Beauty And Personal Care Products Industry Data Book - Skin Care, Hair Care, Color Cosmetics and Fragrances Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030

Database Overview

Grand View Research’s beauty and personal care products sector data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.

Beauty and Personal Care Products Industry Data Book Scope

Beauty and Personal Care Products Industry Data Book Coverage Snapshot 

Beauty and Personal Care Products Sector Outlook

The economic value generated by the beauty and personal care products industry was estimated at approximately USD 518.56 billion in 2022. Rising consumer awareness regarding personal grooming, hygiene, and appearance has led to a growing demand for beauty and personal care products worldwide. Consumers are increasingly seeking products that enhance their physical appearance and well-being.

Consumer preferences and trends play a significant role in shaping the beauty and personal care market. Shifts towards natural and organic products, sustainable packaging, and cruelty-free formulations are gaining momentum. Consumers are also demanding personalized and innovative products to cater to their specific needs. This is expected to propel market growth over the forecast period. 

Asia Pacific dominated the beauty & personal care products market in 2022 with a revenue share of around 40%. Asia Pacific is expected to remain the largest regional market and witness the fastest growth over the forecast period due to the rapidly growing population thus leading to higher demand for high-quality beauty and personal care products for overall comfort. In countries like China and India, the market is experiencing significant growth due to an increase in the number of working women and their growing interest and purchasing power for beauty products. Additionally, the young population in these countries, who have internet access, presents substantial opportunities for the market's expansion in the coming years.

Skin Care Market Analysis And Forecast

Consumers are becoming more aware of the importance of incorporating skincare products into their routine. As a result, these products offer a range of benefits, such as shielding the skin from environmental harm, minimizing signs of aging, and promoting overall skin health. Additionally, the beauty and self-care culture has experienced a surge in recent years, driven by social media influence and the desire for self-expression and self-pampering. This is expected to boost the skin care product demand over the upcoming years.

Consumers increasingly seek skincare products that offer multiple benefits. Conventional products are multi-functional products that combine skincare steps into one, such as moisturizers with built-in SPF, tinted moisturizers, and BB creams that provide hydration, sun protection, and coverage in a single application. Moreover, manufacturers of conventional skincare products are expanding their reach into emerging markets, particularly in Asia and Latin America. These regions present significant growth opportunities, and brands are adapting their products and marketing strategies to cater to the specific preferences and needs of these markets.

Hair Care Market Analysis And Forecast

Consumers have become more conscious about the health and appearance of their hair. Concerns such as hair damage, dryness, dandruff, hair loss, and scalp issues have been driving the demand for hair care products over the last few years. Hair care brands continually invest in research and development to introduce innovative formulations, ingredients, and technologies. These advancements lead to the creation of new and improved products that offer enhanced benefits, such as nourishment, repair, and protection for different hair types and concerns.

Consumers are increasingly recognizing the importance of scalp health in maintaining healthy hair. There is a growing trend of conventional hair care products focusing on repairing and protecting damaged hair. These products aim to address concerns related to hair breakage, split ends, and heat damage caused by styling tools and chemical treatments. This is expected to propel market growth over the forecast period.

Color Cosmetics Market Analysis And Forecast

Color cosmetics allow individuals to express their unique style and personality. Consumers use makeup as a form of self-expression, experimenting with different colors, textures, and finishes to create diverse looks that reflect their individuality, this is accelerating the color cosmetics market growth. Moreover, color cosmetics are closely tied to fashion and beauty trends. Consumers often look to match their makeup looks with the latest fashion trends showcased on runways and in magazines. This is expected to boost market growth over the forecast period.

The conventional color cosmetics market is characterized by continuous product innovation and a wide variety of options. Brands introduce new shades, formulas, and packaging innovations to cater to diverse consumer preferences, leading to a constant influx of new products. Furthermore, brands are expanding their conventional product offerings to include makeup products specifically designed for male consumers, including foundation, concealer, and brow products.

Fragrances Market Analysis And Forecast

The growing lifestyle trends, such as wellness and natural products, also influence fragrance preferences, leading to a demand for specific fragrance categories. In addition, fragrances are popular gifts for birthdays, anniversaries, holidays, and other celebrations. The demand for fragrances often increases during festive seasons and peak gifting periods.

Consumers are increasing their focus on wellness and sustainability, which has resulted in rising demand for clean and natural fragrances. Consumers are looking for fragrances that are free from synthetic chemicals, artificial additives, and potentially harmful ingredients, and instead, feature natural and organic components. This is expected to accelerate the organic fragrances market growth over the forecast period.

Competitive Insights

The manufacturers adopt a variety of strategies, including acquisitions, the introduction of new products, partnerships, and the bolstering of their distribution networks, to achieve maximum company growth and a strong marketplace. Manufacturers of beauty and personal care products goods intend to strengthen their market positions by expanding their clientele. Therefore, major market players are pursuing mergers, acquisitions, and other strategic initiatives to achieve business development in the regional market.

The recent developments and innovation strategies by market players have resulted in a positive impact on market growth, wherein companies invest in research and development to introduce new formulations, ingredients, and technologies that offer superior benefits, addressing consumer demands and staying ahead of the competition. 

• In July 2023, L'Oréal, a renowned beauty company, and Verily, a precision health tech company under Alphabet, collaborated to introduce My Skin & Hair Journey. This extensive study is set to span several years and aims to enhance researchers' understanding of the biological, clinical, and environmental aspects that influence the health of skin and hair as they evolve.

• In June 2023, The Estée Lauder Companies announced the highly anticipated second edition of BEAUTY&YOU. This innovative initiative, developed by ELC's New Incubation Ventures (NIV), has been introduced in collaboration with NYKAA, India's leading beauty and lifestyle retailer. BEAUTY&YOU remains committed to its core objective of identifying, showcasing, and empowering the emerging wave of Indian beauty brands.

• In April 2023, Coty Inc., a prominent global beauty company renowned for its portfolio of iconic brands, recently made an exciting announcement. Their latest fragrance, Gucci Eau de Parfum, titled "Where My Heart Beats," is set to make history as the first-ever globally distributed perfume created using alcohol derived entirely from recycled carbon emissions. This groundbreaking initiative underscores Coty's commitment to sustainability and innovation within the beauty industry.