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Circular Beauty Products Market Overview, Outlook, Size, Share, Demand 2024-2033
Circular Beauty Products Market Overview
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According to The Business Research Company's, The circular beauty products market size has grown strongly in recent years. It will grow from $2.38 billion in 2023 to $2.54 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increasing consumer awareness of environmental issues, a growing trend toward clean beauty and natural products, rising plastic waste concerns, increasing adoption of refillable product systems, and a rising of minimalism in beauty routines.
The circular beauty products market size is expected to see strong growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to growing emphasis on carbon-neutral production, increased consumer preference for zero-waste products, pressure from environmental advocacy groups, higher costs of raw materials driving circular solutions, and investment in closed-loop supply chains. Major trends in the forecast period include collaborations between beauty brands and recycling companies, a focus on waterless beauty products to reduce waste, the development of bio-based alternatives to plastic, personalized beauty products with sustainable ingredients, and consumer demand for transparency in sourcing and packaging.
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Market Drivers and Trends:
The rise in awareness about personal care is expected to propel the growth of the circular beauty products market going forward. Personal care refers to compassionate assistance and supervision provided to individuals in performing daily living tasks and maintaining personal hygiene to preserve health, dignity, and quality of life. The awareness about personal care is driven by increasing consumer demand for natural and organic products, growing emphasis on health and wellness, the aging population's need for anti-aging, and the younger demographic's preference for personalized and gender-inclusive products. Circular beauty products significantly contribute to increasing awareness about personal care by advocating for sustainability, reducing waste, and encouraging consumers to make environmentally conscious decisions. For instance, in December 2023, according to a report published by the Bureau of Labor Statistics, a US-based government agency, average annual expenditures increased from $66,928 in 2021 to $72,967 in 2022, with spending on personal care products and services rising by 12.3% to $866, compared to a 10.9% increase in apparel and services. Therefore, the rise in awareness about personal care is driving the circular beauty products market.
Major companies operating in the circular beauty products market are developing refillable products to reduce waste, lower their carbon footprint, and meet growing consumer demand for sustainable and environmentally friendly solutions. Refillable beauty products are a sustainable approach to beauty packaging that allows consumers to reuse containers by purchasing refills instead of discarding the entire package after use, thereby reducing waste and promoting eco-friendly practices. For instance, in January 2022, Chanel, a UK-based luxury fashion company, launched No. 1 de Chanel. This product line includes refillable beauty items that reduce environmental impact by enabling consumers to reuse stylish packaging, thus minimizing waste from single-use containers. This combination of elegant design with sustainable practices fosters a culture of responsible consumption in the luxury beauty sector through natural ingredients and recyclable materials.
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Major Key Players of the Market:
L'Oréal S.A., Colgate Palmolive Company, Chanel, Estee Lauder Companies Inc., Kao Corporation, Unilever, Coty Inc., L'Occitane Group, Lush Retail Ltd., Circumference Inc., Weleda, Caudalie, Tata Harper, O'Right Inc., Earth Harbor, Alima Pure, UpCircle Beauty, Kjaer Weis, SBTRCT Skincare, Plaine Products LLC, Ethique, Skin & Tonic London
Circular Beauty Products Market 2024 Key Insights:
• The circular beauty products market size is expected to see strong growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 7%.
• Awareness Of Personal Care Boosts Growth In Circular Beauty Products
• Companies Focus On Refillable Products To Promote Sustainable Beauty Practices
• North America was the largest region in the circular beauty products market in 2023
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