Beauty and Personal Care Market: Current Analysis and Forecast (2024-2032)

Report Description

Beauty and Personal Care Market Size & Forecast

The Beauty and Personal Care market was valued at approximately USD 591.24 billion in 2023 and is expected to grow at a substantial CAGR of around 4.67% during the forecast period (2024-2032) owing to the increasing awareness about skincare, haircare, and personal grooming.

Beauty and Personal Care Market Analysis

Beauty and Personal Care Products are those that are used to maintain appearance, hygiene as well as body health. This category comprises products used in facials, hair styling, make-up products for both sexes as well as perfumes. These products are used in daily activities as people groom themselves intending to attain personal hygiene standards and hence gain confidence. Due to the increasing concerns of sustainability, environmental conservation, and better-quality products, the sector still moves forward to satisfy the market demand for natural and ingenious products.

The strategic initiatives that the beauty and personal care market organizations are deploying include advancing product development, which includes clean beauty and organic products and digital sales. They are also expanding on customized products and services provision to suit the consumers and involvement of celebrities in marketing the products. In the present market, factors such as the company’s environmental consciousness, for instance, eco-friendly packaging, and animal testing-free products also contribute to the growth of the business. For instance, on September 12, 2024 – L’Oréal announced a tri-party agreement with biotech innovator, Abolis Biotechnologies and global specialty manufacturer, Evonik, to enable the discovery, development, and manufacturing of innovative and sustainable ingredients for beauty products and beyond. The agreement will enable purpose-made, sustainable ingredients to be produced at the scale needed to satisfy global demand for responsible beauty and accelerate Groupe’s L’Oréal for the Future sustainability commitments that prioritize bio-based ingredients in its beauty formulations.

Beauty and Personal Care Market Trends

This section discusses the key market trends influencing the various segments of the Beauty and Personal Care market as identified by our research experts.

Checkpoint Inhibitors Segment Transforms Beauty and Personal Care Industry

The skincare segment has the most significant impact on the growth of the beauty and personal care industry because of rising awareness about skin health. Environmental problems such as pollution, unprotected exposure to the sun’s UV radiation, and the natural aging process have made skincare products essential in the daily use of moisturizers, sun protection creams, anti-aging creams, and serums. For instance, on 06 February 2024, Evonik launched Vecollage Fortify L, a new vegan collagen for the beauty and personal care market that is identical to collagen in the skin. Vecollage Fortify L leverages Evonik’s competencies in biotechnology, collagen, and skincare to meet the demand for vegan collagen in applications such as anti-aging and hydrating creams. In addition to this, skin care products are effective for a wide range of problems specifically for acne, dry skin, dark spots, and fine lines and this also broadens the consumer base. Also the increase in concern towards natural and organic has created the market for clean and green skincare products.

North America leads the market

The North American segment is primarily responsible for the expansion of the beauty and personal care market due to relatively high brand awareness and the consistent desire for qualitative, novel products. This made consumers in the region spend more on skincare products, makeup, and other beauty products, including anti-aging and natural products. The consumers in the U. S. and Canada are trendsetters and have propelled growth in clean beauty products and sustainable packaging services as well as refraining from products that have been tested on animals.

Further, increased accessibility of beauty products due to North America’s heavy base in e-commerce and various digital marketing techniques have made adoptions more feasible. The companies operating in this region are now using even more sophisticated technologies like Artificial Intelligence for better solutions to beauty challenges, which is also propelling the market forward.

Beauty and Personal Care Industry Overview

The Beauty and Personal Care market is competitive, with several global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are L’Oréal Group, Procter & Gamble, Unilever, Colgate-Palmolive Company, The Estée Lauder Companies Inc., Shiseido Co., Ltd., Coty Inc., Beiersdorf AG, Oriflame Cosmetics AG, Revlon.

Beauty and Personal Care Market News

August 2023 – l.f. Beauty signed a definitive agreement to acquire Naturium, a fast-growing, high-performance skin care brand for USD 355 million in a combination of cash and stock, furthering its mission to make the best of beauty accessible to every eye, lip, face, and skin concern. The deal is expected to double e.l.f. Beauty’s presence in skin care to approximately 18% of retail sales. The transaction, which is subject to customary closing conditions, is expected to close around September 30, 2023.

June 2023 – The Estée Lauder Companies Inc. announced that it has completed its acquisition of the Canadian-based, vertically integrated, multi-brand company DECIEM Beauty Group Inc. (“DECIEM”). ELC first invested in DECIEM in 2017, increased its stake to become the majority owner in 2021, and recently exercised its option to purchase the remaining interests in DECIEM after three years.

February 2023 – Yellow Wood Partners LLC (“Yellow Wood”), a Boston-based private equity firm focused on investing in consumer brands and companies, today announced that it has signed a definitive agreement with Unilever (NYSE: UL) to acquire its beauty and personal care brand, Suave, in North America. The transaction is anticipated to be completed in the second quarter of 2023.

January 2022 – Henkel announced plans to merge its business units Laundry & Home Care and Beauty Care into one business unit: Henkel Consumer Brands. The company will start preparations for the integration process immediately and aims to have the new organization in place by the beginning of 2023.

Beauty and Personal Care Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Beauty and Personal Care market can be customized further as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Beauty and Personal Care Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Beauty and Personal Care market were the three major steps undertaken to create and analyze the adoption of Beauty and Personal Care in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Beauty and Personal Care market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Beauty and Personal Care market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Beauty and Personal Care market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as products, source type, product class, distribution channel, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Beauty and Personal Care market. Further, we conducted factor analysis using dependent and independent variables such as products, source type, product class, distribution channel, and regions of the Beauty and Personal Care market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Beauty and Personal Care market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Beauty and Personal Care market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

The industry’s market size, in terms of revenue (USD) and the adoption rate of the Beauty and Personal Care market across the major markets domestically

All percentage shares, splits, and breakdowns of market segments and sub-segments

Key players in the global Beauty and Personal Care market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Beauty and Personal Care market. Data was split into sevral segments and sub-segments after studying various parameters and trends in the products, source type, product class, distribution channel, and regions of the global Beauty and Personal Care market.

The main objective of the Global Beauty and Personal Care Market Study

The current & future market trends of the global Beauty and Personal Care market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Beauty and Personal Care market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the products, source type, product class, distribution channel, and regions.
• Define and analyze the regulatory framework for the Beauty and Personal Care
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Beauty and Personal Care market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Beauty and Personal Care market and the growth strategies adopted by the market players to sustain the fast-growing market.
• Deep dive regional level analysis of the industry

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