Vancouver, Oct. 11, 2023 (GLOBE NEWSWIRE) — Global Beauty and Personal Care Market Size to Reach USD 5,373.09 Billion in 2032 | Emergen Research
Rising demand to blend beauty and wellness with the rapid adoption of cosmetics is a major factor driving beauty and personal care market revenue growth.
The global beauty and personal care market size was USD 518.62 Billion in 2022 and is expected to register a revenue CAGR of 18.5% during the forecast period, according to the latest analysis by Emergen Research. Businesses are working to create brand loyalty in consumers to increase sustainable growth. For instance, Florasis has taken the initiative by pioneering the co-creation model, which has gained widespread acceptance in the Chinese cosmetics industry. They involve hundreds of customers in blind tests conducted at different phases of product development. This approach guarantees a consistently successful product launch for the brand.
Consumers are now inclined toward products devoid of harmful additives and those that have not undergone animal testing. Major factors behind the global demand for vegan and cruelty-free products include increasing awareness and concern for animal welfare, the swift embrace of vegan and plant-based lifestyles, and a shifting preference toward clean and sustainable beauty options. Investments are flowing into the beauty and personal care industry, further driving the market revenue growth. Social media has placed considerable emphasis on the significance of one’s appearance, notably with the widespread trend of sharing selfies on platforms such as Instagram in the last decade. Consequently, millions of people proudly display their most recent hairstyles, beard grooming methods, and beauty routines. For instance, the beauty-related hashtag prevails on Instagram, with an astonishing 490 million posts. In addition, a noteworthy discovery is that 86% of the top 200 beauty-related videos on YouTube were created not by brands, but by regular users.
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The trend toward medicalizing the beauty industry is on the rise, driven by consumer demands for companies to provide evidence for their claims. Brands are elevating their value by concentrating on products centered around particular ingredients and making investments in technology to produce both ingredients and devices that can enhance sales. The newest product offerings integrate advanced methods such as DNA sequencing, biological engineering, and fermentation to create innovative ingredients and beauty solutions.
Manufacturers in the beauty and personal care sector are engaging in mergers, collaborations, and other arrangements to minimize their environmental impact, as consumers in this area increasingly prefer sustainable goods. As per a survey conducted in 2022, 50% of Chinese participants indicated their readiness to pay extra for products with a traceable and transparent source, while 45% are willing to do the same for items made from recycled or environmentally friendly materials.
Demand for multifunctional beauty products is also increasing. By consolidating multiple functional ingredients into a single product, consumers have the opportunity to save both time and effort, leading to more efficient morning routines and skincare rituals. For example, the increasing popularity of BB creams, also known as ‘beauty balms,’ combines the functions of a moisturizer, sunscreen, foundation, and sometimes even skincare treatment in one product. This simplifies the morning routine, making it especially attractive to individuals with busy schedules who value convenience.
Consumers are now displaying greater environmental awareness when it comes to the safety of ingredients in their beauty and personal care items. This is leading to a shift toward formulations that are natural and organic. In response, clean beauty brands prioritize transparency in ingredient labeling and actively avoid harmful components. For example, on August 26, 2023, LolaVie, a haircare brand harnessing the potency of plant-based elements, expanded its retail presence by offering its products through the clean beauty retailer Credo. The product line consists of ingredients derived from nature, featuring an innovative use of bamboo essence instead of water.
With consumers gaining a deeper understanding of their unique skincare needs, there’s a rising trend toward personalized beauty solutions. This includes treatments, formulations, and supplements customized to meet their specific demands. The use of technology-driven interactions plays a pivotal role in enhancing this personalized consumer experience. However, availability of counterfeit products, along with growing concerns regarding negative effects of chemical cosmetics on skin are restraining revenue growth of the market.
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Scope of Research
|Market size in 2022||USD 518.62 Billion|
|CAGR (2023–2032)||7.9 %|
|Revenue forecast to 2032||USD 5,373.09 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Product Type, Gender, Price Range, Distribution Channel, And Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||Estée Lauder Inc., Unilever, L’Oréal, Shiseido, Kao Corporation, Procter & Gamble, Avon, Johnson & Johnson Services, Inc., Oriflame Cosmetics AG., Coty Inc., L’occitane Group, Beiersdorf, Kosé Corporation, Wella Company, Edgewell Personal Care, PDC Brands, Cosnova GmbH, Hermès, LVMH, and Puig among others.|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global beauty and personal care market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective spectrum analyzers. Some major players included in the global beauty and personal care market report are:
- Estée Lauder Inc.
- Kao Corporation
- Procter & Gamble
- Johnson & Johnson Services, Inc.
- Oriflame Cosmetics AG.
- Coty Inc.
