Beauty and Personal Care Market Trends, Industry & Size 2031

Report Description

The beauty and personal care market size was valued at USD 481 billion in 2021 and is expected to reach USD 936 billion by 2030, expanding at a CAGR of 7.6% during the forecast period, 2022 – 2030. The growth of the market is attributed to increasing per capita income and rising ageing population.

Beauty and personal care is an art form that focuses on how someone's skin, nails, and hair, seem and function. Cosmetics and personal care items are used to promote attractiveness, beautify, clean, or change the look of the human body. Cosmetics and personal care items varying from shampoos, make-up, scents, and antiperspirants to toothpastes, sunscreens, and soaps, and are used at all phases of life. Consumers use personal and cosmetics items on a daily basis to maintain health, promote well-being, and enhance self-esteem. Men are gradually using beauty products in their daily lives, which is driving the global market. Manufacturers are encouraged to create new products and expand their footprint as customer knowledge about using vegan, organic, natural, and environmentally friendly cosmetics has grown. For example, SO'BiO étic, a socially conscious French beauty brand, has launched an organic beauty brand in the US to provide environment friendly and healthy beauty products.

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The COVID-19 pandemic affected the demand and supply of beauty and personal care market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production, leading to decline in market growth. Launch of vaccines to combat the COVID-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

• Millennials are increasingly using beauty and personal care products as part of their regular grooming routine, which is projected to drive the market.
• Cosmetics including organic, non-toxic, and natural components are fueling the market.
• Increasing consciousness among consumers about appearance is estimated to boost the market.
• Easy availability of the skin and beauty products is expected to propel the market.
• Use of chemicals in beauty and personal care items is projected to have negative effect on the skin, which is anticipated to hamper the market growth.
• R&D investment and advancement in the skin care products is estimated to drive the market.
• Growing focus of male customers on skin care and grooming to improve their physical appearance and care for their skin is expected to create immense opportunities for the market players.

Scope of Beauty and Personal Care Market Report

The report on the global beauty and personal care market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Beauty and Personal Care Market Segment Insights

The skincare segment held a major market share in 2021

Based on products, the market is segregated into fragrances, color cosmetics, hair care, skin care, and others. The skincare segment held around 32% of the total market share in 2021. owing to growing popularity of cosmetics made with organic and natural ingredients including fruit extracts, plant extracts, and herbs. Skincare products help rejuvenate and protect the skin, remove wrinkles and symptoms of age, reduce the recurrence of acne & lighten spots, and keep the skin healthy & young these factors boost the market. Moreover, growing popularity of customized skincare products in developed nations such as the US, the UK, and others are propelling the segment. The hair care segment is projected to register a CAGR of around 6% during the forecast period. Haircare products are used to treat a variety of hair issues such as itchy scalp, dandruff, hair fall, split ends, and frizzy hair.

The convectional segment accounted for around 83% of the total market share in 2021

On the basis of types, the market is bifurcated into organic and convectional. The convectional segment accounted for a major market share of around 83% of the total market share in 2021. Growth of the segment is attributed to low cost as compared to organic alternatives, as well as widespread availability through several distribution channels across the world. However, petroleum-based chemicals are commonly found in convectional cosmetics, not only is it hazardous to the skin if not properly purified, but it also requires extensive mining, which is hazardous for soil and wildlife.

The organic segment is projected to expand at a rapid pace during the forecast period. These cosmetics are made with organically sourced components, are cruelty-free, and help to preserve biodiversity and the environment. Increasing awareness about organic cosmetics is projected to drive the market. Increase in the number of companies providing clean and organic beauty and personal care products are projected to propel the market.

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The specialty stores segment accounted for about 34% of the total market share in 2021

Based on distribution channels, the market is fragmented into e-commerce, specialty stores, hypermarkets & supermarkets, and others. The specialty stores segment accounted for about 34% of the total market share in 2021. To excite client interest and allow them to choose from a variety of brands and variants before making a purchase, these retailers have concentrated on delivering natural and chemical-free beauty and personal care items. Specialty stores have concentrated on delivering chemical-free & natural products, to attract client and enable them to choose from a variety of brands before making a purchase. The inclusion of store associates who assist consumers in selecting the appropriate cosmetics for their needs and providing proper knowledge about the contents is driving the market.

The e-commerce segment is projected to expand at a robust CAGR during the forecast period owing to increased internet usage and targeted marketing by businesses to reach a large number of audiences.

Asia Pacific dominated the market in 2021

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominated the market in 2021 and is projected to continue its dominance during the forecast period owing to growing number of working women in countries like India and China, as well as increased disposable income and interest in purchasing beauty and personal care items. Furthermore, increasing young generation in these countries with internet access is expected to provide lucrative growth opportunities for market growth during the forecast period.

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