A Portrait of Beauty and Wellness
The global beauty and wellness industries are worth a jaw-dropping amount of money. Most recently, the global beauty market alone was valued at $532 billion, while the wellness industry boasts a $4.5 trillion price tag. Both have seen significant growth over the past few years due to new trends, products, and changing consumer preferences.
In beauty, Business Insider identified what has been driving the industry growth revealed by analysts. Key factors include more experimentation by traditional retailers in the beauty sector, targeted pricing to reach new demographics, increased transparency about pricing, and a rise in sustainable alternatives. Another background force that’s been driving interest in the industry is social media. According to Business Insider, writes: “The rise of beauty vloggers sharing YouTube tutorials and posting about their favorite lipstick on Instagram continues to change the way consumers discover new products and engage with brands. In recent years, many cosmetic companies and direct-to-consumer beauty brands have started eschewing traditional advertising altogether, in favor of tapping into the power of influencer marketing and brand ambassadors.”
Growth in the wellness industry has been boosted by a general increased awareness of the importance of self-care for longevity. Plus, new technologies have driven interest. These trends can be seen by assessing which sectors of wellness are valued the highest. Personal care, beauty, and anti-aging, for example, brings in $1,083 billion; healthy eating, nutrition, and weight loss is responsible for $702 billion; fitness and mind-body is worth $595 billion; preventive and personalized medicine and public health is worth $575 billion.
“We are at a pivotal movement where people worldwide are taking steps to change the way they live, work, and play, while at the same time governments are finally recognizing the value of investing in prevention to lower healthcare costs,” said Susie Ellis, the chairman and CEO of the Global Wellness Institute.
This growth isn’t just coming from nowhere. Trailblazing market players focused on advancement have led the way. So who are they?
This year, for the first time, a jury of judges sought to identify and applaud the leaders of the beauty and wellness industry. Headed by Nadja Swarovski, who sits on the executive board of the infamous Swarovski Group, founded by her great-great-grandfather, the jury of The Global Beauty & Wellness Awards (GBWA) recently made its first selection. The 325 star-studded global entries were judged on criteria ranging from ingredients to sustainability to innovation to packaging. Eventually, the jury was able to select 39 winners and 89 finalists across the beauty, organic food, and hotel industries.
Those honored for most innovative products included industry heavyweights like Estée Lauder, L’Oréal, and Yves Saint Laurent, as well as new celebrity brands like Kylie Jenner’s cosmetics line and Rihanna’s Fenty, and less well-known brands that are creating exciting new products.
An unexpected favorite in the cosmetics industry was Herbivore Botanicals, whose products are natural, vegan, and cruelty-free. These nontoxic cosmetics generated “enthusiasm from all jury members, who participated in the evaluation,” per the GBWA website, adding: “Cult brand founders started in a kitchen ten years ago and now you can buy their products in Sephora and internationally as well.” The awards also praised them for the unique labeling of their brand as “sensorial beauty.”
Better known in Germany, Switzerland, and Austria, Lavylites was also highlighted as particularly innovative by the GBWA for “super-premium cosmetics with an anti-pandemic effect.” Lavylites’s “non-typical features” and high quality impressed judges.
"It was a pleasure and a great insight to judge the GBWA 2020, and to witness the continuous innovation of beauty brands embracing sustainability in their use of organic and toxin free ingredients and recyclable packaging, while celebrating creativity and addressing customer needs,” said Swarovski. “This year's winners will be an inspiration to the wider beauty and wellness industry."
The winners of these awards give insight into the future of the cosmetics industry. Quality is taking greater precedence over price than it has in the past. People are now much more willing to spend on guilty free products with a proven track record.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.