Beauty and Personal Care Products Market Regional Analysis:
Asia Pacific Market Insights
Asia Pacific industry is anticipated to account for largest revenue share of 40% by 2035. 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 Insights
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.
