[TREND 24] Winning with Wellness
The wellness space has emerged in an exciting way, penetrating new market segments such as beauty, healthcare, food & nutrition, and home care. At the core of this fast-growing movement are lifestyle choices or products one uses to maintain good health and avoid being ill. Nowadays, wellness products can span the gamut from personal cleansing products, hand soaps, aromatherapy, and home fragrances to nutritional supplements, sleep aids, probiotics, and CBD. All these segments are seeing notable increases, ranging from 3% to 14% in 2020. Skin care is the strongest wellness category in beauty, but personal care products such as deodorants and bath and body washes are important wellness categories too. A surprising category is candles, which have become a category of comfort and escapism for housebound consumers this year, moving from a desirable purchase to a quarantine essential. The category is on an upward trajectory and expected to advance at a CAGR of 6% through 2024.
Cannabis plays a key role in wellness, as it has gained the attention of marketers in the beauty, healthcare, and food & beverage industries. CBD for health and wellness is a rapidly growing area that more and more consumers turn to for help in managing stress and anxiety, as well as chronic pain and sleep disorders. The beverages category witnessed stronger growth due to products that claim to offer fast-acting benefits. The food category also witnessed double-digit growth driven by the growing popularity of cannabis-infused snacks. Sales of cannabis-infused food and beverages are forecast to exceed $1 billion by 2024. The rise of cannabis in beauty far outpaces growth of the cosmetics & toiletries market in the United States.