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In 2022, the global market for personal care products was valued at USD 489.05 billion and is estimated to experience an 8.1% compound annual growth rate over the forecast period.
The market growth is majorly attributed to positive effects of beauty and personal care on self-esteem, increasing importance of social appearance, and a gradual consumer shift toward premium and luxury cosmetic brands coupled with improving quality of life are likely to propel the market growth during the forecast period.
The rising demand for personalized grooming products is a new trend witnessed by the personal care product industry in recent times. With an extensive range of beauty and hygienic needs of customers, companies are expected to innovate with new offerings to sustain the market competition. Hence, the involvement of customers in designing and manufacturing beauty care products help to cater to the market in a more efficient way, although high prices of customized products is a challenge, increasing spending power of customers and shifting focus on personal hygiene is supporting the trend of personalized grooming and in turn boosting the overall personal care industry for the long-term.
The Global Personal Care Products Market is segmented on the basis of product, ingredient, type, and distribution channel. The detailed study of the market segments includes fragmenting the key segments into various sub-segments.
By Distribution Channel:
Geographically, the global personal care products market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, Europe accounts for the highest market share owing to the high spending power of consumers in the region and the growing demand for natural cosmetics. Asia-Pacific personal care products market is anticipated to emerge as a prominent shareholder in the global marketplace due to the incessantly growing population coupled with changing lifestyle of consumers.
Avon Products, Colgate-Palmolive Company, Johnson & Johnson, Godrej Industries Ltd., Helen of Troy Ltd., L’Oréal Paris, Proctor & Gamble Company, and Unilever among others are some major players included in the research study of the global personal care products market. Companies are adopting various competitive strategies to withhold the majority of the market share. As per the studies, the personal care product industry is highly dominated by some key players, although new market entrants are grabbing a good amount of shareholding with their innovative concepts and focused sustainability. For instance, in November 2019, Kao Corporation announced the development of a diffuser that embodies Fine fiber technology to create a layered, ultra-thin skincare product. The company launched this technology under the Kao brand est and the Kanebo brand SENSAI. Ikkai was launched in India in October 2018. It is a premium organic skincare brand and offers a range of skincare products that are made up of naturally sourced enzymes and ingredients. In 2019, Coty Inc. and Kylie Jenner announced a long-term collaboration to develop Kylie’s existing beauty business at a global scale.