Beauty and Personal Care Products Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|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 525.61 billion in 2023 and is expected to reach USD 659.32 billion by 2028, registering a CAGR of 4.64% over the next five years.
Millennials are increasingly using beauty products like color cosmetics as part of their regular grooming routines. For instance, as of 2021, according to financial comparison service provider Mozo, the average Australian woman spent approximately USD 3,600 on beauty and personal care products yearly. The simple accessibility of these cosmetic items through various sales channels, with the increased emphasis on personal grooming, aided the sales value. Furthermore, the emergence of cosmetics with natural, non-toxic, and organic components helped the market expansion. With the rising awareness about the harmful effects of chemicals and synthetic products, consumers are inclined toward organic personal care products. It is expected to drive market growth during the study period. Besides this, companies are capitalizing on consumers' demands to expand their share and consumer base in the market. For instance, in February 2022, a United Kingdom-based fashion company, Boohoo, launched a vegan beauty range of more than 50 products. Boohoo Beauty's cosmetics line includes highlighter sticks, blush, setting sprays, cosmetic palettes, and others available exclusively.
Beauty and Personal Care Products Market Trends
Inclination toward Natural/Organic Formulations
The growing concerns regarding the side effects of chemicals in personal care products, leading to skin irritation, allergies, and dullness, fueled 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 harm the skin. Natural skincare and cosmetic products that are free from chemicals and transparent about the content are preferred by consumers. This factor resulted in a shift in preference from synthetic skincare products to organic products among consumers.
To capitalize on this growing interest, manufacturers are revamping and expanding their product offerings by introducing a wide range of organic skincare products. These products contain plant-based, clean-label ingredients with organic, vegan, natural, chemical-free, and cruelty-free claims. For instance, in April 2022, Shiseido revealed a new skincare brand, Ulé. It sources pesticide-free botanicals from local vertical farms. The dissemination of knowledge related to the benefits of natural skincare led consumers to seek eco-friendly, sustainable, natural skincare products that offer greater product ingredient transparency. Furthermore, the growing trend of organic concepts through online stores for bio-cosmetic products is expected to boost the growth of the natural and organic beauty and personal care products market.
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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. It is primarily due to the growing demand for color cosmetics, as many people unleash the potential of cosmetics in their daily makeup routine. Hence, the significant players are intensely embarking on product innovation and mergers and acquisitions as their prime strategy to consolidate the market. For instance, in April 2023, Personal care and beauty brand The Body Shop launched its 'activist' product range in the Indian market. The new line strengthens the brand's sustainable commitment in the country with a selection of skin products and color cosmetics.
Furthermore, growing awareness regarding cosmetics products, such as facial makeup, hairstyling, and coloring products, with increasing demand for clean labels and natural ingredients, is expected to drive the market shortly. The need for multifunctional products is driving innovation as price-conscious consumers are opting for products that provide hydration and skin protection. The trend of social media influencers showcasing their beauty regimens increased over the past few years. Thus, both local and international beauty companies are turning to influencers to increase their brand awareness and reach potential consumers. For instance, in September 2022, as part of its global expansion, the Honest Company, a clean lifestyle company founded by Jessica Alba, launched its business in China. To capitalize on the relatively small but rising demand for sanitary beauty products, the digitally native company created a flagship store on Tmall Global, Alibaba Group's cross-border e-commerce platform. Chinese shoppers can purchase skin care and color cosmetics from Honest's brand, Honest Beauty. Shoppers on Tmall Global can select from various stock-keeping units, including its Extreme Length Mascara + Lash Primer and Hydrogel Cream, a face cream enriched with hyaluronic acid.
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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 international players in the market like Procter & Gamble, Unilever, L'Oréal SA, Colgate-Palmolive Company, and Estée Lauder Inc. Demand is mainly driven by more adaptation toward skincare routines and consumer awareness about brand know-how. The companies improved the quality and product innovation regarding ingredients, functionality, and packaging. The key players are embarking on mergers, acquisitions, 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 market.
Beauty and Personal Care Products Market Leaders
The Procter & Gamble Company
The Estee Lauder Companies
*Disclaimer: Major Players sorted in no particular order
Beauty and Personal Care Products Market News
- January 2023: Lakme cosmetics brand launched new lipstick shades suitable for Indian skin tones. The products include Lakme Absolute Matte Revolution Lip Color in blushing red, cheek color-nude, and MP18 Plum Pick.
- May 2022: Estée Lauder with Shoppers Stop opened an exclusive SS Beauty store in Mumbai. With this establishment, the two companies strengthened their partnership in India. The SS beauty store offers products from 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: Visible White O2. The company found this in a premium personal care segment and aims to target a specific customer range through this product.
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
4.1.1 Inclination toward Natural/Organic Formulations
4.1.2 Influence of social media and Impact of Digital Technology
4.2 Market Restraints
4.2.1 Presence Of Counterfeit Products
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
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
18.104.22.168 Hair Care Products
22.214.171.124.3 Hair Oil
126.96.36.199.4 Hair Styling And Coloring Products
188.8.131.52.5 Other Hair Care Products
184.108.40.206 Skin Care Products
220.127.116.11.1 Facial Care Products
18.104.22.168.2 Body Care Products
22.214.171.124.3 Lip Care Products
126.96.36.199 Bath And Shower
188.8.131.52.1 Shower Gels
184.108.40.206.3 Bath Salts
220.127.116.11.4 Other Bath And Shower Products
18.104.22.168 Oral Care
22.214.171.124.1 Toothbrushes And Replacements
126.96.36.199.3 Mouthwashes And Rinses
188.8.131.52.4 Other Oral Care Products
184.108.40.206 Men's Grooming Products
220.127.116.11 Deodorants And Antiperspirants
5.1.2 Cosmetics/Makeup Products
18.104.22.168 Facial Cosmetics
22.214.171.124 Eye Cosmetics Products
126.96.36.199 Lip and Nail Makeup Products
5.2 Distribution Channel
5.2.2 Convenience Stores
5.2.3 Pharmacies/Drug Stores
5.2.4 Specialty Stores
5.2.5 Online Retail Channels
5.2.6 Other Distribution Channels
5.4.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
5.4.4 South America
126.96.36.199 Rest of South America
5.4.5 Middle East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 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
What is the study period of this market?
The Beauty and Personal Care Products Market is studied from 2018 - 2028.
What is the growth rate of Beauty and Personal Care Products Market?
The Beauty and Personal Care Products Market is growing at a CAGR of 4.64% over the next 5 years.
What is Beauty and Personal Care Products Market size in 2028?
The Beauty and Personal Care Products Market is valued at 622 Billion USD in 2028.
Which region has highest growth rate in Beauty and Personal Care Products Market?
Asia-Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Beauty and Personal Care Products Market?
Asia-Pacific holds highest share in 2022.
Who are the key players in Beauty and Personal Care Products Market?
The Procter & Gamble Company, L'Oreal SA, Unilever PLC, Colgate-Palmolive Company, The Estee Lauder Companies are the major companies operating in Beauty and Personal Care Products Market.
Personal Care Industry Report
Statistics for the 2023 Beauty and Personal Care Products market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Beauty and Personal Care Products analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.