Press release
Circular Beauty Product consumption is anticipated to increase at a CAGR of 5.8% through 2032
Circular Beauty Product
This expansion is attributed to various factors, including evolving lifestyle preferences, the burgeoning market for sustainable beauty items, adoption of eco-design packaging solutions, demand for animal cruelty-free and chemical-free products.
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Additionally, the swift shifts in fashion trends and governmental initiatives promoting zero waste beauty products in select regions are expected to heighten consumer interest in circular beauty products, consequently driving up their demand in the foreseeable future.
According to the United Nations, one-third of the total food production procured for human consumption is wasted or lost from the primary source. It is high time beauty product manufacturers cater to this issue by investing in developing beauty products from food waste ingredients.
Skincare and haircare formulation manufacturers have been utilizing food ingredients, especially superfoods from food waste, which is a more eco-friendly and new development. However, food waste ingredients are not a niche idea from smaller beauty ingredients companies but an important step towards the sustainable future of beauty products.
French cosmetic giant L'Oréal announced an investment fund for improvising innovations in the circular economy on the occasion of Earth Day, on April 22.
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Key Takeaways from Market Study
By product, the personal care segment is projected to provide an absolute $ opportunity of US$ 1.2 billion over the forecast period (2022-2032).
Among the sales channels, online sales are anticipated to expand around 2.2X in market value by 2032 and create an absolute $ opportunity of US$ 1.2 billion by 2032.
Female consumers are set to account for an absolute $ opportunity of US$ 1.1 Billion.
Europe is expected to hold around 33.5% of the global circular beauty products market share by 2032.
North America is predicted to provide an absolute dollar opportunity of US$ 483 million by 2032-end.
Winning Strategy
A key strategy for participants in the circular beauty products market has been to salvage waste from food and beverage companies that are intended to go to landfills. In addition, companies are using F&B byproducts that they reclaim and optimizing their utilization in the formulation of skin care products.
Companies are also focusing on manufacturing facilities for capacity expansion for bringing sustainable products to the masses and are investing in the research and development of innovative products, customized to fulfill the demand of niche consumer segments.
Manufacturers should increase their production, and, as a result, aim to offer innovative products that are tailored to the customized needs of consumers, with a focus on sustainability. Additionally, collaboration with retail channels should remain a vital strategy for manufacturers of circular beauty products, as they would become aware of the needs of consumers, and, in turn, develop application-specific products, catering to diverse customers across geographies.
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Top Companies are
Augustinus Bader, BYBI, Caudalie, Chanel, Circumference Inc., Earth Harbor, Fruu, Lush, Mark & Spencers, Monta, Rabot 1745, Superzero, The Body Shop, Three Ships, UpCircle Beautyz
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the circular beauty products market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on product (personal care (body care, haircare, skincare), fragrances, makeup, other products), consumer orientation (male, female), and sales channel (online sales channels (company websites, e-Commerce platforms), (offline sales channels (hypermarkets/supermarkets, modern trade stores, brand stores, beauty salons, pharmacies)), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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