Why Beauty & Personal Care Products has been a bust

Posted by Mrudula Anil Karmarkar on December 11th, 2020

The global beauty and personal care products market size is anticipated to reach USD 716.6 billion by 2025, according to a new report by Grand View Research, registering a CAGR of 5.9% during the forecast period. Growing preference for natural and organic personal care (NOPC) products, increasing adoption of Augmented Reality (AR) in the beauty industry, growing demand for anti - aging products, and increasing popularity of men’s grooming products are some of the key factors that are expected to drive the market over the forecast period.

The Beauty and Personal Care (BPC) industry has witnessed a decline in the wake of the Covid 19 pandemic, but the impact is not as severe as seen in other industries. Although discretionary spending has reduced, the BPC market has witnessed a consumer behavioral shift towards safe and reliable products. Products that have a lower risk of contamination owing to automation and longer shelf lives helping the rationing of consumer supplies are expected to stand out in the near future. Brands are also focusing on improving their supply lines in terms of strengthening their E-commerce channel along with offering at-home wellness products, which are highly suited in this volatile business environment. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.

AR uses face and skin - mapping technology to show how products would look on individual consumers before they purchase them. Thus, they need not visit a physical store nor try the products on, thus saving time and making purchase process more convenient.

Growing awareness about health, wellness, and personal grooming and appearance among men is projected to account for a rise in the demand for men’s grooming products. This, in turn, is expected to boost the growth of the market over the forecast period. A variety of men’s toiletries are now available in the market, such as deodorants, hair care, and skin care products, and bath and shower products. Furthermore, the skin care/sun care product segment expanded at a moderate CAGR from 2014 to 2017 owing to increasing aging population and growing awareness about advantages of using anti - aging products.

Further key findings from the report suggest:

• The demand for the beauty and personal care products market is expected to increase owing to rising aging population and growing consciousness to maintain youthful skin and a good appearance. The skin care/sun care segment is expected to register the highest CAGR of 6.2% over the forecast period
• The U.S., China, Japan, India, and Mexico are expected to witness considerable growth over the forecast period owing to robust industrial development and extensive urbanization
• The key players in this market include Avon Products, Inc.; Beiersdorf AG; Coty Inc.; Kao Corporation; L’occitane International S.A.; L’Oréal Group; Procter & Gamble; Mary Kay Inc.; Shiseido Company, Limited; Unilever Revlon, Inc.; and The Estée Lauder Companies Inc.

The Asia Pacific market accounted for the largest share of the market in 2017. It is expected to witness a significant gain in revenue share over the forecast period on account of its large population and the popularity of the e - commerce distribution channel across various industries in this region. Additionally, Japan, China, and India are expected to be the key contributors to the growth of the organic products segment in the region over the forecast period.

Rising adoption and implementation of AR in the beauty industry is also expected to contribute to market growth over the forecast period. AR enables real-time analysis and tracking of facial features using photographs and videos uploaded by consumers on online platforms such as mobile apps and AR devices at cosmetics stores. There are also fully - customized AR modules available for Android, iOS, and Windows devices. AR helps consumers to virtually use a  product and see how it looks on them before its purchase. Thus, the growing use of AR is estimated to boost the growth of the market over the forecast period.

Have a Query? Ask Our Expert:

https://www.grandviewresearch.com/inquiry/5370/ibb

Grand View Research has segmented the global beauty and personal care products market on the basis of product, distribution channel, type.

Beauty and Personal Care Product Outlook (Revenue, USD Billion; 2014 - 2025)

• Skin Care/Sun Care
• Hair Care
• Makeup & Color Cosmetic Products
• Deodorants/Fragrances
• Others

Beauty and Personal Care Products Distribution Channel Outlook (Revenue, USD Billion; 2014 - 2025)

• Direct Selling
• Hypermarkets & Retail Chains
• E - commerce
• Specialty Stores
• Others

Beauty and Personal Care Products Type Outlook (Revenue, USD Billion; 2014 - 2025)

• Vegan
• Organic
• Inorganic

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com