Beauty and Personal Care Market: Global Trends & Strategic Outlook (1)

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Beauty and Personal Care Market Global Trends
Strategic Outlook
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
• 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.
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• 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.
• The E-Commerce Boom has taken the Market by Storm
• The E-commerce Sales Channel is expected to
  witness the fastest growth at a 4.48 CAGR in the
  forecast period. It has become a crucial part of
  the cosmetics and personal care space with
  increased penetration of the internet and
  technology among various age groups across
  numerous countries.
• Ease of delivery, wider range of options, and
  competitive pricing are some reasons that have
  made online shopping an attractive alternative.
  In March 2021, LOréal announced investment in
  US-based social selling platform Replika Software
  Inc, as part of its acceleration strategy in
  e-commerce.
• Strategic 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.
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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.