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The Global Personal Care Products Market is estimated to grow at a CAGR of ~5% during the forecast period 2021-2027.
The market growth is majorly attributed to positive effects of beauty and personal care on self-esteem, increasing importance of social appearance, and 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.
Demand for Customized Personal Hygiene Products to Propel Growth
Rising demand for personalized grooming products is a new trend witnessed by personal care product industry in the recent times. With extensive range of beauty and hygienic needs of customers, companies are expected to innovate with new offerings to sustain the market competition. Hence, involvement of customers in designing and manufacturing the beauty care products help to cater the market in more efficient way, although high prices of customized products is a challenge, but 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.
Segmentation Overview of the Global Personal Care Products Market
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 include 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 account for the highest market share owing to high spending power of consumers in the region, and 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 incessantly growing population coupled with changing lifestyle of consumers.
Key Players Insights
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 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 good amount of shareholding with their innovative concepts and focused sustainability. For instance, in November 2019, Kao Corporation announced the development of diffuser which embodies Fine fibre 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 which 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.
Research Report on the Global Personal Care Products Market Include: