UnivDatos Market Insights released a report titled, “Global Beauty and Personal Care Market By Product (Cosmetics, Skin Care, Personal Care, Fragrances), Source (Organic, Inorganic), Distribution Channel (Retail Stores, Hypermarkets, Pharmacies/Drug Stores, Online Retail Channels), Market Type (Organized, Unorganized) and Region (North America, Europe, Asia-Pacific and Rest of World) - Current Analysis and Forecast (2020-2026).” According to the analysis, the market is anticipated to reach the market valuation of US$ 684.9 billion by 2026 expanding at a reasonable CAGR of 4.67% in the course of the forecasted period (2020-2026) from US$ 482.1 billion in 2018.
The major factors driving the market include increasing investments by established players along with numerous start-ups. These have remarkably scaled up the potential for the industry, further leading a surge in demand for male grooming products such as shower and shaving products, men face cream and deodorants advanced technologies into their crop cultivation. For Instance, the per capital spent on beauty & personal care products in India was US$ 5.4 in 2012 which has increased to US$ 6.3 by the year 2015 and increasing significantly. However, unregulated beauty industry, negative environmental impact due to inorganic beauty products along with high costs of raw materials tend to restrict the growth trend of beauty and personal care market. The boosting performance of beauty and personal care market has also motivated the beauty industry to evaluate opportunities to collaborate and enhance their investments in beauty and personal care industry.
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COVID-19 Impact on Beauty and Personal Care Market
The impact of COVID-19 on beauty and personal care products expects that the consumer behavior and spending in 2020 will shift and lead to a reduction by consumers on discretionary expenses such as fragrances, hair styling products), in comparison to spending on necessities would be relatively protected. The demand for beauty products is expected to get affected as several other industries during the COVID-19 pandemic. Companies are predicting a shift towards products highlighting safety, transparency, and sustainability worldwide amid COVID-19 with skincare set to become a foundation of consumer’s health and wellness concerns.
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Based on products, the market is primarily bifurcated into
- Cosmetics(Face, Lips, Eyes, Nails)
- Skin Care(Face, Body, Sun Protection, Baby & Child)
- Personal Care(Hair Care, Oral Care, Deodorants, Shaving)
The skincare is the major product type for personal care products and accounts for a quarter of sales. The global personal care industry is rapidly changing based on multiple megatrends, each one of which affects both manufacturers and the chemical companies that supply ingredients.
Based on the source, the market is segmented into
Organic skincare products are manufactured with organic ingredients by utilizing sustainable practices. Since there are no harsh chemicals in these products, there is significantly less waste and toxins going down the drain and back into the earth.
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Based on the distribution channel, the market is segmented into
- Retail Stores
- Pharmacies/Drug Stores
- Online Retail Channels
In recent years, there has been a major shift towards more experiential in-store beauty environments. Retailers are experimenting with everything from in-store cafés and beauty treatment facilities to more immersive product discovery, which often utilizes in-store technology to create a seamless offline and online experience.
Based on market type, the market is segmented into
The organized channel drives the growth in the market, especially the super verticals within the online channel. Customers prefer super verticals for premium range products, horizontals for cross-category shopping with discounts and verticals to combine look shopping. The modern trade channel is also referred to as the organized market. With a higher variety of brands and products, conspicuous consumption, and regular tracking-pitching to customers, the modern trade channel is expected to grow significantly.
Global Beauty and Personal Care Market Geographical Segmentation Includes:
- North America (United States, Canada, Mexico and Rest of NA)
- Europe (Germany, United Kingdom, France, Russia and Rest of Europe)
- Asia-Pacific (China, Japan, India, Indonesia, Thailand and Rest of APAC)
- Latin America (Brazil, Argentina and Rest of Latin America)
- MENA (UAE, Saudi Arabia, Algeria and Rest of MENA)
The Asia-Pacific market accounted for the largest share in 2018 and is expected to witness significant growth in terms of revenue share over the forecast period on account of its growing urban population and the popularity of the e-commerce distribution channel across the region. India is the fastest-growing country in the beauty and personal care products market in the Asia-Pacific region.
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The major players targeting the market includes
- Estee Lauder
- Johnson & Johnson
- Oriflame Cosmetics SA
The report also includes competitive landscape along with the detailed company profiles of key market players. These players have adopted numerous growth strategies including innovative product launches, investment in R&D, partnership, mergers, etc. to sustain in the ever-growing beauty & personal care products market.