Description
The Personal and Beauty Care Market was valued at USD 558.49 billion in 2023 and is estimated to increase at a CAGR of 7.2% from 2023 to 2030, reaching USD 908.61 billion by 2030.
Market Overview
Beauty and personal care refer to the practices, products, and routines individuals engage in to enhance their physical appearance, maintain personal hygiene, and promote overall well-being. This encompasses a wide range of activities, from skincare and hair care to grooming and cosmetics. Beauty and personal care routines often involve the use of various products such as cleansers, moisturizers, makeup, fragrances, and hair styling tools, among others. Beauty cosmetics and personal care refer to a wide range of products and practices that are designed to enhance and maintain an individual’s appearance and well-being.
Beauty and personal care are important for practical and psychological reasons. Practically, they ensure hygiene and grooming, preventing infections and promoting comfort. Adherence to social grooming standards might enhance social and professional chances. Beyond the ordering, budgeting, buying, and consumption, these behaviors profoundly shape a person’s self-image and identity. They instil confidence and encourage individuality and a general positive attitude which can improve mental and emotional health. In addition, beauty routines are a positive way for a person to take proper care of and relax himself or herself in a stressful setting. By daily rituals of beauty or taking baths of opulence such habits relax the bodies and uplift the moods of people cleaning their skins and bodies as well. So in the simplest of terms, beauty is not just skin deep, especially in the context of personal care and it is in fact vital to the health and wellbeing of people as well as their lives.
Before COVID-19, the beauty industry (skincare, colour cosmetics, hair care, fragrances, and personal care) was an industry where consumers were used to trying products physically and buying them from physical stores. Therefore, with the pandemic hitting, sales became weaker and resulted in the closure of stores. However, it recovered faster than other industries, such as apparel. Especially with health and sanitizer products, the cosmetics industry benefited greatly from the pandemic.
Global Personal and Beauty Care Market: Growth Drivers
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The Rise in Skincare and Health Products:
Major factors contributing to the growth in popularity of skincare and wellness products. In the beginning, greater consumer knowledge of the significance of skincare and general wellness has increased the demand for goods that address these demands.
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Aging Population:
Growing population of elderly persons across the globe pose an increasing demand for skin care and anti-aging products as the older consumers are in search of products that address skin conditions and problems associated with aging further contribute to market expansion.
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Rising trend in natural and organic ingredients:
Customers are becoming more and more aware of the necessity and, indeed, the demand for a transparent production process regarding healthy products in the cosmetic and personal care market. This has created an increased need for naturally sourced, organic and kind products in the market due to the shift to use kind options in taking care of our skin and hair. The demand for organic, natural or cruelty- free beauty and personal care items remains high as this is a way of prompting concerned and conscientious consumers to save the world.
Global Personal and Beauty Care Market: Restraining Factors
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Health Trends and Allergies:
Increasing prevalence of skin sensitivities, allergies, and health-consciousness may lead consumers to seek hypoallergenic, fragrance-free, or dermatologist-tested products, posing challenges for brands that do not cater to these preferences.
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Competition from Alternative Industries:
Rising competition from alternative industries, such as wellness, healthcare, and lifestyle brands, may divert consumer spending away from traditional beauty and personal care products, impacting market growth.
Global Personal and Beauty Care Market: Opportunity Factors
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Beauty for All Ages:
Consumers look for skincare products that will enhance and promote skin health which indicate a move from exclusion and functionality to inclusion and acceptance.
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Digital Transformation:
The shift to the e-commerce and digital platforms gives businesses a wider scope of ensuring customer shopping can be done through the online stores and try-on services, personal consultations and make the most of the increased audience interest.
Global Personal and Beauty Care Market: Challenges
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The Rise of Athleisure Beauty:
Active lifestyles and the popularity of athleisure apparel are driving the creation of athleisure beauty, increasing the need for long-lasting, sweat-resistant cosmetics and personal care products designed for active people.
Global Personal and Beauty Care Market: Segmentation
Based On Product: The market is segmented into colour cosmetics, skincare, hair care, fragrance, and makeup. Skin care segment is dominating segment.
Based On Distribution Channel: The market is divided into Hypermarkets & Supermarkets, Specialty Stores, E-commerce, and others. Supermarkets hold the highest share.
Based On Region: Based on Region, the market is segmented into five key geographical regions namely – North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Personal and Beauty Care Market: Regional Insights
Asia Pacific presently dominates the Personal and Beauty Care Market. Growing awareness of cosmetics items such as face makeup, hairstyling, and colouring, together with a rising desire for clean labelling and natural ingredients, is projected to boost the market in the near future. There is a strong emphasis on natural and organic products, which is driven by rising consumer knowledge of ingredients, sustainability, and environmental effects. Furthermore, the clean beauty and skincare trend, which entails using products devoid of potentially dangerous chemicals, is gaining hold in Australia’s beauty and personal care goods sector.
The United States of America and Canada are two of the main markets for personal and beauty care products because there are high spending rates by consumers, strong shop-front retailer presence and a lot of diversity and emphasis on cleanliness and healthy lifestyles. The Middle East especially UAE and Saudi Arabia has an expanding beauty and personal care industry and this is due to high disposable incomes, the young population in the region and the high inclination and practice of beauty and proper grooming.
Global Personal and Beauty Care Market: Competitive Landscape
Avon, Beiersdorf AG, Colgate-Palmolive, Coty Inc., Johnson & Johnson, Estee Lauder, Henkel AG & Co. KGaA, Kao Corporation, L’Oreal, Procter and Gamble, Shiseido, Revlon.
Global Personal and Beauty Care Market: Recent Developments
- L’Oréal: March 11, 2024 – L’Oréal Group has introduced MelasylTM, an innovative molecule targeting specific pigmentation concerns like age spots and post-acne marks.
- Coty Inc: MAY 7, 2024 – Coty Inc., a global leader in beauty products boasting a collection of renowned brands spanning fragrance, cosmetics, and skincare, is excited to unveil its signing of a long-term licensing agreement with Lena Gercke. This partnership aims to collaboratively develop, manufacture, and distribute LeGer’s inaugural fragrance.
