Market Size of Beauty and Personal Care Products Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.64 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*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.
