Market Trends

Exploring the Surge in Global Beauty and Personal Care Products Market

NEW YORK, March 28, 2024 /PRNewswire/ -- The Global Beauty and Personal Care Products Market is poised for substantial growth over the next few years, with expectations of a surge of USD 57.45 billion by 2027. As reported by the insightful market research from Technavio, this sector is projected to experience a Compound Annual Growth Rate (CAGR) of 5.06% during the forecast period. Dominating the global marketplace in 2022, the Asia-Pacific (APAC) region is anticipated to continue its influence with a projected incremental growth of 54%.

For a deeper dive into the historic (2017 to 2021) and projected market size (2023 to 2027), and to see the detailed figures, click here.

Those interested can delve further into the insights of this expanding market by requesting a sample report.

Report Highlights

Technavio's expansive report extends over 165 pages and begins with the base year of 2022, covering historical data from 2017 to 2021 and forecasts from 2023 to 2027. While the market's growth momentum accelerates at a CAGR of 5.06%, the estimated market growth from 2023 to 2027 stands prominent at USD 57.45 billion.

The market is structurally fragmented, and the year-on-year growth rate for 2022-2023 is posted at 4.11%. The analytical report sprawls across various regions, encapsulating APAC, North America, Europe, South America, and the Middle East and Africa, with APAC capturing 54% of the performing market contribution.

Notable countries at the forefront of this growth include the US, China, India, Japan, and the UK.

What's New in the Market?

Amid the constant updates, this report does not miss the effects of the Russia-Ukraine conflict, global inflation threats, recovery pathways from the COVID-19 pandemic, supply chain impediments, tensions in global trade, and potential recession risks on the market. In an ever-competitive landscape, the report also pitches in on the market presence across different geographical locations while boasting the market strength in each.

As part of the report's extensive coverage, the full report can be purchased to glean more about these burgeoning factors.

Segment Insights

The report categorizes the market by type, product, and geography. Notably:

1. Skincare products stand out, forecasted for robust growth due to a steady upsurge in skincare awareness. Starting at USD 46.71 billion in 2017, the industry projects a positive curve as demand clings to natural and organic products. The skincare industry receives a boost from escalating pollution levels and convenience through digitalization and online sales.

2. Regarding distribution channels, the offline segment still holds a solid base, encompassing specialty stores, hypermarkets, supermarkets, and convenience stores. Notwithstanding a dip from online competition, these stores maintain their position through expansion and strategic marketing and pricing.

Geographical Expansion and Growth Drivers

The geographical analysis of the Beauty and Personal Care Products market underlines APAC as a major growth contributor, responsible for 54% of the total expansion. Analysts attribute this surge to increased consumer awareness, a penchant for premium products, burgeoning disposable incomes, swift urbanization, and the spread of e-commerce. Dense population centers and strong economies like China and India set the scene for extensive market opportunities in the region.

Market Dynamics

One of the market's significant growth drivers includes the rising popularity of anti-pollution skincare products as a response to worldwide air pollution. Such products offer skin protection from pollutants, UV rays, and signs of aging while enhancing skin tone and hydration. High-demand clean beauty products like CHANEL's LE BLANC foaming cleanser exemplify the market's tendencies.

Interestingly, there's a discernible movement towards beauty and personal care products with natural ingredients. Nevertheless, the market's momentum could be hampered by the adverse health effects associated with chemical/synthetic components.

For more insights on the market's drivers, trends, and challenges, consider requesting a sample report.

Key Market Data Points

Within the Beauty and Personal Care Products Market report, expect to find vital information, including:

• The market's CAGR during the projected period.
• An in-depth look at factors that will propel market growth from 2023 to 2027.
• A precise prediction of the market size and its contribution to the parent market.
• Up-to-the-minute forecasts on upcoming trends and shifts in consumer behavior.
• The growth trajectory of the industry across regions such as APAC, North America, Europe, South America, and the Middle East and Africa.
• An exhaustive analysis of the market's competitive dynamics, along with comprehensive details concerning vendors.
• An overview of challenges poised to hinder the market growth of Beauty and Personal Care Products Market vendors.

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Analyst Review and Market Evolution

The beauty and personal caremarket is fast evolving, as seen through the lens of consumer behavior, where the spotlight is on Millennials and Gen Z's quest for skincare and haircare solutions. Reflecting on a paradigm shift, consumers are showing a marked preference for non-toxic, organic ingredients, paralleling a surge in the demand for vegan and organic cosmetics.

Diversification of sales channels is underway, with pharmacies, beauty salons, and online platforms becoming significant distribution avenues. Conventional channels like supermarkets and hypermarkets remain instrumental in reaching a wider audience.

Innovation remains a critical component, with R&D efforts aimed at organic, natural formulations. The market observes a string of mergers and acquisitions as it heads towards consolidation. However, manufacturers grapple with stringent regulations by authorities like the FDA and the European Commission, with compliance becoming a necessity.

Despite these challenges, the Beauty and Personal Care Products Market is flourishing with significant growth observed in regions like Asia Pacific, Europe, and North America. Companies vying for a spot in this sector need to stay on their toes, adapting to an ever-changing consumer and regulatory environment.

Conclusion: Beauty and Personal Care Market Overview

In summary, the global beauty and personal care products market is on an upward trajectory, reflecting an increasing focus on appearance and wellness. The demand for natural ingredients and organic products is rising, with consumers across the globe leaning towards sustainable and health-conscious choices. Diverse sales channels are opening the doors to greater convenience and accessibility for consumers.

Continual research and development into organic cosmetics and chemical-free formulations cater to consumer demands with changing perspectives on health implications. The industry witnesses strategic mergers and acquisitions, reshaping the competitive landscape, while regulatory bodies maintain a strict outlook on ingredient compliance and formulation regulations.

Overall, the beauty and personal care market is not just surviving but flourishing, with technological advancements spurring ongoing innovation. Brands aim to meet the evolving needs of a global consumer base, ensuring a dynamic and vibrant market landscape.

Further Reading: Related Reports

For additional perspectives on the beauty and personal care industry, here are some related reports:

• The Africa Beauty and Personal Care Market is expected to grow by USD 6.65 billion at a CAGR of 7.54% from 2023 to 2027.

• The Aromatherapy Market size is projected to expand at a CAGR of 10.24%, with an increase of USD 2,341.54 million between 2022 and 2027.

About Technavio

Technavio is a global frontrunner in tech research and advisory, striving to lead market trends and offering actionable insights to help businesses identify opportunities and craft effective strategies for optimal market positions. Their comprehensive report library consists of more than 17,000 in-depth studies, spanning across 800 technologies and 50 countries. Serving a diverse and growing client base, Technavio supports enterprises of all sizes, including numerous Fortune 500 companies.

For further information or queries, you can reach out to Technavio Research's Media & Marketing Executive, Jesse Maida, via email at jesse.maida@technavio.com, or visit their website at www.technavio.com.

SOURCE: Technavio