Beauty And Personal Care Products Industry - The Science and Secrets Behind Your Favorite Products

Global beauty and personal care products sector data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.

Skin Care Market Analysis & Forecast

The global skin care market size was estimated at USD 176.29 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.4% from 2023 to 2030. Consumers are becoming more aware of the importance of incorporating skincare products into their routine. As a result, these products offer a range of benefits, such as shielding the skin from environmental harm, minimizing signs of aging, and promoting overall skin health. Additionally, the beauty and self-care culture has experienced a surge in recent years, driven by social media influence and the desire for self-expression and self-pampering. This is expected to boost the skin care product demand over the upcoming years.

Consumers increasingly seek skincare products that offer multiple benefits. Conventional products are multi-functional products that combine skincare steps into one, such as moisturizers with built-in SPF, tinted moisturizers, and BB creams that provide hydration, sun protection, and coverage in a single application. Moreover, manufacturers of conventional skincare products are expanding their reach into emerging markets, particularly in Asia and Latin America. These regions present significant growth opportunities, and brands are adapting their products and marketing strategies to cater to the specific preferences and needs of these markets.

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Hair Care Market Analysis & Forecast

The global hair care market size was estimated at USD 119.13 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.9% from 2023 to 2030. Consumers have become more conscious about the health and appearance of their hair. Concerns such as hair damage, dryness, dandruff, hair loss, and scalp issues have been driving the demand for hair care products over the last few years. Hair care brands continually invest in research and development to introduce innovative formulations, ingredients, and technologies. These advancements lead to the creation of new and improved products that offer enhanced benefits, such as nourishment, repair, and protection for different hair types and concerns.

Consumers are increasingly recognizing the importance of scalp health in maintaining healthy hair. There is a growing trend of conventional hair care products focusing on repairing and protecting damaged hair. These products aim to address concerns related to hair breakage, split ends, and heat damage caused by styling tools and chemical treatments. This is expected to propel market growth over the forecast period.

Color Cosmetics Market Analysis & Forecast

The global color cosmetics market size was estimated at USD 105.67 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 8.7% from 2023 to 2030. Growing consciousness about physical appearance, along with rising purchasing power in the developing countries such as India, China, and Brazil, is driving the market for the products.

Furthermore, rapid adoption of the western lifestyle has increased the consumer spending on personal care products. Furthermore, rising women participation in the global workforce has boosted the demand across the world. This women workforce is expected to raise the demand for beauty products in the near future as it represents the main consumer category of the industry.

Facial products dominated the market, accounting for over 25.0% share of the total revenue in 2018. Popular facial products include facial foundation, powder, concealer, and bronzer. Growing penetration of social medial and online makeup tutorials has been propelling the demand of the facial products over the world. Over the past few years, waterproof and sweat proof makeups have gained significant popularity among the women, especially during summer.

Asia Pacific is expected to be the fastest growing regional market. Increasing per capita income in countries such as China, India, Indonesia, and Brazil has provided consumers the space to spend more on premium personal care products. Rapid urbanization in these nations has helped in expanding the consumer base of the industry. China makes a considerable contribution to the growth as Chinese travelers has fueled the sales of the color cosmetics significantly. They accounted for 45% of sales of the travel retails in the world. L'Oréal has partnered with the local start-ups of Japan, China, and India to strengthen its presence in these lucrative markets.

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Fragrances Market Analysis & Forecast

The global fragrance market size was valued at USD 43.24 billion in 2022 and is anticipated to register a CAGR of 6.4% during the forecast period. The rising importance of personal hygiene and grooming among both men and women is expected to remain one of the key driving factors. Also, increasing awareness regarding physical fitness among adults has increased the number of gym-goers and thus, in turn, will promote the demand for body odor controller products, such as deodorants.

Deodorants and perfumes have seamlessly become essential day-to-day personal care products, playing a significant role in personal grooming. Urbanization coupled with the improving living standards among middle-class income groups of developing countries including India, Thailand, China, Vietnam, Brazil, and Argentina is anticipated to expand the scope of growth. Moreover, rising demand for exotic and floral scents majorly from the young and teenage consumers is expected to remain a favorable factor for the industry.