Herbal Beauty Products Market Trends

Growth Drivers

• Worldwide Emerging Influence of Social Media on Physical Appearance – Currently, social media have been playing a vital role in our day-to-day life in the perspective of our fashion sense, personal and beauty care, and even its affecting our way of thinking to understand the ethics of what does a beauty product do to enhance our features as well. Thus, the influence of social media is fueling the growth of the herbal beauty products market as people are more aware of their beauty and body image through social media and they want to use the latest and trending stuff to enhance their looks. For instance, it was observed in some studies, around 87% of women and 66% of men compare themselves to images they see on social media.
• Rising Trend of Preferring Natural Ingredients in Beauty Products – For instance, approximately 42% of individuals prefer to purchase those beauty products which have natural ingredients.
• Escalating Demand for Cruelty-Free Beauty Products – For instance, as per a 2019 consumer behavior study, nearly 39% of consumers preferred to buy cruelty-free beauty products.
• Worldwide Surging Trend of Vegan Cosmetics – For instance, till 2018, approximately 58% of individuals in United Kingdom have adopted vegan buying behavior while buying cosmetics products.
• Worldwide Increasing Per Capita Income - According to the World Bank statistics, global annual per capita income increased by 4.8% in 2021 contrasted to 1.5% in 2019.

Challenges

• High Price of Raw Materials of Herbal Beauty Products – owing to the unavailability of raw materials, and the complicated and time-consuming manufacturing process. Herbal beauty products are more expensive and premium-priced than synthetic beauty products.
• Increasing Count of Competitors
• Absence of Global Guidelines for The Use of Herbal Beauty Products