Global beauty and personal care products Market

Beauty and Personal Care Products Market Size, Share, Growth Analysis, By Products(Skincare, Haircare, Makeup, Fragrance), By Distribution Channels(Supermarket, Speciality stores, Drug Stores and Online), By Region - Industry Forecast 2024-2031

Report ID: SQMIG30L2134 | Region: Global | Published Date: April, 2024
Pages: 198 | Tables: 65 | Figures: 78

Beauty and Personal Care Products Market Insights

Global Beauty and Personal Care Products Market size was valued at USD 0.52 trillion in 2022 and is poised to grow from USD 0.56 trillion in 2023 to USD 1.02 trillion by 2031, at a CAGR of 7.8% during the forecast period (2024-2031).

For millennials, beauty and personal care goods like skin care, colour cosmetics, and hair care are becoming an essential element of everyday grooming. The market has been growing as natural, non-toxic, and organic cosmetics have been introduced. accessibility of these cosmetic products through a variety of sales channels, including specialty shops, pharmacies, and beauty salons. Also, it is projected that there will be significant growth prospects due to the growing emphasis that male consumers are placing on skin care and grooming in order to improve their physical appearance and better take care of their skin. An increase in research and development expenditures for innovative and useful products is also encouraging for market expansion. Beauty and personal care products has significantly increased. The availability of several brands across product categories, combined with rising income levels, has raised consumer awareness of beauty and personal care.

In addition, the market sells a wide variety of goods, including, among other things, male toiletries, deodorants, skincare, bath and shower items, and colour cosmetics. The number of people living to relatively later ages has significantly increased because to technological and medical advancements. As a result of population distribution that is tilted towards the older generation, Western countries must deal with the medical, financial, and social repercussions years. As a result, there is a sizable market for consumer goods, particularly for people in their fifties and sixties. The skin can be negatively impacted by a number of chemicals used as ingredients in cosmetics and personal care products. Similar to this, prolonged and intensive use of haircare products containing harsh chemicals can cause a variety of hair issues, including hair loss, early greying, and dry and lifeless hair. One of the key problems restricting the expansion of conventional beauty and personal care products is the growing consumer knowledge of the potential adverse effects of using such products.

US Beauty and Personal Care Products Market is poised to grow at a sustainable CAGR for the next forecast year.

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Beauty and Personal Care Products Market size was valued at USD 0.52 trillion in 2022 and is poised to grow from USD 0.56 trillion in 2023 to USD 1.02 trillion by 2031, at a CAGR of 7.8% during the forecast period (2024-2031).

beauty and personal care products in this industry, there are numerous domestic and foreign competitors, and they have been concentrating on tactics like innovation and the introduction of natural, organic, and vegan beauty and personal care goods in the retail space. 'L'Oreal Group', 'Unilever Group', 'Procter & Gamble Co.', 'Estee Lauder Companies Inc.', 'Shiseido Co. Ltd.', 'Beiersdorf AG', 'Johnson & Johnson', 'Avon Products Inc.', 'Kao Corporation', 'Colgate-Palmolive Company', 'Revlon Inc.', 'Coty Inc.', 'Henkel AG & Co. KGaA', 'Oriflame Cosmetics SA', 'Mary Kay Inc.', 'Natura Cosmeticos SA', 'LVMH Moet Hennessy Louis Vuitton SE', 'Chanel SA', 'Amway Corporation', 'Yves Rocher SA', 'In March 2024, FOReT, a PeTA-approved vegan fashion brand committed to sustainability, revealed its strategic expansion through numerous new retail collaborations, both online and offline. This milestone underscores the brand's mission to democratize sustainable fashion. FOReT's products are now accessible on Ajio Luxe, Pernia’s Pop-Up Shop, Amala Earth, Jaypore, Okhai, and Shop the Lnk online platforms, as well as offline at Como Collective and Marai Cafe in Goa. ', 'In February 2024, HYPHEN, a skincare brand born from a partnership between industry leader PEP Technologies and Celebrity Entrepreneur Kriti Sanon, continues to make waves in the Indian skincare industry. Known for its dedication to streamlining skincare regimens by blending natural elements with scientific innovation, HYPHEN debuts its latest offering, the Retinal Reset Serum, as its inaugural release of the year. ', 'In November 2023, Reliance Beauty & Personal Care, a subsidiary of Reliance Retail Ventures, completed the acquisition of Arvind Beauty Brands Retail. This acquisition grants Reliance exclusive rights to enhance and expand the presence of beauty retailer Sephora in India. The transaction amounted to Rs 99.02 crore, with an enterprise value of Rs 216 crore, covering the equity stake sale and loan repayment. Reliance now gains control of Sephora's 26 stores across 13 Indian cities from Arvind Fashions, with intentions to further grow the brand's reach in the country. Sephora initially ventured into the Indian market in 2012.'

For governments and residents alike, controlling air quality around the world continues to be very difficult. Globally, the state of the air has gotten worse due to urbanisation, industrialisation, and vehicular pollution. The demand for anti-pollution skin care products rises as air pollution increases globally because these products can reduce or avoid the impact of air pollution on skin health. Anti-aging treatments help moisturise the skin, reduce the appearance of wrinkles, creases, and age spots, as well as improve skin tone, protect against ultraviolet (UV) radiation, and boost collagen formation. Hives and eczema are two skin disorders that can be brought on by air pollution. Manufacturers of hygiene and beauty goods are being pushed to concentrate more on creating remedies that can proactively prevent skin damage due to the damaging effects of air pollution on the skin These anti-pollution treatments also assist in enhancing skin oxidation and shield skin from harmful air pollution. As a result, during the projection period, these variables are anticipated to fuel market expansion.

Rise of cosmetics and personal care items made with natural components: The demand for goods made with natural components has increased as people become more conscious of their health and the dangers of toxic chemicals found in beauty and hygiene products. Customers are searching for items with fewer harsh chemicals and a lower chemical content. As a result, manufacturers are putting more effort into developing cosmetics and personal care items without parabens, toluene, formaldehyde, synthetic scents, dibutyl phthalates (DBP), chemicals derived from petroleum, and sulphates. Using harsh chemicals excessively in skin care products can have negative health implications, including skin allergies, skin irritation, and skin cancer. As a result, the industry presents substantial growth potential for suppliers of natural and organic care goods. Thus, the launch of products containing natural components will have a beneficial impact on the market's growth during the coming years.

The Asia-Pacific region dominated the market. This is due to the growing number of working women in nations like China and India, as well as their increasing interest in and purchasing power for cosmetics and personal care items. Additionally, it is anticipated that over the course of the projection years, the growing young population in these nations—which has access to the internet—will present enormous prospects for the expansion of the regional market.

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Global beauty and personal care products Market

Product ID: SQMIG30L2134