Beauty and Personal Care Products Market size was over USD 560.4 billion in 2023 and is expected to reach USD 1318.2 billion by the end of 2036, witnessing around 6.8% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of beauty and personal care products is evaluated at USD 598.6 billion.
The increasing prevalence of hair-related disorders such as alopecia, psoriasis, and dandruff is a key factor boosting the beauty and personal care product market growth. The rising trend towards self-care is further anticipated to fuel the sales of personal care and cosmetic products across the world throughout the forecasted period.
According to an article published by the National Library of Medicine (2023) alopecia areata, an immune medication condition affects around 2% of the global population. The same source also reveals that the prevalence of alopecia is high in kids compared to adults. Stress and anxiety are some of the major reasons leading to alopecia areata growth.
Alopecia areata or hair loss is more common in females. According to an article published by Harvard Medical School in April 2024, around one-third of women suffer from hair loss in their lifetime. Thus, all the above statistics aid in understanding the rising prevalence of alopecia and the increasing importance of hair care, which subsequently are driving the sales of hair care products.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.8% |
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Base Year Market Size (2023) |
USD 560.4 billion |
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Forecast Year Market Size (2036) |
USD 1318.2 billion |
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Regional Scope |
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Type (Conventional, Organic)
The conventional beauty and personal care products market held a robust share of 86% in 2023 and are expected to continue its dominance between 2024 and 2036. Cost-effectiveness and easy availability are the main factors influencing the sales of conventional beauty and personal care solutions. Compared to organic beauty and personal care products conventional ones are affordable and available with pricing flexibility.
Product (Skin Care, Body Skin Care, Hair Care, Color Cosmetics, Fragrances, Others)
The skin care products segment held 34.5% of the global beauty and personal care products market share in 2023 and is anticipated to rise at a significant CAGR during the forecast period. The increasing consciousness of physical appearance and the craze to look good is driving the sales of skin care products such as lotions, soaps, face creams & moisturizers, face wash, scrubs, and masks.
Manufacturers are aligning with modern beauty trends and are innovating and introducing advanced and effective skin care products such as essential oils, retinoids, and hyaluronic acid. Furthermore, the personalization trend is increasing demand for skin care products for specific skin types and tones.
Our in-depth analysis of the beauty and personal care products market includes the following segments:
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Type |
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Product |
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Distribution Channel |
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Asia Pacific Market Analysis:
The beauty and personal care products market in Asia Pacific is expected to account for 40% of the revenue share during the forecast period. The presence of international as well as regional beauty and personal care product brands offers a wide range of options. Asia Pacific has a strong presence of two types of consumers; those inclined towards modern and innovative solutions and others with natural and herbal preferences. This type of consumer base creates lucrative opportunities for beauty and personal care products to earn more. Japan, South Korea, China, and India are some of the leading marketplaces in this region.
The market in India is primarily driven by Western beauty and social media trends. The increasing proliferation of social media platforms is a factor in enhancing beauty and self-care product sales. The growing urbanization led by changing lifestyles is also fuelling the demand for beauty and personal care solutions in India.
China’s strong e-commerce sector is promoting the sales of beauty and personal care products. Online shopping platforms have made it easy to buy premium cosmetics and body care products at affordable rates. Moreover, the increasing influence of K-beauty is further pushing the adoption of Korean beauty products in China.
North America Market Analysis:
North America is anticipated to be a fast-growing market for beauty and personal care products owing to the presence of tech-savvy consumers pushing the sales of AI-powered beauty and personal care devices in the region. The strong presence of industry giants and the continuous production of innovative beauty and personal care products are also boosting North America market growth.
The U.S. is one of the highest GDP per capita countries worldwide. Consumers in the U.S. spend robust amounts on innovative and advanced beauty and personal care products. In 2022, L'Oréal S.A. invested around USD 3.0 billion in advertising in the U.S.
Followed by the U.S., Canada is an opportunistic market for beauty and personal care product producers. Personal care items such as perfumes, deodorants, lotions, kinds of toothpaste, and shampoos are widely consumed in Canada, compared to skin care products. Price is one of the prime factors influencing the purchasing decisions of Canadians. According to the International Trade Administration, the U.S. exporters of beauty products also earn high profits in the Canada market.
The U.S. Commercial Service continuously follows the trends and fluctuations in the Canada market, which aids U.S. beauty and personal care product manufacturers in deciding and implementing their marketing strategies accordingly.
The beauty and personal care products market is strongly competitive with the presence of established companies and emerging start-ups. Key players in the beauty and personal care products market are adopting several organic and inorganic tactics such as new product launches, digital marketing, partnerships & collaborations, mergers & acquisitions, and regional expansion. Industry giants are introducing advanced and smart beauty and personal care products to reach a wider consumer base and attract new ones.
Leading companies are also partnering with other players to increase their market reach. Collaborations with research institutions and cosmetologists are leading to the development of innovative beauty products. Market players are also collaborating with social media influencers and celebrities to increase product sales.
Author Credits: Parul Atri
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