Global Beauty and Personal Care Products Market Size, Share, Growth Analysis, By Products(Skincare, Haircare), By Distribution Channels(Supermarket, Speciality stores) - Industry Forecast 2024-2031

Global beauty and personal care products market size was valued at USD 0.52 trillion in 2022 and is poised to grow from USD 0.56 trillion in 2023 to USD 1.02 trillion by 2031, at a CAGR of 7.8% during the forecast period (2024-2031).

For millennials, beauty and personal care products such as skincare, cosmetics, and hair care have become essential components of daily grooming routines. This market has seen growth, particularly with the introduction of natural, non-toxic, and organic cosmetics. These products are now more accessible through various sales channels, including specialty stores, pharmacies, and beauty salons. Additionally, there are significant growth opportunities anticipated, driven by an increasing emphasis among male consumers on skincare and grooming to enhance their appearance and overall skin health. Furthermore, the rise in research and development investments for innovative product formulations is fostering market expansion. The availability of numerous brands across different product categories, coupled with rising income levels, has heightened consumer awareness of beauty and personal care products. The market offers a diverse range of goods, including male grooming products, deodorants, skincare items, bath and shower products, and cosmetics. Advancements in technology and healthcare have led to an increase in life expectancy, resulting in a larger population of older adults. Consequently, Western countries are facing challenges related to the medical, financial, and social needs of this aging demographic. This has created a sizable market for consumer goods, particularly among individuals in their fifties and sixties, including cosmetics and personal care items. Moreover, the use of certain chemicals in cosmetics and personal care products can have adverse effects on the skin. Similarly, prolonged use of haircare products containing harsh chemicals can lead to various hair issues, such as hair loss, premature graying, and dryness. Growing consumer awareness of the potential negative effects associated with conventional beauty and personal care products poses a significant challenge to market expansion.

Top-down and bottom-up approaches were used to estimate and validate the size of the global beauty and personal care products market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Beauty and Personal Care Products Market Segmental Analysis

Global beauty and personal care products market is segmented based on the products, type outlook, distribution channels, and region. By products, the market is segmented into skincare, haircare, makeup, fragrance, oral care. By distribution channels, market is segmented into supermarket, speciality stores, drug stores and online. By type, the market is divided into conventional and organic segments. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Beauty and Personal Care Products Market

Controlling air pollution is tough for governments and people worldwide. Pollution from cities, industries, and vehicles is making the air worse globally. As pollution rises, there's a bigger demand for skincare products that protect against pollution's harm to the skin. Anti-aging treatments help keep the skin hydrated, reduce wrinkles, and protect against UV rays. Pollution can also cause skin problems like hives and eczema. Companies making beauty products are focusing more on creating remedies to prevent skin damage from pollution. These pollution-fighting products also help improve skin health and protect it from harmful pollutants. These factors are expected to make the market for such products grow in the future.

Restraints in the Global Beauty and Personal Care Products Market

Counterfeit beauty and personal care products pose a significant threat to genuine manufacturers and sellers, resulting in substantial economic losses. These losses stem from reduced sales, loss of revenue, and the expenses associated with legal actions against counterfeiters. Counterfeit items are typically of inferior quality and may contain harmful ingredients, posing serious health risks to consumers. Moreover, the use of counterfeit products can tarnish the reputation of authentic brands, leading to a loss of consumer trust. Counterfeiters often replicate the appearance of genuine products, making it challenging for consumers to differentiate between them. Consequently, consumers may unknowingly purchase counterfeit products instead of genuine ones, leading to a decline in sales for legitimate manufacturers and sellers.

Market Trends of the Global Beauty and Personal Care Products Market

The demand for products made from natural ingredients is on the rise as people become more health-conscious and aware of the risks associated with harmful chemicals commonly found in beauty and hygiene products. Consumers are actively seeking products with fewer harsh chemicals and a reduced chemical content. Consequently, manufacturers are focusing their efforts on developing cosmetics and personal care items that are free from parabens, toluene, formaldehyde, synthetic fragrances, dibutyl phthalates (DBP), petroleum-derived chemicals, and sulfates. The excessive use of harsh chemicals in skincare products can lead to adverse health effects, including skin allergies, irritation, and even skin cancer. Therefore, there is significant growth potential in the industry for suppliers of natural and organic skincare products. The introduction of products containing natural ingredients is expected to positively impact market growth in the coming years.