Beauty and Personal Care Products Market Size
|Study Period||2018 - 2028|
|Market Size (2023)||USD 496.63 Billion|
|Market Size (2028)||USD 622.45 Billion|
|CAGR (2023 - 2028)||4.62 %|
|Fastest Growing Market||Asia-Pacific|
*Disclaimer: Major Players sorted in no particular order
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Beauty and Personal Care Products Market Analysis
The Beauty and Personal Care Products Market size is estimated at USD 496.63 billion in 2023, and is expected to reach USD 622.45 billion by 2028, growing at a CAGR of 4.62% during the forecast period (2023-2028).
After the outbreak of COVID-19 faced issues related to the skin, like rashes and itching. Due to the excessive use of soaps and hand sanitizers, people also contracted diseases like hand dermatitis. The doctors reported having rashes because of PPE kits. Due to all these reasons, the personal care market has grown post-COVID as people take care of their skin with utmost priority. The increasing awareness of customers about their appearance is one of the major reasons driving market expansion. Millennials increasingly use beauty and personal care items such as skin care, color cosmetics, and hair care as part of their regular grooming routine.
The emergence of cosmetics with natural, non-toxic, and organic components has also aided market expansion. With the growing demand for organic ingredients, consumers worldwide are inclined toward organic personal care products, which is expected to drive market growth during the study period. Furthermore, the rising awareness about the harmful effects of chemicals and synthetic products is another factor augmenting the development of the market. Most consumers tend to buy products with natural or organic labeling, which is driving the market growth.
Beauty and Personal Care Products Market Trends
This section covers the major market trends shaping the Beauty & Personal Care Products Market according to our research experts:
Growing Inclination toward Natural/Organic Formulations
The growing concerns regarding the side effects of chemicals in personal care products, which lead to ailments such as skin irritation, allergies, and skin dullness, have been fueling the demand for natural and organic skincare products. Prolonged use of synthetic cosmetics may cause various health issues, such as irritation, hormonal imbalance, and toxicity. However, cosmetic products made of organic ingredients, such as plant extracts and natural oils, do not leave any harmful impact on the skin. Natural skincare and cosmetic products that are free from chemicals and transparent about the content have been preferred by consumers, which is likely to drive demand for natural skin care products. This factor has resulted in a shift in preference from synthetic skincare products to organic products among consumers.
To capitalize on this growing interest, the manufacturers in the market have been revamping and expanding their product offerings by introducing a wide range of organic skincare products containing plant-based, clean-label ingredients, with claims such as organic, vegan, natural, chemical-free, and cruelty-free, among others. For instance, in April 2022, Shiseido revealed a new skincare brand Ulé, which sources pesticide-free botanicals from local vertical farms. Thereby, the dissemination of knowledge related to the benefits of natural skincare has led consumers to seek eco-friendly, sustainable, natural skincare/personal care products that offer greater product ingredient transparency.
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Asia-Pacific Emerges as the Fastest-growing Region
In the Asia-Pacific region, countries like China, India, Japan, Indonesia, and Vietnam present considerable growth opportunities for the market players, primarily due to the growing millennial population. Amid the growing prevalence of hair thinning, loss of volume, dryness, and several other hair-related concerns among consumers, hair care products are emerging as the most affluent and cost-effective way. Hence, the major players are intensely embarking on product innovation and mergers and acquisitions as their prime strategy to consolidate the market studied. For instance, in 2021, Kao Corporation, through its subsidiary Kao Salon Japan, launched its hair salon brand, Oribe, in Japan. The brand consists of 23 product line-ups that were made widely available in Japan.
Furthermore, growing awareness regarding cosmetics products, such as facial makeup and hairstyling and coloring products, is expected to drive the market’s growth in the near future. The demand for multifunctional products drives innovation as price-conscious consumers opt for products that provide hydration and skin protection. Companies are constantly advertising cosmetics that offer medicinal benefits, especially on social networking sites, such as Facebook, Twitter, YouTube, and Instagram, where beauty bloggers are trendy. Some of the major key players in the beauty and personal care products market in Asia- Pacific are Beiersdorf AG, L'Oreal Group, Procter & Gamble, The Estée Lauder Companies Inc., and Unilever, among others.
