Beauty & Personal Care Market Expected to Reach $716 Billion by 2025
The global beauty and personal care products market size is anticipated to reach $716.6 billion by 2025.
According to a new report by Grand View Research, there are four key factors that are expected to drive a CAGR of 5.9 percent in the market over the forecast period:
- Growing preference for natural and organic personal care (NOPC) products
- Increasing adoption of Augmented Reality (AR) in the beauty industry
- Growing demand for anti-aging products
- Increasing popularity of men’s grooming products
Growing awareness about health, wellness and personal grooming and appearance among men is projected to account for a rise in the demand for men’s grooming products. This, in turn, is expected to boost the growth of the market over the forecast period. A variety of men’s toiletries are now available in the market, such as deodorants, hair care and skin care products, and bath and shower products.
The Asia Pacific market accounted for the largest share of the market in 2017. It is expected to witness a significant gain in revenue share over the forecast period due to its large population and the popularity of the e-commerce distribution channel across various industries in this region. Japan, China and India are expected to be the key contributors to the growth of the organic products segment in the region over the forecast period.
Key findings from the report:
- The demand for the beauty and personal care products market is expected to increase owing to rising aging population and growing consciousness to maintain youthful skin and a good appearance. The skin care/sun care segment is expected to register the highest CAGR of 6.2 percent over the forecast period
- The U.S., China, Japan, India and Mexico are expected to witness considerable growth over the forecast period owing to robust industrial development and extensive urbanization
The key players in this market include Avon Products, Inc.; Beiersdorf AG; Coty Inc.; Kao Corporation; L’occitane International S.A.; L’Oréal Group; Procter & Gamble; Mary Kay Inc.; Shiseido Company, Limited; Unilever Revlon, Inc.; and The Estée Lauder Companies Inc.