Amid an increasingly crowded marketplace and proliferating innovation across multiple dimensions of the wellness spectrum, it is vital for companies to sharpen strategies in view of continually evolving preferences among health-conscious consumers. Adopting a quantitative approach in measuring the evolution of the trend, assessing respective cross-industry impacts, and changing consumer spending patterns is crucial for more informed investment decisions and elevating the value proposition in this space.
Increased recognition of the multi-faceted health needs across women’s life-stage transitions reinforces a holistic care mindset encompassing the physical, nutritional and emotional need-state spectrum. Demand for health ownership, coupled with tech advancements, reinforces the rise of tech-driven solutions and business models that enable a more personalised approach to health management, with wearable tech at the forefront, while more advanced diagnostics and medicine delivery are on the verge of breakthroughs.
African Beauty has emerged as a robust and contemporary trend within the beauty and personal care space. Defined as a multi-dimensional concept that looks at the continent’s rich history when it comes to beauty rituals and self-expression, the trend highlights the notion that many beauty and personal care products do not address the specific needs of African consumers.
In China, as consumer demand for skin care has become increasingly sophisticated and science-based, home-use beauty devices have gradually become an important step in the skin care routine. With the introduction of new regulations for beauty devices in 2024, the market landscape is poised for a significant reshuffle.
Ozempic and Wegovy, weight loss drugs, have received lots of buzz lately as new challengers to the global obesity epidemic. With abilities to suppress appetite, the food industry is concerned about what this means for sales. Future adoption of these drugs is set to increase, as are sales of broader weight management-claimed food and beverages. And even with many unknowns, our experts believe strong worry about negative, long-term impact should be moderated and brands should take certain actions.
The consumer health industry is expected to finish 2023 in an improved position compared to the inflation-influenced doldrums of 2022, though industry gains in 2023 look to be muted and inconsistent across geographies and categories.
Amazon dominates in online sales of beauty and personal care in the US and is continuing to make gains in most categories. Amazon's success in beauty and personal care is due to its competitive pricing, product range, and logistics, but also to its savvy seasonal strategy, especially during the holiday season and its annual Prime Day promotion.
Globally, sports nutrition is the fastest growing consumer health category since the onset of the COVID-19 pandemic, with double-digit growth for three consecutive years to 2023 (at USD fixed current rate).