Beauty and Wellness Market 2022: Rising with Immense Development Trends across the Globe by 2028

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Market insights:

With the rise in awareness about holistic wellbeing among people in India, the spending on beauty and wellness products and services has increased. According to the Indian Beauty & Hygiene Association (IBHA), the per capita spending on beauty and personal care products was around INR 450 per annum in 2017, which is expected to increase during the 2022-2028 period. The beauty and wellness market in India was valued at INR 901.07 Bn in 2018, and is forecast to reach INR 2,463.49 Bn by 2024, expanding at a compound annual growth rate (CAGR) of ~18.40% during the 2019-2024 period.

Segmentation based on type:

Based on type, the beauty and wellness market is segmented into counter sales of beauty products, beauty and wellness services, fitness and slimming services, alternate therapy and rejuvenation services. The beauty products segment held the largest market share, followed by the beauty and wellness services segments. In 2018, the fitness and slimming services segment held a market share of ~15.60% and is expected to hold a share of ~22.20% in 2024. People these days prefer healthier lifestyles, as a result of which, demand for gyms, fitness studios and slimming centers has picked up across the country.

Key growth drivers of the market:

The rise in the income of the middle-class has propelled the demand for beauty products and wellness services. In India, the labor force participation rate of female in 2017 was 22.05%, which increased from 21.27% in 2012. With more women joining the workforce in tier 1 cities, their purchasing power has increased. The rise in their disposable incomes has resulted in the escalating demand for beauty products, and salon and spa services.
In India, people nowadays have become conscious about their appearance and are constantly spending money to enhance the way they look. This has allowed for the significant growth of the beauty and wellness services segment, with consumers paying frequent visits to salons.

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Key deterrents to the growth of the market:

There is a lack of professionally trained and skilled beauty and wellness service providers in the market, which has led to increased manpower costs. As a result, consumers have to pay exorbitant amounts to avail beauty and wellness services. This presents a major challenge for the growth of this market.
Consumers demand quality beauty and wellness products and services at affordable prices. Though brand awareness is high among Indian consumers, they tend to switch brands if similar quality products are available at lower or similar prices.

Quantitative Data:

Market Data breakdown by key geographies, Type & Application/End-users
– Beauty and Wellness Market Revenue & Growth Rate by Type [counter sales of beauty products, beauty and wellness services, fitness and slimming services, alternate therapy and rejuvenation services] (Historical & Forecast)
– Beauty and Wellness Market Revenue & Growth Rate by Application (Historical & Forecast)
– Beauty and Wellness Market Revenue & Growth Rate by Each Region Specified (Historical & Forecast)
– Beauty and Wellness Market Volume & Growth Rate by Each Region Specified, Application & Type (Historical & Forecast)
– Beauty and Wellness Market Revenue, Volume & Y-O-Y Growth Rate by Players (Base Year)

Important Features that are under offering & key highlights of the Beauty and Wellness market report:
1. Why lots of Key players are not profiled in Study?
–> The study is conducted by collecting data of various companies from the industry, and the base for coverage is NAICS standards. However, the study is not limited to profile only few companies. Currently the research report is listed with players like L’Oreal India Private Limited, Lotus Herbals Private Limited, O2 Spa Salon Private Limited, Shahnaz Ayurveda Private Limited, VLCC Personal Care Limited, Jawed Habib Hair and Beauty Limited, Gold Fitness Private Limited, Fitness One Group India Limited, Fitness First India Private Limited,- Colorbar Cosmetics Private Limited,- Affinity Beauty Salon Private Limited

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Do Scope of Market Study allows further Segmentation?
—> Yes, for a deep dive we do provide add-on segmentation in premium version of report to better derive market values. The standard version of this report covers segmentation by Application, by Type [counter sales of beauty products, beauty and wellness services, fitness and slimming services, alternate therapy and rejuvenation services] and by Regions [North America, Asia-Pacific, Europe, South America, Middle East & Africa]

3. What value addition does Country landscape will provide?
—> In the premium version of report, two-level of regional segmentation allows user to have access to country level break-up of market Size by revenue and volume*
* Wherever applicable

HTF MI also provides customized specific regional and country-level reports for the following areas.
– North America: United States, Canada, and Mexico.
– South & Central America: Argentina, Chile, and Brazil.
– Middle East & Africa: Saudi Arabia, UAE, Turkey, Egypt and South Africa.
– Europe: the United Kingdom, France, Italy, Germany, Spain, and Russia.
– Asia-Pacific: India, China, Japan, South Korea, Indonesia, Singapore, and Australia etc.

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For more information on this press release visit: http://www.sbwire.com/press-releases/beauty-and-wellness-market-will-generate-massive-revenue-in-coming-years-loral-lotus-herbals-o2-spa-salon-1354283.htm