MARKET SIZE OF BEAUTY AND HEALTHCARE SERVICES
Market size of beauty and healthcare industry means the total dollar amount of potential sales to all customers within this industry. The number of buyers and sellers in this particular market is especially important for companies that wish to launch a new product or service, since small markets are less likely to be able to support a high volume of goods. Large markets could bring in more competition.
The Singaporean market for health and beauty products is growing phenomenally in recent years. A blooming market Singaporeans are living truths of this, paying more for long life and good looks than ever before. We’re pursuing longevity with health supplements, vitamins and ‘healthful’ liquids like Diamond water, as well as getting help from aids like slimming tablets to look healthy. Due to stressful lifestyles, more people are seeking ways to de-stress and pamper themselves, as well as keep themselves healthy. This can be seen in the emergence of well-known fitness brands like California Fitness and Amore as well as other health and beauty facilities within shopping malls.
According to market research company Euromonitor, the cosmetics retail market in Singapore was worth almost US$379 million (S$659 million) in 2003, an increase in current value terms of 3.2% compared to 2002. This is set to continue – Singapore is one of the top 10 Asian countries with the highest growth potential in the Retail and Consumer (R&C) sector, backed by a strong GDP growth rate of 8.4% in 2004. Singaporeans are now primping up mostly with cosmetic and skin or body care and grooming products. In 2003, the most dynamic growth sector was deodorants, up 8%, followed by sun care, up 5.8%, men’s grooming products, up 5.3%, and hair care up 4.7%, says STAT-USA (the US Department of Commerce), in its market overview report for US exporters. There is a growing number of affluent, image-conscious women who place a high priority on personal grooming and appearance. Women are also starting to apply makeup and experiment with hairstyles and hair care at a younger age than before.
There has also been an increase in the demand for products with SPF (sun protection factor) and whitening properties. Veteran skincare companies have been quick to recognise the potential, and have zoomed in with brands such as Nivea for Men by Beiersdorf (S) Pte Ltd, Clarins Men by Clarins Pte Ltd, Clinique Skin Supplies for Men from Estee Lauder and the men’s range from Body Shop. However, even extremely big built men are now willing to spend on bottles of beauty. Growth in healthcare and beauty market is expected to bloom in the years to come as consumers become increasingly sophisticated and discerning.
In the health and beauty market, one of the fastest growing segments happens to be one of the most difficult to reach--men.
Last year, men spent more than $16 billion worldwide for personal care products, reflecting greater than a 7% increase worldwide. Growth in the men's grooming category is second only to the much smaller $4.3 billion sun care product area, according to Euromonitor International.
Among all packaged goods, personal care products and dietary supplements are two categories that are booming. The Natural Marketing Institute, which combines figures for both sectors in a single database under health and wellness products, reported U.S. sales were $59 billion in 2003.
Nearly 6% -- or close to $1 billion in dietary supplements -- were sold in the United States by mail and more than $250 million worth (1.5%) were sold via the Internet in 2000, according to the Dietary Supplement Information Bureau.
Women process information and make purchasing decisions differently than men. Women make more than 80% of all consumer purchasing decisions. A survey showed in 2007, 80% would solidify their brand loyalty, 79% would try your product or service and 51% would give a company a second chance if a product or...
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