Personal Care Market Size to grow by USD 169.7 billion between 2023-2027
According to a research report “ Personal Care Market” by Distribution Channel (Offline, Online) Product (Skincare products, Haircare products, Color cosmetics, Oral care products, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 169.7 billion, at a CAGR of 6.4% during the forecast period. The men's personal care market segment has experienced significant growth and innovation in 2022, expanding beyond traditional offerings of face wash and moisturizers. Brands are introducing new product lines catering to male consumers, such as CavinKare Group's entry into the Indian men's grooming market with its new brand Biker's, offering beard oil, beard cream, and shower gel. Additionally, there is a growing trend towards gender-neutral makeup lines, responding to the increasing demand from male consumers seeking personal care options. Brands are embracing inclusivity, recognizing the potential of this expanding market.
Browse market data tables, figures, and in-depth TOC on “Personal Care Market” by Distribution Channel (Offline, Online) Product (Skincare products, Haircare products, Color cosmetics, Oral care products, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample
By Distribution Channel, the Offline segment is projected to dominate the market size in 2024
In the personal care market, skincare products such as serums, moisturizers, cleansers, toners, body lotions, and sunscreens cater to the cleansing and protective needs of the skin. Premium and luxury skincare brands in developed economies like the US, France, and Canada have capitalized on this trend by offering personalized skincare solutions. Consumers, with disposable income to spare, are increasingly opting for these customized offerings. Brands employ expert-created questionnaires and artificial intelligence to match consumers with ideal skincare formulas. The skincare industry has witnessed a surge in demand for natural and organic products in 2022, reflecting a growing consumer preference for healthier and eco-friendly options.
By Product, Skincare products segment is expected to hold the largest market size for the year 2024
The global personal care market primarily relies on offline distribution channels for sales, accounting for a significant portion of revenue generation. This distribution network encompasses various retail formats, including specialty stores, hypermarkets, supermarkets, convenience stores, warehouse clubs, drugstores, salons and spas, department stores, and medical clinics and institutes. In 2022, specialty stores emerged as the highest revenue-generating retail format within the offline distribution channel for personal care products. Medical clinics and institutes play a crucial role in driving sales through their professional recommendations for customized hair growth solutions, enhancing hair volume and density, and improving hair coloring, among other benefits.
APAC is forecasted to hold the largest market size by region in 2024
The personal care market in Asia Pacific (APAC) is characterized by intense competition, driven by the presence of leading players such as Kao Corp. and Shiseido Co. Ltd. These key vendors prioritize innovation and product development to align with evolving market trends. Consummers in countries like China, Japan, South Korea, and others, particularly the Millennial working population, exhibit a strong preference for premium, high-quality, and organic personal care products. In emerging economies like India and China, the penetration of premium personal care is expanding beyond urban areas due to shifting lifestyles.
The Personal Care 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 personal care market is a vast industry that includes beauty salons, pharmacies, specialty stores, and online retailers. With an increasing awareness of adverse side effects caused by chemicals in cosmetics, consumers are shifting towards organic and natural personal care products. Brands like Boohoo and Mozo are leading the charge with their organic ingredients, non-toxic formulations, and clean labels. Hair care and skin care are the largest segments of this market, with an emphasis on multifunctional products that contain natural ingredients such as plant extracts, natural oils, and organic components. These ingredients offer the benefits of chemical-free alternatives, including antioxidants, vitamins, and essential nutrients. Millennials, in particular, are driving the demand for natural and organic formulations, as they prioritize health and wellness. This trend is not limited to color cosmetics but extends to vegan beauty ranges and synthetic cosmetics that are free from harsh chemicals. Australian women are also embracing this shift, with an increasing number of organic skincare products available in pharmacies and specialty stores. The use of natural ingredients like tea tree oil, kakadu plum, and manuka honey is becoming more common in personal care products, providing consumers with effective and sustainable options for their beauty needs.
Market Research Overview
The personal care market is experiencing significant growth due to various factors, including rising disposable incomes, convenience, and increasing health consciousness among consumers. Supermarkets and hypermarkets, online stores, drug stores, convenience stores, and specialty stores are all vying for a share of this lucrative industry. Deodorants and fragrances, hair care products, and skincare products are among the most popular categories, with consumers seeking special offers and multifunctional products. Regulations regarding chemicals and adverse side effects have led to a growing demand for eco-friendly and vegan cosmetics, made with natural and organic ingredients. Brands like Boohoo and Mozo are innovating with clean labels, natural oils, plant extracts, and organic skincare products. Beauty salons and pharmacies also offer a wide range of cruelty-free, chemical-free, and natural/organic formulations. The haircare products market and skincare market are particularly popular among millennials, who prefer DIY beauty treatments and male consumers seeking high-quality grooming products. Product innovation continues to drive the industry, with an emphasis on sustainability, health, and convenience. Despite the growing trend towards natural and organic cosmetics, synthetic cosmetics remain popular, particularly in color cosmetics. Consumbers in Australia, like women around the world, are seeking out vegan beauty ranges and organic components to enhance their beauty routines.
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