Beauty and Personal Care Market: Global Trends & Strategic Outlook

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Beauty and Personal Care Market Global Trends
Strategic Outlook Consumer Goods and Service 30,
September 2022 The desire to look attractive
youthful and enhance ones physical appearance
has elevated the use of beauty and personal care
products worldwide. This is further supported by
various social, cultural, and economic changes
across geographies. Based on our study, the
global beauty and personal care market ,
which was valued at 508.83 billion in
2021, is expected to generate 701.11
billion by 2028 and is likely to advance
with a CAGR of 3.20 during the forecast period,
2022 to 2028.
A number of factors, including rapid
urbanization, greater awareness, and
increased disposable incomes, are attributable
to this growth. Besides, the evolving
beauty standards and shifting trends also play an
integral role in shaping the markets
outlook. Whats Trending in this Billion-Dollar
Market?

• Widening Product Range for Personalized Solutions

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• Beauty and personal care is not restricted only
  to skin care, but also extends to hair care, oral
  care, fragrances, and other categories. Among
  all, sun care is anticipated to exhibit the
  fastest growth at a 3.55 CAGR in the type
  segment.
• Further, fragrances are no longer perceived as a
  luxury, and are witnessing increased demand. With
  strong performance in this category, Natura
  Co continues to remain the market leader
  in Brazil.
• Also, the development of hybrid products
  that reduce time effort and cater to
  multiple needs is steering innovation in the hair
  care category. For instance, the Keratin Perfect
  3-in- 1 Multi-Action Hair Beauty Balm by Keratin
  Complex works as a cream, serum, and oil
  together.
• Rising Influence of Domestic Trends
• The Korean wave has swept the global market, with
  a fresh take on beauty and personal care. Sheet
  face masks are a popular offering of K-beauty.
  Globalization and renewed interest in travel
  culture have helped drive such influential
  trends.
• Consequently, unique skincare trends from
  other countries, such as J-beauty (Japan),
  C- beauty (China), and A-beauty (Australia), have
  also captured consumers attention in recent
  years. The popularity of these domestic markets
  has positioned the Asia-Pacific beauty and
  personal care market on a growth trajectory,
  which is evident from its largest revenue share
  of 197.50 billion in 2021.
• The Clean Beauty Revolution
• The rising focus on health and inclination
  towards natural ingredients formulations
  are driving the demand for natural and clean
  beauty. With the growing popularity of veganism
  in the United Kingdom, the demand for plant-based
  and cruelty-free beauty products has also grown.
• Thus, a significant number of product
  developments are evolving around these trends. In
  line with this trend, Henkel reformulated its
  Schauma hair care products to make them suitable
  for vegans, in February 2019.
• Further, complying with the overall push
  towards sustainability and green practices,
  some companies have already replaced
  petroleum-based plastics with corn-derived
  polylactic acid (PLA) for packaging their
  products.

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investment in US-based social selling
platform Replika Software Inc, as part of
its acceleration strategy in e-commerce. Strateg
ic Outlook for a Bright Future Given the
competitive environment in this space,
innovation remains a key strategy for
companies to differentiate themselves from
industry rivals. Limited edition launches, mini
variants, and niche targeting would help
manufacturers increase market penetration. There
is growing demand for Halal cosmetics and other
products, especially from the Muslim population.
Besides, several men are increasingly opting for
products targeted specifically at their needs.
Various companies, especially in the
anti-aging market, are already tending to these
growing and potentially vast consumer bases, and
aspiring players can take note. Leveraging the
reach of social media celebrities in
influencing consumers purchasing decisions is
another dependable strategy for brands.
Also, technological integration will
additionally boost prospects. In June 2021, Estée
Lauder launched a number of new AR and
AI-equipped features on its official website and
app, to offer its customers a try-before-you-
buy virtual makeup experience. Despite
COVID-19, the studied market showed resilience,
given the immense and continued demand. And
embracing inclusivity and riding the digital
wave will help the beauty and personal care
market scale new heights. FAQs Q 1) Which are
the main segments covered in the beauty and
personal care market? The main market segments
include Type and Sales Channel. Q 2) Which
region is expected to grow the fastest in the
global beauty and personal care market? The
Middle East and Africa is expected to
witness the fastest growth rate at a CAGR
of 3.52 during the forecast period.