Beauty And Personal Care Products Industry | Forecast 2030
The economic value generated by the beauty and personal care products industry was estimated at approximately USD 518.56 billion in 2022. Rising consumer awareness regarding personal grooming, hygiene, and appearance has led to a growing demand for beauty and personal care products worldwide. Consumers are increasingly seeking products that enhance their physical appearance and well-being.
Consumer preferences and trends play a significant role in shaping the beauty and personal care market. Shifts towards natural and organic products, sustainable packaging, and cruelty-free formulations are gaining momentum. Consumers are also demanding personalized and innovative products to cater to their specific needs. This is expected to propel market growth over the forecast period.
Access the Global Beauty And Personal Care Products Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Asia Pacific dominated the beauty & personal care products market in 2022 with a revenue share of around 40%. Asia Pacific is expected to remain the largest regional market and witness the fastest growth over the forecast period due to the rapidly growing population thus leading to higher demand for high-quality beauty and personal care products for overall comfort. In countries like China and India, the market is experiencing significant growth due to an increase in the number of working women and their growing interest and purchasing power for beauty products. Additionally, the young population in these countries, who have internet access, presents substantial opportunities for the market's expansion in the coming years.
Color Cosmetics Market Insights
The global color cosmetics market size was valued at USD 57.2 billion in 2018. Rising spending on personal grooming, changing lifestyle, and improved purchasing power among women are among the factors driving the market. Countries such as U.S., Germany, China, India, and Brazil are some of the key markets.
High investment on advertising and marketing initiatives including promotions on social networking platforms and endorsements by celebrities have increased brand awareness and visibility among the consumers. Expansion of the digital marketing has been an important driver of this industry. Manufacturers are collaborating with the social influencers for their marketing and press strategies. This strong digital campaign has been shifting the shopping behavior of the consumers towards the e-commerce portals.
Instagram, YouTube, Facebook, Twitter, Pinterest, and the Beauty Blogs are the main digital marketing channels, which are influencing the consumers to try new cosmetic products. For instance, the Google search for “foundation for me” has been doubled during 2013 to 2018. Thus, the digital platform is a crucial marketing tool for the producer, where they directly interact with the consumers.
Over past few years, the demand for organic beauty products has grown significantly. Growing awareness regarding animal health and environment protection is fueling the demand for organic products. Furthermore, shifting consumer preference towards the usage of organic products due to rising concerns over harmful effects associated with synthetically derived cosmetics is driving the market across the globe.
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Fragrance Market Insights
The global fragrance market size was valued at USD 70.70 billion in 2018 and is anticipated to register a CAGR of 3.7% during the forecast period. The rising importance of personal hygiene and grooming among both men and women is expected to remain one of the key driving factors. Also, increasing awareness regarding physical fitness among adults has increased the number of gym-goers and thus, in turn, will promote the demand for body odor controller products, such as deodorants.
Deodorants and perfumes have seamlessly become essential day-to-day personal care products, playing a significant role in personal grooming. Urbanization coupled with the improving living standards among middle-class income groups of developing countries including India, Thailand, China, Vietnam, Brazil, and Argentina is anticipated to expand the scope of growth. Moreover, rising demand for exotic and floral scents majorly from the young and teenage consumers is expected to remain a favorable factor for the industry.
Rising disposable income of the customers in developing countries including India, Indonesia, Thailand, and China leads to the rising spending on personal care products for better health hygiene. Furthermore, an increasing number of working women and awareness regarding cosmetic products encourages the demand for personal grooming products.
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Also, increased spending on attractive packaging, advertisement, and promotional activity by FMCG companies including P&G and Unilever have increased the market visibility of fragrance products. Application growth of fragrance products including sprays, candles, incense sticks, and gels in the household industry is anticipated to act as a key market driver. Also, shifting consumer preference towards aromatherapy is expected to expand the industry size.
List of key companies analyzed in this section include:
Unilever, The Estée Lauder Companies Inc., Shiseido Co., Ltd., Revlon, Procter & Gamble, L'Oréal S.A., Coty Inc., Kao Corporation, Avon Products, Inc., Oriflame Cosmetics S.A., Beiersdorf AG, L’Occitane International SA, Colgate-Palmolive, Mary Kay Inc., Amway Corporation, Chanel, Henkel AG & Co. KGaA, LVMH (Moët Hennessy Louis Vuitton), The Body Shop, Oriflame Cosmetics, Natura & Co
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