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Beauty and Personal Care Products Industry Overview
The global beauty and personal care market is highly competitive, with a strong presence of regional and global players in the market, where demand is mostly driven by more adaptation toward skincare routines and consumer awareness about brand know-how. The most active companies in the market include key players, like Procter & Gamble, Unilever, L'Oréal SA, Colgate-Palmolive Company, and The Estée Lauder Inc. L'Oréal SA is one of the most active companies, with numerous brand offerings and a broad range of beauty and skincare products across the region.
The companies have spent considerably on improving quality and product innovation in terms of ingredients, functionality, and packaging. The key players are embarking on merger and acquisition and product innovation as their key strategies to achieve consolidation and optimize offerings. Moreover, these players merge with local players to gain dominance in the local markets.
Beauty and Personal Care Products Market Leaders
The Procter & Gamble Company
*Disclaimer: Major Players sorted in no particular order
Beauty and Personal Care Products Market News
- May 2022: Estée Lauder with Shoppers Stop opened an exclusive SS Beauty store in Mumbai. With this establishment, the two companies have strengthened their partnership in India. The SS beauty store will offer only Estée Lauder brands like MAC Cosmetics, Clinique, Bobbi Brown, Jo Malone, Estee Lauder, Smashbox, and Tom Ford.
- March 2022: Colgate-Palmolive Company launched a new toothpaste, which is Visible White O2. This is an innovative whitening toothpaste that works from the inside out to lighten stains. The company has launched this in a premium personal care segment and aims to target a specific customer range through this product.
- January 2022: Procter & Gamble acquired the luxury skincare brand Tula, which would bolster the company’s prestige brand portfolio. Tula is a clean skincare brand powered by probiotic extracts and superfoods. As part of the acquisition agreement, P&G Beauty will support the Tula team to drive brand growth and support expansion and innovation.
Beauty and Personal Care Products Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Personal Care Products
220.127.116.11 Hair Care Products
18.104.22.168.3 Hair Oil
22.214.171.124.4 Hair Styling And Coloring Products
126.96.36.199.5 Other Hair Care Products
188.8.131.52 Skin Care Products
184.108.40.206.1 Facial Care Products
220.127.116.11.2 Body Care Products
18.104.22.168.3 Lip Care Products
22.214.171.124 Bath And Shower
126.96.36.199.1 Shower Gels
188.8.131.52.3 Bath Salts
184.108.40.206.4 Other Bath And Shower Products
220.127.116.11 Oral Care
18.104.22.168.1 Toothbrushes And Replacements
22.214.171.124.3 Mouthwashes And Rinses
126.96.36.199.4 Other Oral Care Products
188.8.131.52 Men's Grooming Products
184.108.40.206 Deodorants And Antiperspirants
5.1.2 Cosmetics/Makeup Products
220.127.116.11 Facial Cosmetics
18.104.22.168 Eye Cosmetics Products
22.214.171.124 Lip and Nail Makeup Products
5.2 Distribution Channel
5.2.1 Specialist Retail Stores
5.2.3 Convenience Stores
5.2.4 Pharmacies/Drug Stores
5.2.5 Online Retail Channels
5.2.6 Other Distribution Channels
5.4.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.4.4 South America
22.214.171.124 Rest of South America
5.4.5 Middle East and Africa
126.96.36.199 Saudi Arabia
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 L'Oréal SA
6.3.2 Procter & Gamble Co.
6.3.3 Unilever Plc
6.3.4 Colgate-palmolive Company
6.3.5 The Estée Lauder Companies Inc.
6.3.6 Natura & Co
6.3.7 Johnson & Johnson Services Inc.
6.3.8 Beiersdorf Ag
6.3.9 Shiseido Company Limited
6.3.10 Oriflame Cosmetics Global SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Beauty and Personal Care Products Market Research FAQs
How big is the Beauty and Personal Care Products Market?
The Beauty and Personal Care Products Market size is expected to reach USD 496.63 billion in 2023 and grow at a CAGR of 4.62% to reach USD 622.45 billion by 2028.
What is the current Beauty and Personal Care Products Market size?
In 2023, the Beauty and Personal Care Products Market size is expected to reach USD 496.63 billion.
Who are the key players in Beauty and Personal Care Products Market?
The Procter & Gamble Company, L'Oreal SA, Colgate-Palmolive Company, Unilever PLC and Gillette are the major companies operating in the Beauty and Personal Care Products Market.
Which is the fastest growing region in Beauty and Personal Care Products Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Beauty and Personal Care Products Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Beauty and Personal Care Products Market.
Personal Care Industry Report
Statistics for the 2023 Personal Care market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Personal Care analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.