Beauty and Personal Care Products Market by Product (Skin Care/Sun Care, Hair Care, Makeup & Color Cosmetic Products, Deodorants/Fragrances, Others), Type, Distribution channel, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026
Newark, NJ, Jan. 24, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global beauty and personal care products market is expected to grow from USD 493.34 billion in 2018 to USD 756.63 billion by 2026, at a CAGR of 5.81% during the forecast period 2019-2026.
Beauty and personal care products are used to enhance the appearance of the face or fragrance and texture of the body. Many beauty products are designed for applying to the face and body. They are generally mixtures of chemical compounds derived from natural sources or maybe synthetic or artificial. Nowadays, many companies are producing natural and organic beauty and personal care products, with the increasing consumer concern over chemical usage in beauty products. In addition to this, an increasing trend of personalization and customization of beauty and personal care products is expected to offer considerable opportunities in the market. Moreover, innovation in packaging of beauty products is further boosting the growth of the market, during the forecast period 2019–2026.
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Global Beauty and Personal Care Product Market Key Findings:
- Factors such as the rising preference for organic beauty and personal care products, increasing ageing population, rising concern over appearance are driving the global beauty and personal care product market.
- The volatility in the raw material prices and erratic supply of raw materials is expected to hinder the market growth.
- The product segment is divided into skincare/sun care, hair care, makeup & color cosmetic products, deodorants/fragrances, others. The skincare segment emerged as the leader in the global beauty and personal care product market with a revenue of USD 134.47 billion in 2018. Increasing aging population across the globe are rising concern over skin health are the major factors driving the growth of the market.
- The type segment includes vegan, organic, and inorganic. The vegan segment is anticipated to grow at the highest CAGR of 6% over the forecast period. With rising awareness about the negative impacts of animal-derived products, the demand for vegan beauty and personal care product is rising.
- The distribution channel is fragmented into online and offline. The offline segment holds more than 85% market share of the global beauty and personal care product market. Many consumers prefer to buy beauty products through offline retail stores such as supermarket, malls, and hypermarket across the globe. However, factors such as increasing internet penetration, technological advancements, rising adoption of smartphones, and growth of social media have boosted the growth prospects of online distribution channel in the global beauty and personal care product market.
- The regions analyzed for the global beauty and personal care product market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the beauty and personal care product and held a market value of USD 160.32 billion in the year 2018.
- Factors such as growing population, rising internet and smartphone penetration, and increasing demand for organic and natural beauty products led the Asia Pacific region to dominate the global beauty and personal care product market in 2018.
- North America held a significant market share in the global beauty and personal care product market, owing to the presence of several key market players in this region.
- Major players in the global Beauty and personal care product market are Beiersdorf AG, Coty Inc., Kao Corporation, L’occitane International S.A., L’Oréal Group, and Procter & Gamble among others. Many companies have adopted to key strategies such as merger and acquisition, geographical expansion, new product development, and innovation in product offering to gain the competitive advantage in the global beauty and personal care product market.
- In the year 2019, L’Occitane International SA announced the acquisition of British beauty and skincare brand Elemis to tap millennials and Generation X consumers. With this acquisition, L’Occitane International SA is intended to strengthen its global growth as it expands its market, particularly in Asia where high-end skincare is a rapidly growing area of interest and spend for consumers.
- In the year 2019, Coty Inc. and Kylie Jenner announced that they have entered into a long-term strategic partnership in order to jointly build and further develop Kylie’s existing beauty business into a global powerhouse brand. Together, Coty and Kylie will set and lead the strategic direction of the partnership, focusing on global expansion and entry into new beauty categories.
- In November 2019, Kao Corporation announced the development of small, high-performance diffuser which embodies Fine Fiber Technology to create a layered, ultra-thin skincare product. Kao launched this technology under the Kao brand est and the Kanebo brand SENSAI, which offer a new night time skincare routine that combines ultra-thin membrane formed by the diffuser with essence.
- Ikkai, a premium organic skincare brand was launched in India in October 2018. Ikkai offers an innovative range of skincare products that are made with naturally sourced ingredients and enzymes.
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About the report:
The global beauty and personal care product market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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