- L’occitane Group
- Kosé Corporation
- Wella Company
- Edgewell Personal Care
- PDC Brands
- Cosnova GmbH
- 17 July 2023, Ginkgo Bioworks has introduced a fresh initiative in cell programming, marking a significant development in its ongoing partnership with Sumitomo Chemical Co., Ltd. Within this collaboration, Sumitomo Chemical will harness Ginkgo’s substantial knowledge base and proficiency in organism manipulation to create molecules sustainably. The primary focus of this new project is a molecule intended for personal care and cosmetic sectors, to enhance or substitute a molecule currently sourced from animals.
- 18 JULY 2023, Sophim has established a collaboration with Nordmann Switzerland to facilitate the distribution of its cosmetic ingredients in Switzerland. This partnership expands upon their existing relationship, as Nordmann has been serving as a distributor for Sophim in the German and Austrian markets for an extended period.
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Some Key Highlights From the Report
- The premium or high-end segment is expected to account for a significantly large revenue share over the forecast period. Factors such as increasing disposable incomes among the population, the impact of social media marketing and influencers, and the emergence of e-commerce platforms that have streamlined the process for consumers to discover and purchase high-end fashion products are driving revenue growth of this segment. Certain high-end labels provide personalized and bespoke services, enabling customers to precisely adjust their beauty and personal care according to their distinct tastes and individual measurements. Numerous prestigious labels such as Chanel, Dior, Estee Lauder, Tom Ford, and more are running promotional efforts across diverse social media platforms to capture consumers’ interest. In addition, e-commerce platforms have begun featuring exclusive and upscale brands. For instance, on August 31, 2023, Myntra Beauty initiated a fresh campaign emphasizing its status as the ultimate destination for premium and luxury beauty products. This campaign demonstrates how shoppers can effortlessly discover items tailored to their specific beauty and personal care requirements.
- The internet retailing segment is expected to register highest revenue CAGR over the forecast period. With factors such as convenience, ease of price comparisons, transparent transactions, versatile payment methods, and flexible return and exchange policies, online shopping platforms have gained momentum. Various payment options such as credit cards, digital wallets, and alternative payment options such as Buy-Now-Pay-Later (BNPL) offer consumers versatility, accommodating their diverse preferences and financial circumstances.
- In the realm of online retail, digital sellers often utilize algorithms to suggest products based on a consumer’s prior online browsing and purchasing patterns. This customized method assists shoppers in discovering items that match their distinct preferences and fashion choices. Moreover, online retailers often provide flexible return and exchange policies, offering convenience to customers who need to return items that do not meet their expectations.
- Revenue growth of this segment can also be credited to affordable product pricing, discounts, ease of use, home delivery services, and a wide range of product options. For example, surveys indicate that 79% of Americans turn to online shopping as a means to economize, and 82% of Americans consult online reviews and ratings before making a purchase. They place their trust in companies that provide ample product information, including instructional videos and reviews. In summary, consumers choose to buy cosmetics and beauty products online due to the distinctive features and accessibility convenience it offers.
- The market in North America accounted for largest revenue share in 2022. Factors such as rising demand for customized skincare and haircare items, along with rigorous certification criteria such as EWG Verified and Leaping Bunny (certifications denoting cruelty-free products), several prominent brands are leveraging these platforms to expand their customer reach. In 2022, the primary online retailers in the U.S. personal care sector consisted of amazon.com, walmart.com, sephora.com, ulta.com, and target.com. It is worth highlighting that Amazon.com occupies the foremost position in the beauty and personal care market. In addition, there is a rising demand for hair colors and dyes in this region, particularly among Generation Z and Millennials. This trend is driven by their increasing desire to express their uniqueness by opting for bold and vibrant shades such as soft pastel pinks, vibrant blues, and neon greens.
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Emergen Research has segmented the global beauty and personal care market on the basis of type, network type, product type, gender, price range, distribution channel, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Cleansers (face and body)
- Moisturizers (day and night)
- Eye creams
- Face masks
- Hand Cream
- Foot Cream
- Hair masks
- Hair Spray
- Hair Mousse & Gel
- Hair Accessories
- BB Creams and CC creams
- Lipstick and related products
- Setting spray or powder
- Oral Care
- Teeth Whitening Products
- Gum Stimulators and Massagers
- Fragrances and Deodorants
- Body Mists & Sprays
- Bathing Essentials
- Body Soap
- Body Scrub
- Body Oil
- Shower Gel
- Price Range Outlook (Revenue, USD Billion; 2019-2032)
- Premium or High End
- Mainstream or Mid-Range
- Budget Friendly
- Gender Outlook (Revenue, USD Billion; 2019-2032)
- Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
- Hypermarkets & Supermarkets
- Specialty Stores
- Pop-up Shops
- Online Retail
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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