Global Beauty and Personal Care Products Market - 2023-2030

Global Beauty and Personal Care Products Market - 2023-2030

The Global Beauty and Personal Care Products Market reached US$ 487.5 billion in 2022 and is expected to reach US$ 624.2 billion by 2030, growing with a CAGR of 5.1% during the forecast period 2023-2030.

The drivers that are expected to generate positive beauty and personal care products market growth during the forecast period are the rising living standards, the optimistic possession of products that focus on dignity and social attention and the consumer shift towards luxury and ultra-premium brands. Consumers are turning to reputable, chemical-free products as a result of the long-term consequences associated with utilizing too many chemicals in personal care products, such as hair loss, greying, acne, colour change and other adverse effects.

Supermarkets and hypermarkets have become attractive distribution channels for the global beauty and personal care products market because they offer an extensive range of items under a single roof and are ideally located near residential areas for easy access. Growing internet usage and targeted marketing by companies to reach a larger audience have supported segment growth. Furthermore, large discounts and offers given by online platforms would increase the sales of beauty and personal care products in the market.

Market Dynamics

Growing Inclination Towards Chemical Free Products

Consumers are becoming more aware of the health hazards related to certain chemicals often found in cosmetics and personal care items. To capitalize on the growing interest in organic products, market manufacturers have revamped and expanded their product offerings by offering a wide range of organic skincare products featuring plant-based, clean-label ingredients, with claims such as organic, vegan, natural, free of chemicals and cruelty.

In April 2022, Shiseido, for example, released Ulé, a new skincare brand that sources pesticide-free botanicals from local vertical farms. As a result of the increased awareness of the benefits of natural skincare, customers are seeking eco-friendly, sustainable, natural skincare/personal care products with better product component transparency.

Rising Product Innovations

Companies want specifically customized solutions since today's consumers are intensely involved in their personal inheritance. Clariant AG launched BeautyForward No. 5 in May 2021, with the purpose of providing inspired formulas matched to emerging societal standards. It included mask-wearing skincare and moisturizing hand cleansers, as well as soothing formulas that emphasized the overlap between skincare and self-care.

Customers may now choose from a choice of solution-based kits or get customized formulations from data-driven platforms. They may even choose the kind of packaging for their branded items, including personalized labels. Customization increases brand loyalty, improves client pleasure and enables a robust data-collecting apparatus. The Easy Open Lid design for people with disabilities was introduced by Olay, a Procter & Gamble Company subsidiary, in November 2021.

High Costs of Products

Beauty and personal care products frequently include a wide range of components, including specialised and high-quality raw materials. The components may come from different locations or have unique features that give value to the products. Multiple intermediaries in the supply chain can lead to price escalations by the time the product reaches the end consumer.

Scarcity, exclusivity or strong demand for specific components can all contribute to pricing increases. According to research published in The Times by the British Retail Consortium and NielsenIQ, beauty prices are rising at the fastest pace in a decade. According to The British Beauty Council, the cost of shampoo has risen by 8% in the last year, while the cost of shower gel has climbed by 11%.

COVID-19 Impact Analysis

Following the COVID-19 outbreak, many had skin problems such as rashes and itching. People developed ailments such as hand dermatitis as a result of the over use of soaps and hand sanitizers. The doctors reported rashes as an outcome of the PPE kits. Because of all of these factors, the personal care sector has expanded post-COVID, as consumers prioritise skin care.

Retailer demand for new orders came to a halt as key marketplaces were shut down and commodities sales suffered significantly, both online and offline. People are increasingly implementing skin care, color cosmetics and hair care products in their regular personal care routines. In January 2020, legendary cosmetics firm Revlon released its PhotoReady Prime Plus Perfecting + Smoothing Primer, the first mass cosmetic product to fulfil the Environmental Working Group's (EWG) clean beauty criteria.

Russia- Ukraine War Impact

Transportation restrictions and lockdowns impacted the global supply chain. The Russian invasion has severely harmed the Ukrainian cosmetics sector, causing several manufacturers to suspend production and close their doors. Hundreds of local beauty and personal care product manufacturers, as well as foreign manufacturers like as L'Oréal, Henkel and Oriflame, are located in Ukraine's industrial hubs such as Kharkiv and Dnipro.

P&G halted operations in Ukraine to provide evacuation aid and financial support to its workers there. However, Russia's invasion and bombardment of major Ukrainian cities has effectively halted operations in this rapidly expanding local sector. According to UN projections, even if Ukraine's war ends early, the country's GDP will decline by 10%, putting many local producers out of work.

Segment Analysis

The global beauty and personal care products market is segmented based on type, product, distribution channel and region.

Rising Awareness of Benefits Using the Organic Products

The organic segment is expected to hold around 30% of the global beauty and personal care products market during the forecast period 2023-2030. Organic cosmetics are made with organically grown components, are healthy for the skin, are cruelty-free and help to maintain the environment and biodiversity. Rising public understanding of the benefits of using organic cosmetics is expected to improve consumer sales globally.

A growing number of manufacturers selling clean and organic beauty and personal care products is also expected to boost the market during the forecast period. Pour Le Monde, Pour Le Monde (PMPM), a skin care brand for acne-prone skin, was released in China in March 2020. It contains organic components such as baobab essence derived from the seeds of baobab plants in Madagascar.

Geographical Analysis

Growing Awareness of Facial and Hairstyling Products in Asia-Pacific

Asia-Pacific is anticipated to have highest growth in the beauty and personal care products market during the forecast period. Growing consumer awareness of cosmetic items such as face makeup, hairstyling and coloring products is likely to boost market expansion in the near future. Shiseido, one of the market's major cosmetics makers, launched Inryu, an ingestible beauty brand that seeks to improve skin health from the inside out, in November 2021.

The need for multipurpose products drives innovation as price-conscious buyers choose goods that provide hydration and skin protection. Companies are continuously advertising medical cosmetics, particularly on social networking platforms like Facebook, Twitter, YouTube and Instagram, where beauty bloggers are popular. Among the top competitors in the Asia-Pacific market are Beiersdorf AG, L'Oreal Group, Procter & Gamble, The Estée Lauder Companies Inc. and Unilever.

Competitive Landscape

The major global players include Unilever, The Estée Lauder Companies Inc., Kao Corporation, Shiseido Co., Ltd., Revlon, Oriflame Cosmetics S.A., Procter & Gamble, L’Oréal S.A., Avon Products, Inc. and Coty Inc.

Why Purchase the Report?
• To visualize the global beauty and personal care products market segmentation based on type, product, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of beauty and personal care products market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global beauty and personal care products market report would provide approximately 61 tables, 59 figures and 203 Pages.

Distribution Channel 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies