Beauty and Personal Care Products Market

Beauty and Personal Care Products Market Overview:

The global beauty and personal care products market size reached US$ 506.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 759.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2024-2032. The changing user preferences and lifestyle conditions of the masses, increasing demand for transparent and clean label skincare products, and rising usage of anti-aging products to reduce the appearance of fine wrinkles are some of the factors supporting the growth of the market.

Beauty and Personal Care Products Market Analysis:

• Major Market Drivers: The market is experiencing moderate growth because of the increasing demand for effective and affordable skincare products among the masses. Moreover, the changing user preferences and lifestyle conditions are encouraging more people to have a proper skincare routine.
• Key Market Trends: Major trends include the increasing development of organic and natural skincare products and the heightened demand for potent anti-aging products.
• Geographical Trends: Asia Pacific represents the largest segment owing to the rising popularity of Korean skincare products providing flawless skin and increasing disposable incomes of individuals in the region.
• Competitive Landscape: Some of the major market players in the beauty and personal care products industry include Avon Products (Natura & Co), Beiersdorf AG, Colgate-Palmolive Company, Johnson & Johnson, Kao Corporation, L'Oréal S.A., Mary Kay Inc., Procter & Gamble Company, Revlon, Inc. (MacAndrews & Forbes), Shiseido Company Limited, The Estée Lauder Companies Inc., and Unilever plc.
• Challenges and Opportunities: Challenges include the excessive regulatory scrutiny and compliance requirements, along with the heightened demand for transparency. However, the increasing number of individuals willing to invest in effective skincare products is expected to overcome these challenges.
   

Beauty and Personal Care Products Market Trends:

Changing user preferences and lifestyle

One of the primary drivers of this market is the evolving preferences and lifestyles of people worldwide. Individuals are focusing on taking care about their appearance and well-being than ever before. With access to a wider variety of products and information, individuals are becoming more conscious of personal grooming and hygiene. Besides this, the surge in the collection of personalized beauty care is one of the factors driving beauty and personal care products market demand. Brands can customize product recommendations to specific skin types, concerns, and desired end results due to technological advances like artificial intelligence (AI) and machine learning (ML). For example, personalized skincare brand Curology announced the addition of a hair care category with its newest innovation in 2024. This hair care range has telehealth, personalization, and multi-ingredient compounding aspects for hair growth.

Rising trend of natural and organic products

People are becoming more health-conscious about the many synthetic chemicals traditionally found in beauty and personal care products, which can be harmful to their skin. This awakening is what spurs the growing demand for natural and organic solutions. The trend has seen an increase in terms of the number of individuals looking for plant-based ingredients, cruelty-free manufacturing, and sustainable packaging. This change in user behavior is encouraging many brands to reformulate their products accordingly. For example, Anherb Natural launched their new product line in the cosmetics industry, in 2023. Its items are all natural, safe, and offer exceptional results.

Aging population and anti-aging products

The population of the world is getting older, especially in more developed regions. As people grow old, they start to worry about the radiance of their skin. This produces a high demand for anti-aging and skin care products due to the growing aging population. In recent days, people want products with retinol and hyaluronic acid or peptides because they provide flawless and youthful looking skin. Furthermore, advancements in dermatology and cosmetology are leading to the development of innovative anti-aging treatments and products. Moreover, the growing demand for anti-aging products, including moisturizers, serums, and toners that help reduce wrinkles, fine lines, and age spots, provides a positive prospect to the beauty and personal care product market outlook. In December 2023, COSRX announced the launch of The Retinol 0.3 Cream on Amazon.

Beauty and Personal Care Products Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, product, pricing, distribution channel, and end user.

Breakup by Type:

• Conventional
• Organic
   

Conventional dominates the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes conventional and organic. According to the report, conventional represented the largest segment.

Affordability and accessibility drive the demand for mainstream or conventional beauty and personal care products. Conventional choices tend to be more economical, and this trend often draws price-conscious buyers. Conventional products are also more easily accessible to consumers who do not live in a city or near specific stores such as specialty organic shops. In addition, some people might choose conventional products as they trust long-standing established brands and proven formulations which support this market segment. For example, John Legend launched a unisex skincare brand, Loved01, in the year 2023. The brand designed a skincare range that can be categorized as affordable.

Breakup by Product:

• Skin Care
• Hair Care
• Color Cosmetics
• Fragrances
• Others
   

Skin care holds the largest share of the industry

A detailed breakup and analysis of the market based on the product have also been provided in the report. This includes skin care, hair care, color cosmetics, fragrances, and others. According to the report, skin care accounted for the largest market share.

As per the predictions of the IMARC Group, the global skincare products market is expected to reach US$ 230.1 billion by 2032. The growing awareness about skincare and self-care is influencing the demand for beauty and personal care products. Increased awareness about the need to take care of skin, not only as a cosmetic aid but also in terms of overall well-being and health, has catalyzed the demand for skincare products. Pollution, stress, as well as lifestyle choices, have made people more vigilant towards the need for optimum skincare products, which is inducing growth.

