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The Global Beauty and Personal Care Products Market size is projected to increase by USD 57.45 billion and the market is estimated to grow at a CAGR of 5.06% between 2022 and 2027.
The growing popularity of anti-pollution skincare products is a major factor driving the market growth. Poor air quality is a major challenge for authorities and citizens worldwide due to urbanization, industrialization, and vehicular emissions. Incidents of air pollution have led to global deterioration, and indoor air quality is also a growing concern. Anti-pollution skincare products are rising in demand due to toxic fumes causing aging and skin conditions. These products provide protection from UV rays, improve skin tone, and increase collagen production. The LE BLANC intense brightening foam cleanser by CHANEL is an example of a solution that prevents skin damage by enhancing radiance, boosting hydration, and improving the skin's oxidation level. The growing demand for these products is expected to drive the global market.
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Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
The emergence of beauty and personal care products with natural ingredients is a major trend in the market. Consumer awareness about the harmful effects of chemicals in beauty and personal care products has driven demand for natural ingredient products. Vendors are manufacturing products without harsh chemicals such as parabens, sulfates, and petroleum-based chemicals. ESSE SKINCARE offers a variety of skincare products with natural and organic ingredients for different skin concerns. The high use of harsh chemicals in skincare products may cause adverse health effects. Manufacturers are focusing on developing affordable hair care products and color cosmetics with natural ingredients to gain more customers. The emergence of natural ingredient products will positively impact the market's growth.
Adverse health effects of chemical/synthetic ingredients is a major concern hampering the market growth. Global awareness of harmful chemicals in synthetic beauty and personal care products has caused beauty-related problems, such as skin irritation, hair dryness, hair fall, and even cancer. Ammonia, commonly found in synthetic products, causes dry, brittle skin and irritates the nose, throat, respiratory system, and eyes. Hair color products that use ammonia lead to hair damage. Despite such impacts, ammonia is still used in beauty and personal care products. Consumers are shifting to homemade or natural remedies due to growing awareness, limiting the market's growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the skin care products segment will be significant during the forecast period. The increased awareness of the importance of skincare among customers globally mainly drives the growth of this segment.
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The skin care products segment was valued at USD 46.71 billion in 2017 and continued to grow until 2021. The growing demand for natural and organic products is expected to drive the demand for skincare products during the forecast period. Customers have begun to opt for skincare products that are free of synthetic chemicals. Moreover, increased air pollution levels worldwide have resulted in a rise in the demand for skincare products, such as skin care, facial care, and body care products, over the years. Furthermore, skincare products with additional features and multiple functions, such as specialized anti-aging skin care products and skin cleansing products, are gaining popularity among customers. In addition to this, the increase in digitalization and internet penetration has facilitated the availability of various skincare products online. This also has significantly influenced the growth of the market. Therefore, the above-mentioned factors will have a positive impact on the segment during the forecast period.
The offline distribution channel generates revenue from various retail formats, including specialty stores, hypermarkets, supermarkets, convenience stores, and others such as salons and spas. However, the offline segment has been declining due to the rising preference for online shopping. To tackle this, players are expanding their stores and introducing better pricing strategies and wider assortments. Specialty stores, such as brand-owned and multi-brand stores, accounted for the largest share of the offline segment in 2022. Hypermarkets, supermarkets, convenience stores, and clubhouse stores were the second-largest sub-segment. Walmart is the largest hypermarket in the US offering beauty and personal care products. Although the offline segment is losing market share, vendors' innovative marketing strategies will keep the growth rate stable during the forecast period.
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APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The APAC market is anticipated to grow rapidly during the forecast period due to several factors. The increasing awareness among consumers about the benefits of using these products and the growing demand for premium products are the primary drivers. Moreover, the rise in disposable incomes, urbanization, and e-commerce market growth in the region will further boost the demand for beauty and personal care products. With the world's highest population density, APAC is a significant market for these products. Also, the robust economies of China and India contribute to the growth of the market by increasing people's disposable income.
The Beauty and Personal Care Products Market caters to consumer appearance preferences, with a focus on millennials and non-toxic ingredients. Sales channels include pharmacies and beauty salons, targeting male consumers through research and development of vegan and organic cosmetics. Sustainable consumer trends drive product innovation, necessitating compliance with regulations from entities like the FDA and European Commission. Market segments include skincare and haircare, with distribution channels ranging from supermarkets to e-commerce platforms. Regional markets like Asia Pacific and Europe witness growth, alongside specific markets like Australia and Canada. The industry sees merger and acquisition activities, addressing demand for natural formulations and advanced technologies amidst rising interest in DIY beauty treatments.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.06% |
Market growth 2023-2027 |
USD 57.45 billion |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
4.11 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 54% |
Key countries |
US, China, India, Japan, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AMOREPACIFIC Group Inc., Avon Products, Beiersdorf AG, Edgewell Personal Care Co., Helios Lifestyle Pvt Ltd., LVMH Moet Hennessy Louis Vuitton SE, Oriflame Holding AG, Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Co. Inc., VI JOHN GROUP, CHANEL Ltd., Coty Inc., Johnson and Johnson, Kao Corp., LOreal SA, Natura and Co Holding SA, The Procter and Gamble Co., and Unilever PLC |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market growth and trends report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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