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Beauty And Personal Care Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global beauty and personal care products market was valued at USD 2,466.5 billion in 2022 and is projected to grow at a CAGR of 7.8% from 2023 to 2030. The increasing trend of rising living standards has led to an increase in the expenditure on beauty and personal care products. Moreover, the imbedding of social media platforms into people’s lives has further increased the demand for beauty and personal care products. Some of the key factors contributing to the growth of the market include the growing popularity of natural products, the increasing health consciousness of consumers, and the growing inclination towards chemical-free and sustainable practices.
The beauty and personal care products market is segmented into hair care, skin care, makeup, and fragrance. The hair care segment is projected to account for the largest share of the market in 2022 and is expected to grow at a faster rate than the other segments. The skin care segment is projected to growth at the highest CAGR between 2023 and 2030. This is mainly due to the increasing incidence of skin cancer and the resultant demand for skin care products. The makeup and fragrance segments are expected to grow at a faster rate than the other segments due to the increasing popularity of fragrances and the increased inclination towards glamorizing makeup.
Some of the key players in the beauty and personal care products market include Johnson & Johnson, Procter & Gamble, Unilever, and Walmart. These companies are mainly focus on the global market. Other prominent players in the market include Colgate-Palmolive, L’Oréal, and Amway.
The report provides an in-depth analysis of the market trends,growth drivers, restraints, and opportunities along with key trends and forecasts to 2022.
Product Insights
The beauty and personal care products market is expected to grow at a rate of 4.2% over the forecast period. Rising spending on personal care products by consumers globally is a key growth driver for the market. Increasing trend of healthy living and wellbeing, rising preference for natural and organic products, focus on skin and hair care among women, and growing demand from the geriatric population are some of the major factorsdriving the growth of the beauty and personal care products market.
The hair styling market is anticipated to grow at the fastest CAGR of 8.8% over the forecast period. Growing adoption of organic hair styling products, rising trends for grooming and styling, and the emergence of various hair colorants and hair styling brands are some of the key factorsdriving the hair styling market growth revenue.
Distribution Channel Insights
The premium segment captured the highest share of over 36% in 2022. The growth of the segment is mainly driven by the increasing consumer inclination towards high-quality beauty and personal care products. The luxury segment is estimated to Witness Significant Growth in 2022 as Luxury Consumers Continue To splurge on Quality Beauty and Personal Care Products.
The online segment is anticipated to expand at the highest CAGR of 13.1% over the forecast period. E-commerce development in the personal care and skincare industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in December 2022, Nykaa launched NykaaMan.com dedicated to men’s grooming. The website will offer brands across categories like shaving, hair care, grooming kits, bath & body, beard care, sexual wellness, and sports nutrition. In addition, it will also offer the best brands and products for men along with expert advice and opinions on choosing the best regime.
Type Insights
The beauty and personal care products market is estimated to be valued at USD 2.4 trillion by 2022, and is anticipated to grow at a CAGR of 6.7% from 2016 to 2022. In 2016, the beauty and personal care products market was valued at USD 1.8 trillion.
The personal care products segment is the largest market and is expected to account for more than 50% of the total market value in 2022. This segment is estimated to be valued at USD 1.6 trillion in 2016 and is projected to grow at a CAGR of 7.1% to 2022. The growth in the personal care products market is mainly attributed to the increasing demand for beauty products and extensions to the product category such as hair care and soap.
The beauty products segment is expected to grow at a faster pace than the personal care products segment and is anticipated to account for more than 30% of the total market value by 2022. This segment is projected to be valued at USD 1.2 trillion in 2016 and is expected to grow at a CAGR of 8.2% to 2022. The growth in the beauty products market is mainly attributed to the increase in the demand for skin and hair care products.
The fragrances and Essential Oils segment is expected to grow at the highest CAGR of 11.4% from 2016 to 2022. This is mainly due to the growth in the wellness and wellness-related trends and the increasing preference for natural and organic products.
