The consumer health industry is expected to finish 2023 in an improved position compared to the inflation-influenced doldrums of 2022, though industry gains in 2023 look to be muted and inconsistent across geographies and categories.
Amazon dominates in online sales of beauty and personal care in the US and is continuing to make gains in most categories. Amazon's success in beauty and personal care is due to its competitive pricing, product range, and logistics, but also to its savvy seasonal strategy, especially during the holiday season and its annual Prime Day promotion.
Globally, sports nutrition is the fastest growing consumer health category since the onset of the COVID-19 pandemic, with double-digit growth for three consecutive years to 2023 (at USD fixed current rate).
Amid an increasingly crowded marketplace and proliferating innovation across multiple dimensions of the wellness spectrum, it is vital for companies to sharpen strategies in view of continually evolving preferences among health-conscious consumers. Adopting a quantitative approach in measuring the evolution of the trend, assessing respective cross-industry impacts, and changing consumer spending patterns is crucial for more informed investment decisions and elevating the value proposition in this space.
With climate change influencing all consumer sectors, integrating sustainable practices becomes paramount for risk reduction and resilience building. Amidst this, phenomena like El Niño pose additional challenges, altering consumption patterns and sparking new demands, especially in Latin America.
Understanding market trends, how competitors are innovating in response, and what new brands are entering the market are all crucial elements in building a well-informed brand strategy. Euromonitor has been tracking New Product Development (NPD) in the Beauty and Personal Care industry in key markets across the region, including Brazil, Mexico, Chile, and Argentina, to understand the innovation occurring within the industry.