Beauty and Personal Care Market to be Valued at USD558.12 Billion by 2026
Growing concerns over appearance due to social media penetration is expected to drive the beauty and personal care market globally.
According to TechSci Research report, “Global Beauty and Personal Care Market By Product Type (Personal Care (Skin Care, Hair Care), Beauty Care(Makeup and Color Cosmetics, Beauty Tools and Accessories, Nail Care & Others)), By Distribution Channel (Departmental Stores/Grocery Retails, Specialty Store, E-Commerce, Pharmacies & Others (Institutional Stores, Experts Store, Salon)), By Region, Competition, Forecast and Opportunities, 2026”, the global beauty and personal care market has been valued at USD422.72 billion in 2020 and is forecast to reach USD558.12 billion by 2026F with the CAGR of 4.82%. The use of beauty and personal care products has witnessed a considerable increase, worldwide, due to various social, economic, and cultural changes across the globe. Growth in the market can be attributed to increasing disposable income, rising awareness related to hygiene, personal health, skin care, growing working females, and changing lifestyles of consumers. Social media is also considered one of the major driving factors of beauty and personal care market as many people have started their own youtube channels and instagram accounts to spread awareness among people related to beauty and personal care products. Social media has not only given broader market reach to brands but has also reinvented them. In beauty and personal care market, women are more likely to explore new products. They enjoy buying new products and new brands. Major beauty companies are acquiring smaller companies at very high values, which draws more founders and creativity every day. The major reason behind acquisitions is big beauty brands are threatened by the young, independent brands that consumers want now. Using data and customer input to create products for consumers, i.e., customization and personalization is the new trend in beauty and personal care market to retain the customer.
The global beauty and personal care market is segmented based on product type, distribution channel, company, and region. In terms of product type, the market can be segregated into personal care and beauty care. Out of these, personal care registered a market share of around 55% in 2020. Personal care products include skin care and hair care where skin care is dominating the market due to growing desire for self-care products. Beauty care products include makeup and color cosmetics, beauty tools and accessories, nail care others where makeup and color cosmetics hold 60% of market share because consumer use these to reduce age related imperfection.
In terms of distribution channel, the market is segmented into departmental stores/ grocery retails, pharmacies, e-commerce, specialty stores and others. Departmental stores are dominating the global beauty and personal care market. It is also witnessed that countries like India, China, UAE, Saudi Arabia, and South Africa have the highest demand for departmental stores/ grocery retails and pharmacies whereas e-commerce is the emerging trends in global beauty and personal care market. COVID-19 has changed the consumer buying pattern, as consumers have now shifted towards online channels for buying beauty and personal care products due to the closure of retails shops and companies taking safety measures while delivering products to consumers at home. Prompt and easy access to several online shopping sites through smartphones and the presence of popular beauty and personal care brands is boosting the target market growth globally. Secured online payments, easy navigation, customer support, user-friendly website designs, and easy return policy are some of the key factors of sales of beauty and personal care product through e-commerce. It is also found that there is a slight increase in the sales of beauty and personal products via salon and experts stores.
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In terms of regional analysis, the market is segmented into Asia-Pacific, Europe, North America, South America, and Middle East and Africa. Asia-Pacific is dominating the global beauty and personal care market followed by North America due to rising disposable income, increasing urbanization, growing female workforce, rising concern over self-care and well-being. The rural lifestyle and habits have started mirroring urban aspirations and lifestyle.
L’Oréal S.A., Unilever plc, The Estée Lauder Companies Inc., The Procter and Gamble Corporation, Shiseido Company Limited, Kao Corporation, Beiersdorf AG, Coty Inc., Avon Products, Groupe L’Occitane are the major leading players in the global beauty and personal care market.
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“Companies are constantly investing in terms of product innovation and brand development and are looking for personalized service. Like, L’Oréal introduced a prototype of the latest innovation from the L’Oréal Technology Incubator at the 2019 Consumer Electronics Show. My Skin Track pH by La Roche-Posav is the first wearable sensor and companion app to easily measure personal skin pH levels and create customized product regimens to better care for skin.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Beauty and Personal Care Market By Product Type (Personal Care (Skin Care, Hair Care), Beauty Care(Makeup and Color Cosmetics, Beauty Tools and Accessories, Nail Care & Others)), By Distribution Channel (Departmental Stores/Grocery Retails, Specialty Store, E-Commerce, Pharmacies & Others (Institutional Stores, Experts Store, Salon)), By Region, Competition, Forecast and Opportunities,”, has evaluated the future growth potential of beauty and personal care globally and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global beauty and personal care market.
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