Beauty And Personal Care Products Market Growth & Trends
The global beauty and personal care products market size is expected to reach USD 937.1 billion by 2030 at a CAGR of 7.7% over the forecast period, according to a new report by Grand View Research, Inc. Natural and organic substitutes are gaining traction among a sizable number of consumers, driven by rising consumer awareness related to the harmful effects of chemicals on the skin. The use of organically produced ingredients in the formulation of cosmetics is likely to surge in the coming years. This, in turn, is anticipated to fuel the market growth during the forecast period.
Beauty and personal care products are available in a wide variety to suit the requirements of a varied set of consumers. Increased investments in research and development have led to the launch of new beauty and body care variants by leading players in the market. The demand for natural ingredients in skincare and haircare products is increasing rapidly owing to their various benefits, such as protecting skin from harmful chemicals that are usually found in conventional cosmetics.
By product type, the conventional segment held the largest share in 2021. This is due to the easy accessibility of conventional beauty and personal care products to consumers at low prices as compared to options available in the organic segment. However, rising consumer awareness and increasing adoption of organic alternatives will provide growth opportunities for manufacturers in the coming years.
The skincare segment accounted for the largest share in 2021. Rising consciousness related to physical appearance among consumers, especially millennials, has driven this segment, globally. Benefits such as skin rejuvenation and protection, anti-aging, anti-wrinkle, and acne treatment, have been driving the demand for skin care and personal care products among men and women.
The e-commerce segment is expected to register the fastest CAGR from 2022 to 2030. E-commerce retail sales are expected to witness substantial gains in the coming years on account of rising consumer spending, a growing population, and the wide availability of products. In addition, the introduction of mobile shopping apps, such as Amazon and Nykaa, along with the availability of safe and convenient payment gateways, are contributing to the growth of the online retail industry for skincare and other grooming products.
The market is fragmented in nature with the presence of a large number of international players and a few regional players. Many leading players focus on expanding their portfolio by launching innovative, effective, and natural beauty and grooming essentials in the market. Unilever; The Estée Lauder Companies Inc.; Shiseido; Revlon; L’Oréal S.A.; Coty Inc.; Procter & Gamble; Kao Corporation; Oriflame Cosmetics S.A.; and Avon Products, Inc. are some of the key players operating in the global market.
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Beauty And Personal Care Products Market Report
Report Attribute Details Market size value in 2022 — USD 518.6 billion Revenue forecast in 2030 — USD 937.1 billion Growth rate — CAGR of 7.7% from 2022 to 2030 Base year for estimation — 2021 Historical data — 2017–2020 Forecast period — 2022–2030
Beauty And Personal Care Products Market Report Highlights
The organic segment is projected to register the fastest CAGR of 8.7% from 2022 to 2030. Benefits offered by organic variants over conventional ones are expected to drive the segment during the forecast period
The color cosmetics segment is projected to register the fastest CAGR of 8.6% over the forecast period. The rising demand for color cosmetics to enhance one’s physical appearance, especially among the young population, is expected to boost the demand over the forecast period
During the forecast period, the e-commerce segment is expected to grow rapidly due to the increasing availability of a wide range of cosmetics and personal care essentials of different brands, free delivery, and seasonal discounts on e-commerce platforms such as Walmart and Amazon
Asia Pacific accounted for the highest market share in the global revenue in 2021. European consumers as well as consumers in China, India, Japan, and ASEAN countries are increasingly inclining toward beauty and personal care, which in turn, is fueling the growth of the market
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