2023 has a lot in store for the self-care industry, particularly where personal care is concerned. Consumers are more interested than ever in what they’re putting on their skin, where it comes from, and where it will end up. If you’re already involved in the booming self-care industry or thinking about entering, you would be wise to take note of the huge changes expected to take hold concerning where and on what consumers will choose to spend their dollars.
In the U.S. alone, the beauty and personal care industry has grown into a $85 billion market, with personal-care having the largest share at $40.33 billion. The overall market is expected to grow at a compound annual growth rate of 3.93% from now until 2026. Looking at the global market, the U.S. takes up the most market share, with an average of $254.10 spent on personal care per person in 2022.
Clean and Green
As consumer awareness of cosmetic ingredients increases, the personal care industry is slowly but surely shifting to non-toxic, cruelty-free and natural formulations to meet the increasing demand for clean beauty. New clean–beauty brands are emerging left and right, but what’s even more noticeable is how existing brands are shifting current formulations to satisfy consumer expectations.
Sales of organic products worldwide reached $11.92 billion in 2021, and due to the increased focus on clean beauty within the self-care industry, revenues are expected to increase to $18.07 billion by 2027.
Another trend we’re seeing is the increase in gluten-free products. Gluten–free has been a buzzword in the food industry for the past several years. Gluten is a group of proteins found in certain grains, such as wheat, rye, and barley. Although gluten is safe for most people, those with conditions like celiac disease or gluten sensitivity should avoid it to prevent adverse health effects.
The concept of gluten-free is now becoming increasingly popular in the self-care industry in terms of personal care products. How popular? Instagram, a barometer of all things trending, reveals more than 46.7 thousand posts tagged with #glutenfreeskincare.
Cruelty-free and 100-percent-vegan claims are also increasingly common within the self-care industry — and an expected standard for consumers. In fact, The global vegan cosmetics market was valued at $16.6 billion in 2021. The industry is expected to grow at a compound annual growth rate of 5.9% from now until 2031 – capping at a value of $28.5 billion at the end of the forecast period.
By definition, ethical consumerism is all about choosing goods that are ethically sourced, ethically made and ethically distributed. Consumers are increasingly seeking out brands whose values align with their own. A whopping 82% of consumers want to purchase from a brand who shares similar values. Three-quarters of consumers said they’ve parted ways with a company due to a mismatch of beliefs.
The majority of consumers today – 52% – want to shop brands that support sustainability. Shoppers are increasingly concerned about the state of the planet and realize that simply recycling might not be enough. There is a movement among smart brands toward refillable, reusable, and biodegradable, and just using less material in general to produce less waste.
Interestingly, Uni K Wax is not only a pioneer in the body waxing industry, but the franchise also meets all the expectations of today’s consumer and has been ahead of the curve of the clean, natural product movement. Led by our visionary founder and CEO, Noemi Grupenmager, Uni K Wax Studios implements all the practices mentioned above and has done so since she opened the first unisex waxing studio in 1993.
Noemi spent years engineering and perfecting the proprietary natural, paraben and gluten-free wax only available in every Uni K Wax Studio. Created from a specific pine, the sap is ethically sourced — collected in “its most pure state,” which means the trunks of the trees are cut open and pulled back instead of being cut down.
Our wax is also 100% biodegradable. Unlike most body waxing businesses, our studios do not use strips of paper to remove the wax, further reducing waste.
If you are looking to partner with a trend starter in the ever–expanding self-care industry that meets and exceeds the expectations of today’s consumer, visit our website to learn more about our franchise opportunities.