Newark, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 500 billion in 2022 global beauty and personal care products market will reach USD 740.12 billion in 2032. According to the American Academy of Dermatology, the number of American women with acne is increasing by 15% yearly. The demand for beauty and personal care products has increased due to the growth in skin issues. Additionally, given the increased internet penetration, various discounts and offers, simple payment options, availability of every product and brand in one location, home delivery, and hassle-free repayment & replacement options, the change in consumer purchasing habits, specifically online shopping, will contribute to the market's growth. Social media platforms are increasingly being used to advertise items via celebrities and influencers. Influencer partnerships and social media platforms for marketing have greatly aided the market's expansion.
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Key Insight of the Global Beauty and Personal Care Products Market
Asia Pacific is expected to dominate the market during the forecast period.
The population of India and China, with their increasing disposable income and a greater willingness to spend on skincare, drives the region's consumer demand. Many social media users are inspired by the latest cosmetics and beauty trends, which supports local market expansion. The market will expand due to the increasing number of local brands that offer effective, customised, and localised items. The vast and well-connected chain of merchants provides producers and customers with an accessible distribution channel, which helps to fuel the market's growth. A growing trend in the industry is the introduction of organic and natural skincare products based on regional flora and Asian heritage.
In 2022, the conventional segment dominated the market with the largest market share of 37% and revenue of 185 billion.
The type segment is divided into conventional and organic. In 2022, the conventional segment dominated the market with the largest market share of 37% and revenue of 185 billion.
In 2022, the skincare segment dominated the market with the largest market share of 38% and revenue of 190 billion.
The product type segment is divided into skincare, colour cosmetics, haircare, fragrances, and others. In 2022, the skincare segment dominated the market with the largest market share of 38% and revenue of 190 billion.
In 2022, the specialty stores segment dominated the market with the largest market share of 33% and revenue of 165 billion.
The distribution channel segment is divided into e-commerce, departmental stores, convenience stores, supermarkets/hypermarkets, specialty stores, retail stores and others. In 2022, the specialty stores segment dominated the market with the largest market share of 33% and revenue of 165 billion.
Advancement in market
July 2023 - The Mumbai-based firm Minifeel has raised Rs 3 crore in a pre-seed fundraising round spearheaded by 100X.VC. Minifeel allows customers to test out beauty items at home before purchasing them. The start-up sells luxury skincare and cosmetics in tiny or sample packs, including serums, cleansers, makeup, and more, for approximately one-fourth of their cost. The business also acts as a free marketing conduit for brands, raising awareness among the appropriate consumers.
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Market Dynamics
Driver: The increased importance of personal grooming.
The importance of outward appearance in the modern world has increased with the rise of social media. Beyond social media, physical appearance matters in real life as well. In contemporary society, one who is well-groomed is valued and accepted. The younger generation is more concerned with aesthetics in their physical appearance, clothes, and way of life. The demand for beauty and personal care products has increased due to the increasing importance placed on appearance, the growth of social media, rising disposable income, and improved knowledge of personal maintenance. People may now understand their physical appearance and find products and techniques to enhance it with the abundance of resources available online. The demand for beauty and personal care goods is fueled by a sizable number of market players offering a wide range of items and expanding sales and marketing campaigns. The market's expansion is also aided by the readily available network of retail chains or online sales channels. Therefore, the global beauty and personal care goods market will expand as personal grooming becomes increasingly important.
Restraints: The availability of inexpensive fake goods.
The market's expansion is hampered by the rising availability of low-quality, multinational brand-name consumer goods counterfeit in many economies, particularly developing and underdeveloped ones. These goods can harm the user since they are of poor quality, are less expensive, and are inconsistent. They can harm a brand's reputation because customers frequently don't know if the goods they purchase are real. This can cause real businesses great harm in the social media age. As a result, the issue of fake goods will prevent the market from expanding.
Opportunities: The development of natural and organic goods.
Younger people are more environmentally conscientious, informed, and responsible consumers. They desire vegan, cruelty-free, natural, organic items that are created sustainably and do not harm their health or the environment. Organic and natural products emerge from consumer awareness of cosmetics and personal care products, including their contents, production methods, and other details. These products are extremely beneficial for skincare, haircare, and beauty, helping the local farming industry, reducing waste, and being environmentally friendly. A growing number of domestic companies that support employment are more customer-focused and boost the economy have emerged in response to the rising demand for organic and natural products. The market is expanding due to the large international firms' significant investments in comparable products due to the customised, localised, and sustainable approach.
Challenges: Misleading claims that are damaging to consumers.
Several brands in the market claim that their products are organic, chemical free, natural, dermatologically tested, dermatologically proven, or that they guarantee spot reduction, visible brightening etc. However, there are also multiple side effects to these products. They only work for the time being; the problems return once the user stops applying them. Such non-disclosure of side effects or usage is misleading. The consumer has no means to verify these claims or fight against them against the big corporates. Such misleading claims amount to fraud and deception and can harm consumer health. These incidents challenge the market's growth as a lack of trust develops among consumers.
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Some of the major players operating in the global beauty and personal care products market are:
• AVON Products, Inc
• Johnson & Johnson
• Kao Corporation
• L'Oréal S.A.
• Oriflame Cosmetics Global SA
• Revlon, Inc.
• Shiseido Company, Limited
• The Estee Lauder Companies Inc.
• The Procter & Gamble Company
• Unilever PLC
Key Segments cover in the market:
By Type
• Conventional
• Organic
By Product Type
• Skincare
• Colour Cosmetics
• Haircare
• Fragrances
• Others
By Distribution Channel
• E-commerce
• Departmental Stores
• Convenience Stores
• Supermarkets/Hypermarkets
• Specialty Stores
• Retail Stores
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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