While beauty, health, and wellness are rapidly converging in meaningful ways, consumers will begin to seek additional self-care benefits related to their outer appearance and inner emotional well-being.
As more brands and retailers have jumped into the health and wellness space, the wellness market is expected to grow exponentially. Statistics show that nearly 70% of consumers currently use or have a future interest in healthy food and diet, and four in five adults agree their supplements would support beauty and skin health.
The pandemic has accelerated consumers' interest in health and beauty trends, as more people seek products to complement their wellness and beauty needs. Euromonitor International research predicts a stable growth in consumer expenditure on health goods and medical services.
According to recent research, consumers tend to spend more than $100 per month — totaling $1,300 a year — on nutritional supplements such as vitamins, herbal, sports nutrition and skincare products such as creams, lotions and sunscreens.
Nutrition is the Next Hot Spot
The sales of vitamins and mineral supplements has skyrocketed during the Covid-19 pandemic. The nutrition market is expected to reach $74.61 billion in 2023 at a CAGR of 6.85%. Dietary supplement sales were higher than a year ago, according to Nielsen research, having increased as much as 50% in March as Covid-19 spread. In the UK, sales have reached record levels this year, said market researcher Kantar.
Online sales for supplements have increased dramatically, fueled significant gains in this channel, led primarily by Walmart. As this trend evolves, people are buying online anything that they think might improve their health and immunity. This has especially benefited multinationals such as Nestlé and Unilever.
According to Nutrition Business Journal research, many consumers will remain loyal to e-commerce channel moving forward. As a result, online sales are projected to grow from $5 billion in 2019 to over $10 billion in 2022 and are expected to represent 19.6% of all supplement sales by 2023.
Achieving New Health Goals
From Warren Ackerman, analyst at Barclays, perspective, the supplement market was already growing even before the pandemic. “If you look at millennials and Generation Z, they are very interested in health and wellness. The pandemic has been a huge accelerator of the health and wellness trend, whether or not [the pandemic] goes away,” he said.
The growing use of organic supplements has become a key trend in the vitamins and supplement market, while dietary supplements remains a key driving force for the supplement market.
What’s more, we have all become more conscious about our health and outer appearance over the last few years, with many of us across all ages, locations and backgrounds are embracing some form of vitamins or supplements either daily or occasionally in the last 12 months.
A Source of Inspiration
Social media is undoubtedly a source of inspiration when it comes to 'beauty-from-within” movement. Platforms like YouTube, Twitter, Instagram, and Pinterest have increased the health and wellness industry's popularity. Many celebrities and social media influencers introduce users to new beauty and health supplements, highlighting the benefits they have had on their own physical and mental health.
Makeup trends are also incorporating the healthier lifestyle - with the latest desire to look more youthful, aspiring to get that all important glow and have that perfectly sculpted body all whilst having optimum fitness and health.
“Nutrition and healthy lifestyle influencers love to build a community and one way that they do this is by encouraging their followers to join them in various health or fitness challenges,” says Erin Quinn, Manager Media & Social at Foodmix Marketing Communications.
Maintaining Optimal Health
It’s no surprise that people worldwide want to achieve new health goals but it can often be hard for many with a busy lifestyle. With the benefits outlined above, it is easy to see why so many fitness enthusiasts turn to nutritional supplements in order to maintain optimal health.
“There’s a big opportunity in building global brands and getting emerging market consumers, as their wealth increases over time, to consider wellness products. Consumers are seeking health and wellness goods beyond supplements, including beauty and “self-care” products to relieve stress during the quarantine,” said Ackerman.