jelly Superactive.”
Sleep care and its health consequences returned to the centre stage in 2020. A report from Kings College London found that 60% of the world’s population suffered from nausea and sleeplessness due to the pandemic. The quest for quality sleep will continue into 2021 with audio stimuli ASMR, soothing soundtracks and unwinding rituals complemented by beauty products designed to strengthen circadian rhythm. Companies like Elemis are committed to coordinating people’s skin while offering a relaxing “Night Scented” oil to help drift off.