The global market for beauty and personal care products is pegged at USD 716.6 billion by 2025, says a report by Grand View Research.
Grand View Research, Inc., a US based market research and consulting company, has revealed strategic figures for the global beauty and personal care products market. According to the report, the market size in this category is anticipated to reach USD 716.6 billion by 2025. This translates into a CAGR of 5.9% during the forecast period.
Some of the key factors influencing this growth are as follows:
- Growing preference for natural and organic personal care (NOPC) products,
- Increasing adoption of Augmented Reality (AR) in the beauty industry, Growing demand for anti-ageing products,
- Increasing popularity of men’s grooming products
Convenience meets expertise
AR uses face and skin – mapping technology to show how products would look on individual consumers before they purchase them. Thus, they need not visit a physical store nor try the products on. This saves them time, making purchase process more convenient.
Growing awareness about health, wellness, and personal grooming and appearance among men is projected to account for a rise in the demand for men’s grooming products. This will boost the growth of the market over the forecast period, especially for products such as deodorants, hair care, and skin care, and bath and shower products.
The skin care/sun care product segment expanded at a moderate CAGR from 2014 to 2017 owing to increasing aging population and growing awareness about advantages of using anti-ageing products.
The Asia Pacific market accounted for the largest share of the market in 2017. It is expected to witness a significant gain in revenue share over the forecast period on account of its large population and the popularity of the e-commerce distribution channel across various industries in this region. Additionally, Japan, China, and India are expected to be the key contributors to the growth of the organic products segment in the region over the forecast period.
Key findings from the report suggest:
- The demand for the beauty and personal care products market is expected to increase owing to rising ageing population and growing consciousness to maintain youthful skin and a good appearance.
- The skin care/sun care segment is expected to register the highest CAGR of 6.2% over the forecast period
- The US, China, Japan, India, and Mexico are expected to witness considerable growth over the forecast period owing to robust industrial development and extensive urbanization.
- The key players in this market include Avon Products, Inc.; Beiersdorf AG; Coty Inc.; Kao Corporation; L’occitane International S.A.; L’Oréal Group; Procter & Gamble; Mary Kay Inc.; Shiseido Company, Limited; Unilever Revlon, Inc.; and The Estée Lauder Companies Inc.
Grand View Research has segmented the global beauty and personal care products market on the basis of product, distribution channel, type, and region.