Beauty & Wellness

The beauty and wellness products market is predicted to develop at a compound annual growth rate (CAGR) of 8.03% from USD 1,610.5 billion in 2023 to USD 2,765.8 billion by 2030. The market was valued at USD 1,504.4 billion in 2022. The remarkable rise of this industry can be attributed to many factors. A number of variables, such as rising disposable incomes, the influencer economy, changing lifestyles, an emphasis on self-care, and more awareness, are forcing people to purchase goods and services based on their needs. The sector for beauty and wellness goods has been greatly impacted by shifting fashion and lifestyle trends as well as growing social media influence. All things considered, skincare has strongly aligned itself with wellness, therapies, and health. The shift in the idea of beauty from "clean" to "conscious," which emphasizes healthy appearance and self-esteem boosting, has been reinforced in the minds of consumers. Many new brands have entered the market in recent years. Whether they are minor local players, recent arrivals, or global players. The market is expanding quickly and is easier to penetrate than before. It gives the always curious consumer a wide range of options, which intensifies competition in the market. Together, these elements heighten rivalry and encourage regional businesses to innovate in order to remain competitive.