NEW YORK, July 17, 2024 /PRNewswire/ -- The global beauty and personal care products market size is estimated to grow by USD 50.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.37% during the forecast period. Growing popularity of anti-pollution skincare products is driving market growth, with a trend towards emergence of beauty and personal care products with natural ingredients. However, adverse health effects of chemical/synthetic ingredients poses a challenge. Key market players include AMOREPACIFIC Group Inc., Avon Products, Beiersdorf AG, Chanel Ltd., Coty Inc., Edgewell Personal Care Co., Helios Lifestyle Pvt Ltd., Johnson and Johnson Services Inc., Kao Corp., LOreal SA, LVMH Group., Natura and Co Holding SA, Oriflame Cosmetics S.A., Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., The Procter and Gamble Co., Unilever PLC, and VI JOHN GROUP.

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Key Market Trends Fueling Growth

The beauty and personal care market is experiencing a shift towards natural and organic products due to growing health consciousness and consumer awareness of the potential health risks associated with toxic chemicals. Vendors, including ESSE SKINCARE, are responding to this trend by producing a range of skincare and hair care products with natural and organic ingredients. These products cater to various skin concerns and are free from harmful chemicals such as parabens, toluene, formaldehyde, artificial fragrances, dibutyl phthalate (DBP), petroleum-based chemicals, butylated hydroxyanisole (BHA), and sulfates. The affordability of these natural and organic offerings is crucial to attracting price-sensitive consumers. The market's growth is expected to continue as more manufacturers focus on developing natural and organic beauty and personal care products. ESSE SKINCARE offers a comprehensive range of product categories, including cleansers, toners, treatments, masks, exfoliators, and moisturizers, to cater to this demand. The potential health risks associated with harsh chemicals in traditional beauty and personal care products, such as skin allergies, irritation, and cancer, further highlight the market's growth potential. 

The Beauty and Personal Care Products market is experiencing significant trends among consumers. Skin care and color cosmetics remain popular categories, with millennials and Gen Z seeking natural, nontoxic, and organic ingredients. Sales channels have expanded to include e-commerce and specialty stores, reaching male consumers and those preferring vegan cosmetics and eco-friendly products. Manufacturers respond with product innovation using natural formulations, such as mushroom-based skin care from Shroom Skincare and Mycelium Glow. Merger and acquisition activities continue, with companies like Shinehigh Innovation buying Pacifica and NARS Cosmetics merging with Shiseido. Consumers are also turning to home-made remedies and DIY beauty treatments as alternatives to conventional beauty products. However, concerns over side effects from chemical filters, parabens, silicones, nanoparticles, PEG, and other chemical ingredients persist. The European Commission regulates these ingredients, and some consumers prefer organic beauty products over their conventional counterparts. Overall, the Skincare and Haircare markets remain dynamic, driven by consumer preferences and industry innovation. 

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Market Challenges

• The beauty and personal care industry faces a significant challenge due to increasing consumer awareness regarding the harmful effects of synthetic ingredients in their products. Ammonia, a common ingredient in hair coloring agents, is one such chemical causing concerns. Found in shaving foams and hair dyes, ammonia can lead to skin irritation, respiratory issues, and hair damage. Other chemicals like peroxides, p-phenylenediamine, diaminobenzene, toluene-2,5-diamine, and resorcinol, found in various beauty products, can lead to skin irritation, allergies, hair dryness, and even cancer. As consumers become more health-conscious, they are turning towards natural and homemade remedies for skincare and haircare. This shift in consumer behavior is expected to limit the growth of the global beauty and personal care products market during the forecast period.
• The Beauty and Personal Care market faces several challenges, including consumer preferences for nanoparticle-free and PEG-free products, the rise of chemical filters and natural formulations, and the side effects of chemical ingredients. Hair problems continue to be a concern, particularly for Gen Z consumers. European regulatory bodies, such as the European Commission, are increasing scrutiny on cosmetic ingredients. Product innovation is key, with a focus on ESW (ethical, sustainable, and waste-reducing) initiatives. Merger and acquisition activities among brands like Shinehigh Innovation, Pacifica, NARS Cosmetics, Neon Hippie, and new entrants like Mushroombased skin care, Shroom Skincare, and Mycelium Glow, are shaping the market. Consumers are also turning to home-made remedies and DIY beauty treatments, while international trade and e-commerce platforms expand access to conventional and organic beauty products. Vitamin C and mushroom extracts are popular ingredients, driving growth in the skincare and haircare markets. Specialty stores and online platforms cater to diverse consumer needs.