Regional Insights
The beauty and personal care products market is estimated to be worth over $1,736.1 billion by 2022, growing at a CAGR of 6.5% from 2021 to 2022. The major factors driving the growth of the market are increasing adoption of international products across regions, growing health awareness and skin care trends, and increasing spending on luxury products.
North America is expected to account for the largest market share in 2022. The region is expected to witness the highestgrowth barDue to the rising popularity of luxury and premium products, the market in North America is expected to grow at a much higher rate than the rest of the regions. Developments, such as the increasing focus on wellness and health, and increasing spending on luxury products are expected to drive the growth of the market in North America.
The Asia Pacific is expected to grow at the fastest rate in the coming years owing to the increasing adoption of international products and increasing spending on luxury items. This growth is primarily driven by the increasing adoption of Japanese and Korean products across regions.
Europe is expected to witness moderate growth over the next few years, as the market is maturing and increasing competition from other regions is restraining revenue growth. However, the market is expected to witness a growth of over 6% by 2022.
Latin America is expected to witness smaller growth over the next few years as the market is still in the early stages of growth. However, the market is expected to grow at a CAGR of over 7% from 2021 to 2022. The growth is driven by the growing disposable income of consumers and the increasing demand for high-quality products.
Financial Projections
Beauty and personal care products are very popular and there is a lot of opportunity to make a lot of money with this type of business. In this section we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your beauty and personal care products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a beauty and personal care products business comes from sales of products. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, advertising, and licensing.
Projecting Expenses
In this section, all the regular expenses related to keeping the beauty and personal care products business running will be described. The list of operating expenses includes salaries, advertising and promotional costs, rent, utilities, and other running expenses.
Key companies & market share insights
Some of the major companies operating in the beauty and personal care products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In February 2022, L’Oréal announced that it would invest EUR 350 million in expanding its beauty products business in Europe.
– In July 2022, The Coca-Cola Company announced that it had acquired Ambre Solaire, a leading skin care brand in France.
– In October 2022, Beiersdorf announced that it would acquireclusivo, a leading Italian skincare brand.
– In December 2022, Unilever announced that it would acquireaturbo, a leading Italian personal care brand.
Some of the prominent players in the beauty and personal care products market include:
– L’Oréal SA
– The Coca-Cola Company
– Beiersdorf AG
– Unilever NV
– Estee Lauder Companies, Inc.
– Henkel AG
– Johnson & Johnson
– Procter & Gamble Co.
– Coty, Inc.
Global Beauty And Personal Care Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global beauty and personal care products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Cleansing Wipes
– Soap
– Face Scrub
– Facemasks
– Hair Shampoo
– Hair Conditioner
– Lip balm
– Fragrance
– Sunscreen
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Industrial & Laboratories
– Fine Cosmetic Stores
– Mass Consumer Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Personal Care
– Home Fragrance
– Industrial Fragrance
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Product positioning and customer-specific category specification has been a source of worry for the manufacturer. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers.
In the retail industry, design innovation is on the rise. Innovations in beauty and personal care products are expected to influence the beauty and personal care products market. Consumers are interested in items that bring simplicity, convenience, and speed to their normal routine, whether they be product improvements, design innovations, feature additions, or smart feature add-ons.
[Q]: Who are the Key Players in the Beauty And Personal Care Products Market?
[A]: L’Oréal S.A., Johnson & Johnson Consumer Inc., SkincareRX, Unilever PLC, and Procter & Gamble.
[Q]: Which Region Offers the Largest Opportunity for Sales of Beauty And Personal Care Products?
[A]: With an absolute dollar opportunity of $247 B (USD), Asia Pacific is expected to be lucrative for beauty and personal care products market.
[Q]: What are the factors driving the beauty and personal care products market?
[A]: Key factors such as the growth of the middle class, increasing spending on healthcare, and the increasing trend of lifestyle modifications are expected to drive market growth over the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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