Table Of Contents
Roshan Deshmukh
Koyel Ghosh
A Detailed Analysis of the Top 5 Emerging Markets in the Consumer Goods Domain in Q3 2024
The rising volume of international trade in the post-globalization era has significantly transformed the consumer goods domain. Moreover, as the pace of industrialization and urbanization has grown in different countries, the disposable incomes of people have also increased. Naturally, the demand for a wide range of lifestyle, electronics, and healthcare products has increased, thereby expanding the scope of the landscape. Along with this, certain industries in the sector have witnessed exponential growth in the third quarter of 2024, which has further strengthened the domain. Allied Market Research, using its in-house ‘Title Matrix Tool’, has recently compiled a study wherein the top 5 markets of the consumer goods sector for Q3 2024 are analyzed in detail.
Skin Care Products Market
Over the years, the cosmetics sector has flourished immensely as a result of the shift toward modern standards of personal etiquette and appearance. Different types of skin care products such as moisturizers, lotions, sunscreens, body lotions, serums, etc., have been developed which help in curing damaged skin and promoting overall health and wellness of the skin. As per a report published by Allied Market Research, the skin care products market accounted for $170.7 billion in 2021. The industry is expected to gather a revenue of $241.5 billion by 2031, growing at a CAGR of 3.6% from 2022 to 2031. The rising popularity of organic and natural products has played an important role in the growth of the landscape.
The AMR report classifies the market on the lines of type, end user, price point, and distribution channel. The primary aim of an in-depth segmental analysis is to help companies focus on key investment areas. Based on product type, the face cream segment is expected to be the most dominant in the coming period. Multiple types of face creams have been launched by different brands to suit the needs of their customer base. Moreover, the growing awareness regarding the importance of having healthy, glowing, and moisturized skin has increased the adoption of face creams and lotions. The growth in demand for these products has positively impacted on the landscape.
Interdental Brush Market
Recently, Allied Market Research published a report on the interdental brush market which states that the industry is expected to gather a revenue of $445.8 million by 2032. The landscape accounted for $272.5 million in 2022, rising at a CAGR of 5.2% from 2023 to 2032. The rise in awareness regarding the importance of maintaining oral hygiene and health has increased demand for interdental brushes. Furthermore, many experts dental professionals have started promoting these products which have strengthened the foothold of the industry. Additionally, the technological advancements in interdental brush designs have created new opportunities for the growth of the landscape.
The interdental brush industry report divides the market into type, handle, bristle, and distribution channel. By distribution channel, the pharmacies and drug stores segment is expected to witness exponential growth from 2022 to 2032. Many customers opt for pharmaceutical stores and other retail shops as they are quite accessible and offer numerous choices to consumers. The wide range of oral hygiene and care products provided by these outlets helps people make informed buying decisions. Moreover, drug store owners generally employ knowledgeable staff to guide consumers and recommend products as per their needs. As a result, many individuals prefer visiting retail shops and pharmacies to buy oral hygiene products.
Wellness Tourism Market
Wellness tourism refers to travel pursued to maintain one’s health and well-being. Such vacations often help people unwind and provide them with an opportunity to relax and rejuvenate their mind and body. The overall growth in the number of chronic diseases has enhanced the demand for wellness travel and tourism packages. In addition, the rising penetration of internet services and smart devices such as smartphones, tablets, and laptops has helped people plan their vacations easily. The convenience in hotel and flight bookings offered by different companies through their mobile applications has also played an important role in the growth of the wellness tourism market. Allied Market Research highlights that the landscape is expected to gather a revenue of $1,592.6 billion by 2030 and is set to rise at a CAGR of 7.2% from 2021 to 2030.
The key focus area of the AMR report is the industry's segmental analysis, which studies the wellness tourism market based on service type, location, and traveler type. By service type, the shopping segment is expected to have the highest growth rate and grow at a CAGR of 7.8% during the forecast period. At the same time, the lodging segment is anticipated to garner the largest revenue share in the 2021-2030 period. Since hotels are the first preference of travelers for accommodation during vacations, the growth in the tourism sector has directly increased the demand for lodging services. Along with this, many multinational hotel companies have expanded their operations globally which has further augmented the growth rate of the industry in Q3 2024.
Functional Apparel Market
The functional apparel market, according to the report published by Allied Market Research, accounted for $345.6 billion in 2022. Furthermore, the industry is set to gather a revenue of $623.2 billion by 2032, thereby rising at a CAGR of 6.1% from 2023 to 2032. Functional apparel refers to a type of clothing that is specially designed and manufactured for predefined performance needs and functionalities. In the past few years, several advancements have taken place in the field of material science leading to the development of temperature-regulating, odor-resistant, and moisture-wicking fabrics. Additionally, the adoption of nano-spinning and membrane technologies to reduce waste in garment production processes has also opened new avenues of growth in the landscape.
The AMR report categorizes the market into different segments based on product type, application, and distribution channel. By product type, the sportswear segment held the most dominant revenue share in 2022 and is predicted to continue its growth in the 2023-2032 period. In the past few decades, various new sports have emerged and the competitiveness in traditional games has also increased. Naturally, athletes are demanding high-quality apparel that boosts their performance in the long run. As a result, many sports brands are now developing moisture-wicking garments and compression clothing as per the requirements of sportsmen in different competitive games. Along with this, the protective clothing segment, too, is predicted to witness substantial growth in the landscape in the coming period.
Astrology Market
The Allied Market Research report on the astrology market highlights that the industry, which accounted for $12.8 billion in 2021, is anticipated to gather a revenue of $22.8 billion by 2031, thus growing at a CAGR of 5.7% from 2022 to 2031. Astrology has been an important force in shaping thoughts and beliefs in the ancient civilizations of India and China. In the past few years, more and more people from Western countries have also been attracted to the ancient field of astrology, thus widening the scope of the landscape globally. Moreover, technological advancements have enabled the development of mobile applications and software applications through which interested users can seek guidance from the stars. The different services provided by expert astrologers through video conferencing have helped the industry strengthen its foothold.
To help businesses formulate their plans of expansion, the AMR report provides an in-depth segmental analysis of the astrology market. The study divides the industry into various categories based on type, mode, and end-use generation. On the basis of mode, the online segment generated the maximum revenue in 2022 and is predicted to continue its dominance in the forecast period. Over the years, different mobile applications for daily horoscopes, astrology dating services, planet retrograde tracking, mindfulness tools, etc., have been designed which cater to the demands of their customer base comprehensively. The popularity and availability of various software applications have increased immensely in recent times, thus augmenting the growth rate of the segment.
Winding up
Allied Market Research has published extensive reports on the top 5 emerging markets in the consumer goods domain which highlight the key growth drivers, investment opportunities, and market restraints in the landscape. The analysis also includes a comprehensive study of the latest developments and upcoming trends in the market, thus aiding companies to chalk out holistic plans for the expansion of their operations. The primary aim of such reports is to help businesses take a competitive advantage over their peers in the long run.
To understand the impact of various growth drivers and investment opportunities on the consumer goods domain, contact our experts.
