Beauty And Personal Care Products Market size is set to grow by USD 57.45 bn from 2023-2027, growing popularity of anti-pollution skincare products boost the market- Technavio

NEW YORK, March 12, 2024 /PRNewswire/ -- The global beauty and personal care products market size is estimated to grow by USD 57.45 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  5.06% during the forecast period. The Beauty and Personal Care Products market, particularly in skincare, is forecasted for steady growth. With a wide range of brands and products available, heightened global awareness of skincare drives expansion. Consumers increasingly favor high-end skincare for superior quality, prompting manufacturers to innovate and expand their offerings to meet evolving demands.
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This report breaks down the global beauty and  personal care market by product type, channel, and region, providing an overview and analyzing market trends. It uses data from 2022 to estimate market figures for 2023 to 2028, offering essential insights into the current size and future growth of the market. Additionally, the report covers market characteristics, major beauty and personal care companies, user preferences, and geographic opportunities. Regions covered include North America, Europe, Asia-Pacific, and RoW (South America, the Middle East, and Africa). Historical 2017 to 2022 and forecasts from 2023 to 2028 are provided for each segment, based on the regions.

Drivers

The global beauty and personal care products market is experiencing significant growth due to increasing consumer concerns over appearance and skin care. This includes the demand for anti-pollution skincare products, as well as color cosmetics and hair care items. Millennials and Gen Z are key consumers, favoring natural, non-toxic, and organic ingredients. Sales channels include specialty stores, pharmacies, and beauty salons, with male consumers also growing in importance. Research and development is a key focus, with trends toward vegan and organic cosmetics, sustainability, and advanced technologies. Regulations by entities like the FDA and European Commission impact production and supply. Merger and acquisition activities and product innovation drive market competition. Natural formulations and DIY beauty treatments are also popular. The market is segmented into skincare, haircare, and distribution channels, with key markets in Asia Pacific, Australia, Europe, North America, and Canada. International trade administration and Canadian skincare market regulations also influence the industry. Beauty and personal care products companies continue to adapt to consumer trends and preferences.

Trends

The global beauty and personal care products market is experiencing a shift towards natural and non-toxic ingredients due to increasing consumer awareness and health concerns. Appearance-enhancing items, including skincare, color cosmetics, and hair care, are in high demand. Millennials and Gen Z lead this trend, favoring organic and vegan cosmetics. Sales channels include specialty stores, pharmacies, and beauty salons, catering to male consumers as well. Research and development is a key focus for product innovation using natural formulations and advanced technologies. Regulations by bodies like the FDA and European Commission impact production and supply. Merger and acquisition activities and the rise of DIY beauty treatments also influence the market. The skincare and haircare products markets are significant segments. Distribution channels include specialty stores, supermarkets and hypermarkets, and the e-commerce channel. The Asia Pacific, Australia, Europe, North America, and Canadian markets show growth in both the conventional and organic beauty and personal care products sectors. International trade administration plays a role in the Canadian skincare market. Chemicals with side effects continue to face scrutiny, driving consumer trends towards sustainability and natural ingredients.

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Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio