Press release
Global Beauty and Personal Care Products Market is expected to grow at a CAGR of 5.81% during the forecast period from 2019-2026
Global Beauty and Personal Care Products Market 2019, Global Beauty and Personal Care Products Market Growth,
"Beauty and Personal Care ProductMarket By Product (Skin Care/Sun Care, Hair Care, Makeup &Color Cosmetic Products, Deodorants/Fragrances, Others), Type, Distribution Channel, Regions",and Global Forecast 2019-2026.
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Major players in the global Beauty and personal care productmarket are Beiersdorf AG, Coty Inc., Kao Corporation, L'occitane International S.A., L'Oréal Group, and Procter & Gamble among others.The demand for the beauty and personal care products market is expected to increase owing to the rising aging population and growing consciousness to maintain youthful skin and a good appearance.
The product segment is divided into skincare/sun care, hair care, makeup & color cosmetic products, deodorants/fragrances, others. The skincare/sun care segment is expected to register the highest CAGR of 6.2% over the forecast period 2019-2026. This is mainly due to the rising demand for clean beauty, aging population, and increasing health and wellness across the globe. The type segment includes vegan, organic, and inorganic.The vegan type segment is anticipated to grow at the highest CAGR of 6% over the forecast period. The international beauty and personal care companies have been a leading force in the ethical beauty space for a long while. In the year 2018, sales of vegan beauty products in the UK grew to 38% in 2018. The distribution channel is fragmented into online and offline. The E-commerce channel accounts for the 10% in the year 2018. Increasing internet and smartphone penetration in the developing countries, where premium beauty products are generally not accessible through the offline channel is boosting the growth of the online beauty and personal care product market. For instance, online players such as Amazon, Flipkart, Myntra, Nykaa, Purplle are offering premium international beauty and cosmetics brands to the consumers, which are not accessible through retail stores in India.
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Evolving consumerism plays an important role in shaping the beauty and personal care product market. Buying patterns, buying behavior, and frequencies help identify consumers as loyalists or experimental. Nowadays, consumer are preferring to buy the daily care products onlinedue to product standardization, offers and discounts on various portals whereas mid-premium and premium+ products are purchased in the offline retail stores since the consumer mindset still believes in the 'touch & feel' of the product.
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