Breakup by Pricing:

• Mass Products
• Premium Products
   

Mass products represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the pricing. This includes mass products and premium products. According to the report, mass products represented the largest segment.

The demand for mass beauty and personal care products caters to budget-conscious individuals who seek quality products without the premium price tag. In line with this, mass-market brands often benefit from economies of scale, allowing them to offer competitive prices while maintaining reasonable product quality, impelling the beauty and personal care products market growth. Furthermore, mass beauty products are readily available in various retail channels, including supermarkets and drugstores, making them convenient for consumers seeking quick and convenient shopping experiences. The combination of affordability and accessibility makes mass beauty and personal care products an attractive option for a broad user base, bolstering their demand.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Specialty Stores
• E-commerce
• Others
   

Supermarkets and hypermarkets exhibit a clear dominance in the market 

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes supermarkets and hypermarkets, specialty stores, e-commerce, and others. According to the report, supermarkets and hypermarkets accounted for the largest market share.

The convenience and one-stop shopping experience offered by supermarkets and hypermarkets make them a popular retail channel among individuals. People appreciate the ability to browse a wide array of products under one roof, making it easy to compare brands and prices. In addition to this, these retail outlets often provide promotional offers and discounts, incentivizing shoppers to purchase beauty and personal care items while doing their regular grocery shopping. This convenience, along with the opportunity to discover new products and the immediate availability of essentials, makes supermarkets and hypermarkets a preferred distribution channel for many people.

Breakup by End User:

• Male
• Female
   

Female dominates the market

The report has provided a detailed breakup and analysis of the market based on the end user. This includes male and female. According to the report, female represented the largest segment.

The evolving societal norms and increased awareness about self-care are catalyzing the demand for beauty and personal care products among females. Moreover, according to an article published on Civic Science in 2023, women are more than 2 times likely to have a skincare routine than men. As a result, beauty and personal care brands have started offering more gender-specific products, catering to female users. Furthermore, the rise of grooming trends among women and the promotion of self-expression through beauty products have further increased the demand for these items, making them a part of everyday routines for females.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest beauty and personal care products market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for beauty and personal care products.

The Asia Pacific market is experiencing remarkable growth, primarily driven by transition to urban lifestyles and heightened emphasis on personal grooming and appearance. This, in confluence with the influence of social media, celebrity endorsements, and the desire for flawless beauty standards, is propelling the demand for cosmetics, skincare, and hair care products. Additionally, the Asian market is characterized by a strong preference for natural and herbal ingredients, which has led to the development and popularity of products catering to these preferences. Moreover, there is an increase in the preference for Korean skincare products among the masses, as they provide flawless skin. For instance, Korean skincare brand Skin1004 launched its skincare items in the Indian market on Reliance Retail's beauty platform Tira Beauty in March 2024.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the beauty and personal care products industry include Avon Products (Natura & Co), Beiersdorf AG, Colgate-Palmolive Company, Johnson & Johnson, Kao Corporation, L'Oréal S.A., Mary Kay Inc., Procter & Gamble Company, Revlon, Inc. (MacAndrews & Forbes), Shiseido Company Limited, The Estée Lauder Companies Inc., Unilever plc, etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key market players are adopting several strategic initiatives to enhance their business performance and maintain competitive advantage. Leading companies are heavily investing in research activities to innovate and introduce new, high-quality products that meet evolving user preferences. This includes the development of natural, organic, and clean beauty lines, which cater to the growing demand for healthier and environment friendly options. Additionally, beauty and personal care products companies are leveraging advanced technologies such as AI and ML to offer personalized beauty solutions, thereby improving customer satisfaction and loyalty. Moreover, major players are expanding their digital presence and e-commerce capabilities to reach a broader audience and streamline the purchasing process. This includes enhancing online platforms for direct-to-consumer sales and utilizing social media and influencer partnerships to boost brand visibility and user engagement. Several companies are also focusing on mergers and acquisitions (M&As) and partnerships to enhance their position in the industry. For instance, Estee Lauder in June 2024 completed the acquisition of DECIEM Beauty Group Inc.

Beauty and Personal Care Products Market News:

• August 2023: L’Oréal announced that it had completed the acquisition of the distinctive luxury beauty brand, Aesop, in accordance with the terms announced on 3rd April 2023.
• August 2023: Kao Corporation announced that it had signed an agreement to acquire the Bondi Sands, a renowned Australian sun product company that specializes in self-tanning, suncare, skincare, and body products.
• March 2023: Gillette Venus, a wholly owned subsidiary of Procter & Gamble launched its first-ever dermaplaning skincare regimen, complete with a trio of products for an easy three-step dermaplaning routine.

Beauty and Personal Care Products Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, beauty and personal care products market forecasts, and dynamics of the market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the beauty and personal care products industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.