PUBLISHER: The Business Research Company | PRODUCT CODE: 1597016
PUBLISHER: The Business Research Company | PRODUCT CODE: 1597016
Circular beauty products represent a sustainable approach within the beauty industry that emphasizes maintaining materials in circulation through practices such as recycling, refilling, and upcycling. This model aims to reduce waste and minimize environmental impact by extending the lifespan of products and their packaging, in contrast to the traditional linear model, which results in substantial waste generation.
The primary categories of circular beauty products include personal care items, fragrances, makeup, and more. Personal care encompasses a variety of products and practices designed to uphold hygiene, grooming, and overall physical wellness, such as skincare, hair care, and oral care. These products cater to different consumer preferences, including options for both male and female consumers, and are available through both offline and online sales channels.
The circular beauty products market research report is one of a series of new reports from The Business Research Company that provides circular beauty products market statistics, including circular beauty products industry global market size, regional shares, competitors with a circular beauty products market share, detailed circular beauty products market segments, market trends and opportunities, and any further data you may need to thrive in the circular beauty products industry. This circular beauty products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The circular beauty products market size has grown strongly in recent years. It will grow from $2.38 billion in 2023 to $2.54 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed during the historic period can be attributed to heightened consumer awareness of environmental issues, a growing preference for clean beauty and natural products, increasing concerns about plastic waste, greater adoption of refillable product systems, and a rising trend towards minimalism in beauty routines.
The circular beauty products market size is expected to see strong growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The anticipated growth during the forecast period can be attributed to a heightened emphasis on carbon-neutral production, increasing consumer preference for zero-waste products, pressure from environmental advocacy groups, rising raw material costs that promote circular solutions, and investments in closed-loop supply chains. Key trends expected in this period include partnerships between beauty brands and recycling companies, a focus on waterless beauty products to minimize waste, the creation of bio-based alternatives to plastic, personalized beauty products featuring sustainable ingredients, and growing consumer demand for transparency in sourcing and packaging.
The increasing awareness of personal care is anticipated to drive the growth of the circular beauty products market in the future. Personal care encompasses compassionate assistance and support that individuals receive in managing daily living tasks and maintaining hygiene to uphold their health, dignity, and quality of life. This rising awareness is fueled by a growing consumer demand for natural and organic products, an increased focus on health and wellness, the aging population's desire for anti-aging solutions, and younger consumers' preferences for personalized and gender-inclusive offerings. Circular beauty products play a significant role in enhancing awareness of personal care by promoting sustainability, reducing waste, and encouraging environmentally conscious consumer choices. For example, a report from the Bureau of Labor Statistics, released in December 2023, indicated that average annual expenditures rose from $66,928 in 2021 to $72,967 in 2022, with spending on personal care products and services increasing by 12.3% to $866, compared to a 10.9% rise in apparel and services. Thus, the growing awareness of personal care is contributing to the expansion of the circular beauty products market.
Leading companies in the circular beauty products market are focusing on developing refillable items to minimize waste, reduce their carbon footprint, and address the increasing consumer demand for sustainable and eco-friendly solutions. Refillable beauty products represent a sustainable packaging approach that allows consumers to reuse containers by purchasing refills instead of discarding the entire package after use, thereby minimizing waste and promoting environmentally friendly practices. For instance, in January 2022, Chanel, a luxury fashion brand based in the UK, launched the No. 1 de Chanel line. This product range features refillable beauty items designed to lessen environmental impact by enabling consumers to reuse elegant packaging, thereby reducing waste associated with single-use containers. This blend of sophisticated design and sustainable practices encourages a culture of responsible consumption in the luxury beauty sector through the use of natural ingredients and recyclable materials.
In April 2023, Alibaba.com, a China-based e-commerce platform, collaborated with L'Oreal to advance sustainability and make the beauty industry more eco-friendly. This partnership aims to foster a circular economy in China's beauty sector by establishing green and low-carbon standards, developing innovative products, and implementing sustainable practices throughout the supply chain, including warehousing, packaging, and recycling, while promoting eco-friendly lifestyles among consumers. L'Oreal S.A., a France-based personal care company, is actively engaged in recycling initiatives within the beauty sector.
Major companies operating in the circular beauty products market are L'Oreal S.A., Colgate Palmolive Company, Chanel, Estee Lauder Companies Inc., Kao Corporation, Unilever, Coty Inc., L'Occitane Group, Lush Retail Ltd., Circumference Inc., Weleda, Caudalie, Tata Harper, O'Right Inc., Earth Harbor, Alima Pure, UpCircle Beauty, Kjaer Weis, SBTRCT Skincare, Plaine Products LLC, Ethique, Skin & Tonic London
North America was the largest region in the circular beauty products market in 2023. The regions covered in the circular beauty products marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the circular beauty products marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The circular beauty products market consists of sales of products such as refillable cosmetics, biodegradable packaging, upcycled ingredients from waste, and recyclable containers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Circular Beauty Products Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on circular beauty products market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for circular beauty products ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The circular beauty products market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.