A Look into Beauty And Personal Care Products Industry……Deep Analysis…..Posted by Mrudula Anil Karmarkar on March 22nd, 2021 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. 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. Beauty & Personal Care Products Market Report Highlights
This market is poised to witness significant growth over the forecast period owing to several factors. One of the prominent factors is the growing preference for NOPC products since consumers now prefer products that contain natural ingredients. 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. Additionally, the increasing popularity of men’s grooming products is likely to drive the market owing to growing awareness among men regarding appearance, health, and wellness. Men have now started spending on a wide range of personal grooming products, such as deodorants, skin and hair care products, and bath and shower products. Furthermore, the demand for anti-aging products is rising owing to the increasing aging population and growing awareness about the benefits of using anti-aging products. The skin care/sun care segment experienced a moderate growth rate from 2012 to 2017 on account of rising demand for anti-aging products. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/5370/ibb Some of the key players in this market are Avon Products, Inc.; Beiersdorf AG; Coty Inc.; Kao Corporation; L’occitane International S.A.; L’Oréal Group; Procter & Gamble; and Mary Kay Inc. Market participants are focusing on strategies such as partnerships and mergers & acquisitions to consolidate their product portfolio and their position in the market. For instance, in March 2017, L’Oréal Group acquired CeraVe, AcneFree, and Ambi skincare brands from Valeant. The above-mentioned brands focus on products for dry skin, dark spots, acne, and skin brightening. The combined annual revenue of the three brand accounts is approximately USD 168 million every year. 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)
Beauty and Personal Care Products Distribution Channel Outlook (Revenue, USD Billion; 2014 - 2025)
Beauty and Personal Care Products Type Outlook (Revenue, USD Billion; 2014 - 2025)
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 Like it? Share it! More by this author |