30, September 2022
The desire to look attractive & youthful and enhance one’s physical appearance has elevated the use of beauty and personal care products worldwide. This is further supported by various social, cultural, and economic changes across geographies.
Based on our study, the global beauty and personal care market , which was valued at $508.83 billion in 2021, is expected to generate $701.11 billion by 2028 and is likely to advance with a CAGR of 3.20% during the forecast period, 2022 to 2028.
A number of factors, including rapid urbanization, greater awareness, and increased disposable incomes, are attributable to this growth. Besides, the evolving beauty standards and shifting trends also play an integral role in shaping the market’s outlook.
Beauty and personal care is not restricted only to skin care, but also extends to hair care, oral care, fragrances, and other categories. Among all, sun care is anticipated to exhibit the fastest growth at a 3.55% CAGR in the type segment.
Further, fragrances are no longer perceived as a luxury, and are witnessing increased demand. With strong performance in this category, Natura & Co continues to remain the market leader in Brazil.
Also, the development of hybrid products that reduce time & effort and cater to multiple needs is steering innovation in the hair care category. For instance, the Keratin Perfect 3-in-1 Multi-Action Hair Beauty Balm by Keratin Complex works as a cream, serum, and oil together.
The Korean wave has swept the global market, with a fresh take on beauty and personal care. Sheet face masks are a popular offering of K-beauty. Globalization and renewed interest in travel & culture have helped drive such influential trends.
Consequently, unique skincare trends from other countries, such as J-beauty (Japan), C-beauty (China), and A-beauty (Australia), have also captured consumers’ attention in recent years. The popularity of these domestic markets has positioned the Asia-Pacific beauty and personal care market on a growth trajectory, which is evident from its largest revenue share of $197.50 billion in 2021.
The rising focus on health and inclination towards natural ingredients & formulations are driving the demand for natural and clean beauty. With the growing popularity of veganism in the United Kingdom, the demand for plant-based and cruelty-free beauty products has also grown.
Thus, a significant number of product developments are evolving around these trends. In line with this trend, Henkel reformulated its Schauma hair care products to make them suitable for vegans, in February 2019.
Further, complying with the overall push towards sustainability and green practices, some companies have already replaced petroleum-based plastics with corn-derived polylactic acid (PLA) for packaging their products.
The E-commerce Sales Channel is expected to witness the fastest growth at a 4.48% CAGR in the forecast period. It has become a crucial part of the cosmetics and personal care space with increased penetration of the internet and technology among various age groups across numerous countries.
Ease of delivery, wider range of options, and competitive pricing are some reasons that have made online shopping an attractive alternative. In March 2021, L’Oréal announced investment in US-based social selling platform Replika Software Inc, as part of its acceleration strategy in e-commerce.
Given the competitive environment in this space, innovation remains a key strategy for companies to differentiate themselves from industry rivals. Limited edition launches, mini variants, and niche targeting would help manufacturers increase market penetration.
There is growing demand for Halal cosmetics and other products, especially from the Muslim population. Besides, several men are increasingly opting for products targeted specifically at their needs. Various companies, especially in the anti-aging market, are already tending to these growing and potentially vast consumer bases, and aspiring players can take note.
Leveraging the reach of social media celebrities in influencing consumers’ purchasing decisions is another dependable strategy for brands. Also, technological integration will additionally boost prospects. In June 2021, Estée Lauder launched a number of new AR and AI-equipped features on its official website and app, to offer its customers a ‘try-before-you-buy’ virtual makeup experience.
Despite COVID-19, the studied market showed resilience, given the immense and continued demand. And embracing inclusivity and riding the digital wave will help the beauty and personal care market scale new heights.
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