Beauty And Personal Care Products Market size to grow by USD 57.45 billion from 2023-2027, APAC to occupy 54% market share, Technavio

NEW YORK, March 28, 2024 /PRNewswire/ -- The Global Beauty and Personal Care Products Market size is estimated to grow by USD 57.45 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  5.06% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 54%. 

For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) 

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What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong

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Segment Overview
Technavio has segmented the market based on type, Product (Skincare products, Haircare products, Color cosmetics, Fragrances, and Others) and Geography (APAC, North America, Europe, South America, and Middle East and Africa). 

• The skincare products segment is poised for significant growth, driven by global skincare awareness. Valued at USD 46.71 billion in 2017, this segment continues to expand, propelled by increasing demand for natural and organic options. Rising pollution levels also boost demand for skincare essentials. Additionally, digitalization and online availability further fuel market growth. These factors collectively drive the segment's positive trajectory during the forecast period.
• The offline distribution channel encompasses specialty stores, hypermarkets, supermarkets, convenience stores, and others. Despite a decline due to online shopping trends, players are expanding stores and enhancing pricing and assortment strategies. Specialty stores lead the offline segment, with hypermarkets and supermarkets following closely. Despite market share loss, innovative marketing will stabilize growth.

Geography Overview
By geography, the global beauty and personal care products market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global beauty and personal care products market.

• APAC is poised to drive 54% of global market growth. Analysts cite rising consumer awareness, premium product demand, and factors like growing disposable incomes, urbanization, and e-commerce expansion as key drivers. With dense populations and robust economies like China and India, APAC presents significant market opportunities.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) 

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Market Dynamics

The growing popularity of anti-pollution skincare products is a major factor driving the market growth:

The increasing demand for anti-pollution skincare products arises from escalating air pollution worldwide. These products shield against harmful pollutants, UV rays, and aging, offering improved skin tone and hydration. Examples like CHANEL's LE BLANC foam cleanser demonstrate the growing interest in such solutions, propelling market growth.

• The emergence of beauty and personal care products with natural ingredients is a major trend in the market. 
• Adverse health effects of chemical/synthetic ingredients is a major concern hampering the market growth.

Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021) and forecast period (2023 to 2027)

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What are the key data covered in this Beauty And Personal Care Products Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Beauty And Personal Care Products Market between 2023 and 2027
• Precise estimation of the size of the Beauty And Personal Care Products Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Beauty And Personal Care Products Market industry across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Beauty And Personal Care Products Market vendors

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Analyst Review:

The global Beauty and Personal Care Products Market continues to evolve, driven by shifting consumer preferences and advancements in research and development. Consumers, particularly Millennials and Gen Z, increasingly prioritize appearance and well-being, leading to a surge in demand for skincare and haircare solutions. 

An emerging trend is the demand for products featuring non-toxic and organic ingredients, reflecting growing concerns about sustainability and health. Vegan and organic cosmetics are gaining traction, as consumers seek safer alternatives with fewer side effects. 

Sales channels have diversified, with pharmacies, beauty salons, and e-commerce platforms becoming prominent avenues for product distribution. Additionally, supermarkets and hypermarkets play a crucial role in reaching a wider consumer base.

Innovation remains at the forefront, with companies investing in research and development to create natural formulations and leverage advanced technologies. Merger and acquisition activities are prevalent, facilitating market consolidation and enhancing production capabilities.

However, stringent regulations from bodies like the FDA and European Commission pose challenges for manufacturers, necessitating compliance with quality and safety standards. 

Despite these obstacles, the Beauty and Personal Care Products Market is thriving, with regions like Asia Pacific, Europe, and North America witnessing substantial growth. Companies operating in this sector must adapt to changing consumer trends and regulatory landscapes to maintain competitiveness and capitalize on emerging opportunities.

Market Overview:

The global beauty and personal care products market is experiencing steady growth, driven by evolving consumer preferences and increasing focus on appearance and well-being. Color cosmetics remain popular, especially among millennials and Gen Z consumers, who value cosmetics for self-expression. There's a growing demand for products with natural and organic ingredients, reflecting consumer trends towards sustainability and health consciousness. Sales channels for beauty and personal care products include specialty stores, pharmacies, and beauty salons, offering consumers convenience and accessibility. Research and development in the industry focus on organic cosmetics and formulations with fewer chemicals to minimize side effects. Production and supply chains are adapting to meet the rising demand, with mergers and acquisitions shaping the competitive landscape. Regulatory bodies like the European Commission oversee regulations on ingredients and formulations, particularly those related to natural ingredients. Specialty stores and supermarkets/hypermarkets are key distribution channels catering to consumer preferences for natural formulations and diverse product offerings. Advanced technologies continue to drive innovation in beauty and personal care products, meeting the evolving needs of consumers worldwide.

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The Aromatherapy Market size is estimated to grow at a CAGR of 10.24% between 2022 and 2027. The aromatherapy market size is forecast to increase by USD 2,341.54 million. 

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SOURCE Technavio