Beauty and Personal Care Market to Grow at CAGR of 3.20% over 2022-2028

 

Triton Market Research presents the Global Beauty and Personal Care Market report segmented by Type (Hair Care, Color Cosmetics, Baby and Child-specific Products, Bath and Shower Products, Sun Care, Skincare, Oral Care, Fragrances, Men’s Grooming, Other Types), by Sales Channel (Beauty Specialist Stores, Pharmacies & Drugstores, Hypermarkets & Supermarkets, E-Commerce, Other Sales Channels), by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), discussing Market Summary, Industry Outlook, Market Drivers, Market Challenges, Market Opportunities, Competitive Landscape, Research Methodology & Scope, and Global Market Size, Forecasts, & Analysis (2022-2028).

Triton Market Research, in its report on the Global Beauty and Personal Care Market, has stated that the market is likely to evolve at a CAGR of 3.20% over the forecasting duration from 2022 to 2028.



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In recent years, premium trends, like the preference for organic and all-natural beauty products, have been on the rise. Hence, companies that have heavily invested in research & development to keep pace with these trends have fared well. At the same time, certain synthetic ingredients used in cosmetic products have also gained considerable negative publicity, which has asserted the consumers’ negative perceptions of chemicals. Thus, the demand for natural and organic beauty and personal care products is a key driver of the market.

Further, over the past few years, counterfeits of leading brands in the beauty and personal care space have flooded the market. These products are priced lower than the original branded products to lure customers. This affects the market share of the leading companies, and thus has a negative impact on the studied market’s growth.

The Asia-Pacific leads the global market for beauty and personal care, with the highest revenue share in 2021. It is expected to continue this growth until the end of the projected period. In this region, the most promising market growth has been witnessed in China. The fast-growing, middle-class population in the country has had a crucial impact on the consumption patterns and sales volume of beauty and personal care products, particularly in the premium segment. In addition, South Korea-based manufacturers have also been expanding their production output in China to cater to the surging domestic demand.

Estée Lauder Cos, Arabian Oud Co, Coty Inc, Puig SL, Beiersdorf AG, Shiseido Co Ltd, Kao Corp, Natura & Co, Amorepacific Corp, Colgate-Palmolive Co, Procter & Gamble Co, Unilever Group, L’oréal Groupe, Johnson & Johnson Inc, LVMH Moët Hennessy Louis Vuitton SA, Henkel AG & Co KGaA are some of the notable players in the beauty and personal care market.

Buyers have a strong influence in the beauty and personal care market. The availability of substitutes and similar products provides customers with the advantage of switching. Further, this market also consists of some substitute services, thus hindering the market growth. The availability of beauty treatments and spa treatments, along with adherence to a healthy diet and a regular exercise routine, work as an alternative to using these products. Besides, a significant number of people are now preferring cosmetic surgery treatments, as they have become more cost-effective, and are considered an alternative for beauty and personal care products.

 

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