Shaping the Future of Beauty and Wellness: Key Trends and Opportunities in a $1.8 Trillion Market
As the $1.8 trillion global consumer wellness market evolves, consumers are increasingly prioritising science-backed solutions over fleeting fads. McKinsey's latest research, surveying over 5,000 consumers across China, the UK, and the US, reveals that today's wellness consumers, particularly Gen Z and millennials, are more discerning. They demand products and services that are not only effective but also supported by credible data.
In the US, where the wellness market alone is valued at $480 billion and growing annually by 5-10%, 82% of consumers now view wellness as a top priority. This trend is mirrored globally, with similar sentiments in the UK and China. This shift in consumer behaviour is driving significant innovation and investment in several key wellness areas.
One notable trend is the rise of health management at home. The convenience of at-home diagnostic kits, which gained traction during the COVID-19 pandemic, remains popular. Consumers now seek more comprehensive at-home health solutions, from vitamin deficiency tests to cholesterol monitoring, with companies encouraged to address concerns around cost, accuracy, and the integration of results with telehealth services.
Wearable technology is also entering a new era, with devices that offer deeper health insights becoming increasingly popular. Consumers are drawn to wearables that provide actionable data, a trend that is expected to grow as these devices become more sophisticated.
Personalisation in wellness is receiving a boost from generative AI, enabling more precise and tailored health solutions. Meanwhile, there is a clear consumer shift towards products with clinically proven efficacy over those marketed as ‘clean’ or ‘natural’. This is particularly evident in markets like the US and UK.
Finally, as health ‘influencers’ lose credibility, consumers are turning back to trusted healthcare providers for wellness recommendations. Brands that align with these trends, offering data-driven, personalised, and clinically validated products, are poised to thrive in the evolving wellness landscape.
Read the full report here https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/the-trends-defining-the-1-point-8-trillion-dollar-global-wellness-market-in-2024