Beauty And Personal Care Products Market Overview
The Beauty And Personal Care Products Market size is estimated to grow at a CAGR of 5.3% in 2022-2027 and is valued at US$ 759.6 billion in the year 2027. The demand for beauty and personal care products has seen steady growth in the past decade and will continue to do so primarily due to the overall improvement in quality of life and the shift in trend to more premium and luxury cosmetic brands. Some common examples of beauty and personal care products include facial toners, anti aging products, deodorants, hair dyes, sunscreens, and so on. In this report, we will take an in-depth look at the beauty and personal care products market industry outlook and analyze the market landscape, drivers, and challenges along with the beauty and personal care products top 10 companies within the forecast period of 2022-2027.
During the COVID-19 pandemic, many industries had suffered a tumultuous time, and it was no different for the beauty and personal care products market. Many governments across the globe implemented lockdown regulations and factories & production facilities in many sectors came to a halt. The supply chain was greatly disrupted as many businesses followed the lockdown protocols. The beauty and personal care products market saw a drastic decline during the pandemic. For example, according to L’Oréal, a global leader in the beauty and personal care industry, there was a decline of 8% year-on-year in the global cosmetics market in 2020. This was primarily affected during the initial stages of the pandemic, where there was a decline of 32% in cosmetic retail revenues according to BAIRD, an American multinational independent investment bank. However, the global situation has vastly improved as the majority of the world population has undergone vaccination governments are uplifting lockdown protocols. As such, the beauty and personal care products market is expected to grow significantly within the forecast period of 2022-2027.
Beauty And Personal Care Products Market Analysis – By Type
The Skin Care segment holds the largest share of 33% by type in the beauty and personal care products market within the forecast period of 2022-2027. A variety of products fall under this category such as serums for skincare, exfoliators, moisturizers, anti-aging creams, shaving creams, toners, cleansing lotions, facial masks, and so on. Skin care products are essential for maintaining good skin health by cleansing, toning, and moisturizing skin as well as exfoliating dead cells from the skin. This helps in balancing the skin pH, hydrating the skin, and helps in the removal of dirt and excess sebum from pores. One of the key driving factors for skincare is the increase in demand for skin hygiene during the pandemic as the world population adopted a cleaner lifestyle. Other types of beauty & personal care products include hair care, oral care, body care, perfumery, decorative cosmetics, and sun care products.
Beauty And Personal Care Products Market Analysis – By Raw Material
The organic segment held the largest share in the beauty and personal care products market in 2021. In the beauty and personal care products market, organic compounds are widely preferred over inorganic compounds as most organic compounds prove to be more eco-friendly and do not pose a threat to human health, unlike some inorganic compound substitutes. Some common types of organic raw materials used in beauty and personal care products are vitamins, amino acids, and proteins, which not only nourish the body but also are environmentally friendly and biodegradable. Thus, due to such advantageous properties the beauty and personal care products comprising of organic raw materials are estimated to drive the growth of the beauty and personal care products market within the forecast period 2022-2027.
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Beauty And Personal Care Products Market Analysis – By Geography
The Asia-Pacific region holds the largest share of 45% by geography in the beauty and personal care products market within the forecast period of 2022-2027. The region has observed an increase in concerns regarding skin problems and countries in the region are investing in promoting a healthier lifestyle and hygienic living brought about by personal care products and regimes. According to L’Oréal, one of the leading global beauty and personal care product brands, the Asia-Pacific region accounted for 43% of the global cosmetic market in 2020. Additionally, according to the International Trade Administration (ITA), the beauty and personal care market of Vietnam is valued at USD$ 2.3 billion in 2021 and is expected to grow at a CAGR of 5.9% through 2025. As such, the growing demand for beauty and personal care products in the Asia-Pacific region is expected to be a great driver for the beauty and personal care products market within the forecast period of 2022-2027.
Beauty And Personal Care Products Market Drivers
Surging demand for anti-aging products will drive the growth of the market:
A surge in demand for anti-aging products proves to be one of the major driving factor behind the growth of beauty and personal care market. Skin-aging has proven to be one of the biggest global concerns for the mass population. Studies have also shown that stress, tension, and anxiety are dominant causes for skin aging, which has especially been a cause for concern during the covid-19 pandemic. This has led to a significant rise in demand for anti-aging products. Some common active anti-aging ingredients include vitamin A, vitamin C, peptides, hyaluronic acid, and hydroxy acids like glycolic, citric, and lactic acid, which not only help rejuvenate the skin, but are also eco-friendly and have no side effects. Due to this, there is a growing demand for these beauty products.
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The integration of nanotechnology in beauty and personal care products:
Nanotechnology has presented new avenues in the field of beauty and personal care products and has brought about various benefits for consumers. For instance, nanotechnology in cosmetics has been shown to help in increasing both entrapment efficiency and dermal penetration of active ingredients. They also provide substantial control of drug release, enhance physical stability, improve moisturizing power, and provide better UV protection. Moreover, extensive research and development in the incorporation of nanotechnology in beauty and personal care products is propelling the demand in the beauty and personal care industry. For instance, in December 2021, Nano Au Veda, an Indian-based cosmeceutical skin care brand, developed a nano-gold serum which will deliver ayurvedic benefits and amplify its effects on the skin. The integration of nanotechnology in beauty and personal care products proves to be a great driver for the beauty & personal care product market within the forecast period of 2022-2027.
Beauty And Personal Care Products Market Challenges
Harmful effects of certain inorganic compounds and various regulations limiting the production of personal care and cosmetic products:
One of the key challenges for the beauty and personal care products market is the potential health hazards of certain inorganic compounds that are used in beauty and personal care products. For instance, polyfluoroalkyl substances (PFAS), which are a persistent class of chemicals and are highly toxic, are added to cosmetics to increase their durability and water resistance. As such, the need for global regulations, such as the regulation EC 1223/2009 for the European Union (EU) and the Cosmetic Directive (ACD) for the Association of South East Asian Nations (ASEAN), arose. These regulations are put in place to help ensure that cosmetic products are meeting all the necessary health and safety regulations by placing prohibitions on specific ingredients and are following specification and labelling requirements.
Beauty And Personal Care Products Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Beauty and Personal Care Products top 10 companies include:
- The Procter & Gamble Company (Olay)
- The Estée Lauder Companies Inc.
- L’Oréal S.A.
- Beiersdorf AG
- Shiseido Company, Limited
- Hindustan Unilever Limited (Lakme)
- Colgate-Palmolive Company
- Johnson & Johnson Inc.
- Kao Corporation
- Revlon, Inc
- On December 8, 2021, L’Oréal announced an agreement to acquire Youth of the People, an American Skincare company based in California. Youth of the People develops, and markets high-performance skincare products known for formulas that combine premium vegan blends of superfood extracts and science.
- On November 4, 2021, Olay, a subsidiary of the Procter & Gamble Company, introduced the Easy Open Lid design which is designed for people with disabilities. This product design will be incorporated into Olay’s most popular products which are available in jars, to make the product more accessible.
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- The Asia-Pacific region will dominate the global beauty and personal care product market within the forecast period of 2022-2027, due to the rising investments in the personal care sector to promote a healthier lifestyle and hygienic living.
- Skin care beauty and personal care products are the most used type of beauty and personal care products in the market due to their various properties that help in maintaining and improving the quality of the skin.
- The key players in the competitive landscape of the Beauty and Personal Care Products Market are The Estée Lauder Companies Inc., L’Oréal S.A., Beiersdorf AG, The Procter & Gamble Company (Olay), and Hindustan Unilever Limited.
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