The global beauty and personal care products market size is anticipated to reach USD 716.6 billion by 2025, according to a new report by Grand View Research, registering a CAGR of 5.9% during 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, and increasing popularity of men’s grooming products are some of the key factors that are expected to drive the market over the forecast period.
AR uses face and skin - mapping technology to show how products would look on individual consumers before they purchase them. Thus, they need not visit a physical store nor try the products on, thus saving time and making purchase process more convenient.
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. Furthermore, the skin care/sun care product segment expanded at a moderate CAGR from 2014 to 2017 owing to increasing aging population and growing awareness about advantages of using anti - aging 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 on account of its large population and the popularity of the e - commerce distribution channel across various industries in this region. Additionally, 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.
Further key findings from the report suggest:
- 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% 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’Or?al Group; Procter & Gamble; Mary Kay Inc.; Shiseido Company, Limited; Unilever Revlon, Inc.; and The Est?e Lauder Companies Inc.