Beauty And Personal Care Products Market Size to grow by USD 50.9 billion between 2024-2028
According to a research report “ Beauty And Personal Care Products Market” by Product (Skincare products, Haircare products, Color cosmetics, Fragrances, Others) Channel (Offline, Online) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 50.9 billion, at a CAGR of 4.37% during the forecast period. The issue of air quality degradation, driven by urbanization, industrialization, and vehicular emissions, poses a significant challenge for governments and individuals worldwide. Air pollution incidents, both outdoor and indoor, have become increasingly frequent and severe. Indoor air quality is of particular concern due to the presence of volatile organic compounds (VOCs), smoke, pollens, and allergens. As a result, the demand for anti-pollution skincare products, which shield the skin from the harmful effects of pollutants or mitigate their impact, has surged in response to this global air quality crisis..
Browse market data tables, figures, and in-depth TOC on “Beauty And Personal Care Products Market” by Product (Skincare products, Haircare products, Color cosmetics, Fragrances, Others) Channel (Offline, Online) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Product, the Skincare products segment is projected to dominate the market size in 2024
The skincare segment is projected to exhibit a consistent growth trajectory throughout the forecast period, driven by the increasing global awareness of the significance of skincare. This segment offers a vast array of products from numerous brands, with consumers increasingly willing to invest in premium skincare solutions. In response, manufacturers prioritize product innovation and new launches to cater to evolving customer demands and expand their customer base. Despite steady growth, the market remains competitive, necessitating continuous improvement to meet the expectations of discerning consumers.
By Channel, Offline segment is expected to hold the largest market size for the year 2024
In the Beauty and Personal Care Products Market, offline distribution channels generate revenue through the sale of merchandise in specialty stores, such as grocery and baby product outlets, brand-owned and multi-brand retailers, and personal care stores. Additionally, revenue is derived from hypermarkets, supermarkets, convenience stores, and clubhouse stores. However, the offline segment has experienced a gradual decline due to the increasing trend towards online shopping. To counteract this, manufacturers are expanding their brick-and-mortar presence in local and regional markets to boost sales. These players sell their products through a variety of retail formats, including specialty stores and other distribution channels.
APAC is forecasted to hold the largest market size by region in 2024
The Beauty and Personal Care Products market represents a significant and growing business sector. Companies in this industry produce a diverse range of items, including skincare, makeup, hair care, and fragrances, catering to consumers' increasing demand for self-care and enhancement. Market size and growth are driven by factors such as population growth, urbanization, and changing consumer preferences towards natural and organic products. Companies must navigate regulatory requirements, competition, and supply chain challenges to succeed in this dynamic industry.
The Beauty And Personal Care Products Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The skincare market is experiencing a significant shift towards organic beauty products as consumers become more health-conscious and environmentally aware. The Organic Beauty Products segment is projected to grow at a CAGR of 11.8% from 2021 to 2028. The European Commission's acquisition activities and mergers in the industry indicate a strong focus on product innovation and natural formulations. DIY beauty treatments and home-made remedies are also gaining popularity, especially among younger generations like Gen Z and millennials. The demand for ecofriendly products, vegan cosmetics, and nontoxic ingredients is driving this trend. The cosmetics industry, which includes hair care, color cosmetics, and skin care, is expected to reach USD862.61 billion by 2023. Sales channels are expanding beyond traditional retail stores to include e-commerce platforms and specialty stores. Male consumers are also increasingly becoming a significant market for beauty and personal care products. The market for men's grooming products is projected to reach USD166.5 billion by 2024. The skincare market is expected to continue its growth trajectory, fueled by the increasing awareness of the importance of self-care and the desire for healthy, radiant skin. The use of natural ingredients and organic ingredients is becoming a key differentiator for brands in this market.
Market Research Overview
The Beauty and Personal Care Products market is witnessing a significant shift towards natural and organic formulations, with an increasing demand for mushroom extracts and Vitamin C in skincare. Brands like Mycelium Glow and Shroom Skincare are leading the charge with mushroom-based skin care, using ingredients like Reishi and Chaga to address various skin concerns. Neon Hippie, Pacifica, and Shinehigh Innovation are also popular names in the organic beauty space. International trade and e-commerce platforms have facilitated the accessibility of these specialty products, with NARS Cosmetics and conventional beauty brands also introducing natural formulations to cater to the changing consumer preferences. However, the skincare market is not the only sector witnessing this trend. Haircare products are also seeing a surge in demand for ecofriendly and vegan cosmetics. The European Commission's acquisition activities, such as the merger between L'Oréal and ESW, reflect the industry's focus on product innovation and catering to the needs of consumers, particularly Gen Z and millennials. DIY beauty treatments and home-made remedies using natural ingredients continue to be popular, but consumers are also turning to professional products to address hair problems caused by chemical filters, PEG, nanoparticles, silicones, parabens, and other synthetic ingredients. Male consumers are also increasingly interested in the beauty and personal care market, with sales channels expanding to include specialty stores and online platforms. The demand for nontoxic and natural ingredients is driving the growth of this market, as consumers become more conscious of the side effects of conventional beauty products.
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