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Segment Overview 

This beauty and personal care products market report extensively covers market segmentation by

1. Product 
   • 1.1 Skincare products
   • 1.2 Haircare products
   • 1.3 Color cosmetics
   • 1.4 Fragrances
   • 1.5 Others
2. Channel 
   • 2.1 Offline
   • 2.2 Online
3. Geography 
   • 3.1 APAC
   • 3.2 North America
   • 3.3 Europe
   • 3.4 South America
   • 3.5 Middle East and Africa

1.1 Skincare products- The skincare segment in the beauty and personal care products market is experiencing consistent growth due to increasing global awareness of skincare and customers' willingness to invest in premium products. Natural and organic skincare products, free of synthetic chemicals, are gaining popularity as consumers seek maximum value. Air pollution and the demand for specialized anti-aging and skin cleansing products are additional growth drivers. North America and Europe dominate the market, while digitalization and online retailers, including Amazon and Sephora, expand reach and accessibility. Millennials, who prioritize health and style, are the primary consumer group, influenced by brands with strong social media presence. The market is poised for continued growth during the forecast period.

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Probiotic cosmetics, enriched with beneficial bacteria, are gaining popularity for their skin health benefits, including hydration and anti-inflammatory properties. The market is expanding as consumers seek natural skincare solutions. Beauty drinks are beverages infused with vitamins, minerals, and collagen, promising skincare benefits from within. This market is driven by increasing health consciousness and the desire for convenient beauty-enhancing products. Cosmetic oils, such as argan and coconut oil, are renowned for their moisturizing and anti-aging properties, driving growth in skincare and haircare products. The market is characterized by the rising demand for organic and natural ingredients in personal care formulations.

Research Analysis

The Beauty and Personal Care Products market is experiencing significant growth, driven by the increasing demand from consumers for Skin care, Color cosmetics, and Hair care products. Millennials and Gen Z are leading this trend, with a preference for Cosmetics that contain Natural ingredients, Nontoxic ingredients, and Organic ingredients. Sales channels have expanded beyond traditional retail stores to include E-commerce and Specialty stores. Male consumers are also embracing the market, with a growing interest in Vegan cosmetics and Ecofriendly products. Product innovation continues to be a key driver, with an emphasis on Natural formulations and ESW (Ethical, Sustainable, and Waste-free) initiatives. Merger and acquisition activities have been frequent in the market, with the European Commission closely monitoring for compliance with regulations. Home-made remedies and DIY beauty treatments are gaining popularity, but they face competition from Conventional beauty products and Organic beauty products in the Skincare market.

Market Research Overview

The Beauty and Personal Care Products market is a dynamic and evolving industry, catering to the diverse needs of consumers worldwide. Skin care, color cosmetics, and hair care are the major segments, with a growing focus on natural, nontoxic, and organic ingredients. Millennials and Gen Z are driving demand for cosmetics with clean labels and eco-friendly packaging. Sales channels include specialty stores, e-commerce, and international trade. Male consumers and vegan cosmetics are emerging trends. Product innovation is key, with companies exploring natural formulations, merger and acquisition activities, and the use of ingredients like mushroom extracts and Vitamin C. However, concerns over parabens, silicones, nanoparticles, PEG, chemical filters, and other chemical ingredients continue to surface, leading to a shift towards more natural alternatives. Home-made remedies and DIY beauty treatments are also gaining popularity among some consumers. The European Commission is closely monitoring the industry for regulatory compliance. Overall, the market is expected to continue growing, driven by consumer preferences and advancements in technology.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• • Skincare Products
  • Haircare Products
  • Color Cosmetics
  • Fragrances
  • Others
• Channel
• • Offline
  • Online
• Geography
• • APAC
  • North America
  • Europe
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio