The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Global Beauty and Personal Care Products Market is projected to grow at a CAGR of 7.2% during the forecast period (2019 - 2024)
- Income inequality, tight purse strings, lack of penetration within the developed regions, insufficient research into the prevalent trend of organic products, inadequate regulatory concerns, and a few other factors act as challenges, in the market studied. Some important players in the mass/masstige makeup/cosmetics field include - P&G, Beiersdorf, Unilever, MAC, Revlon, Olay, L’Oreal, and Avon, among others.
- The growth of the male grooming products market has been catalyzed by an increasing consciousness among male consumers, about personal wellness and appearance. Owing to this factor, manufacturers are focusing on launching new and innovative hair care products for men, in order to increase their offerings and customer base, which, in turn, would provide them an edge over their competitors. For instance:
- Rigaos is one of the latest series of Japanese hair products for men by Japan Gateway Co. Ltd. Rigaos stands for: R = Romance, I = Intelligence, G = Gentleness, A = Appearances, O = Originality and S = Spirit
Scope of the Report
Global Beauty And Personal Care Products Market is segmented by Personal Care Products (Hair Care Products, Facial Care Products, Shower Gels, Oral Care, Men’s Grooming Products, and Deodorants and Antiperspirants); by Cosmetics/Make-up Products (Facial Cosmetics, Eye Cosmetic Products, Lip and Nail Make-up Products, Hair styling and coloring products); by Distribution Channel (Specialist Retail Stores, Supermarkets/Hypermarkets, Convenience Stores, Pharmacies/Drug Stores, Online Retail Channels, Others); By Category (Mass Products and Premium Products) & by Geography
Key Market Trends
Hair Cosmetics is Projected to Grow at a Significant Growth Rate
Several countries are thriving and predicted to become the fastest-growing regions in beauty and personal care, over the next five years. Owning to high concern for hair care, there is a rise in the demand for specialized products. Hair textures vary from person to person, and so do the hair- and scalp-related issues. Some people might have damaged or dry hair, while others have to deal with breakage and hair fall problems. Not only the younger and dynamic population of the region, but the older individuals are also interested in buying products, like hair dyes, hair growth oils, and serums. Those aged over 60 years are generally more interested in quality, how long things last, and value for money, and are unlikely to be rushed into unplanned purchases. Senior consumers are also the most loyal to branded and recognized products.
Middle East and Africa Emerges as the Fastest Growing Region
The Kingdom of Saudi Arabia is a country steeped in history and fantasy. The country boasts riches and a high standard of living, virtually incomparable to any other country in the world. A relatively small population of around 33 million, as of 2017 - the largest demographic group of which is children and those aged under 24 years, is one of the prime factors making cosmetic products popular in the country. Most of the globally operating brands in cosmetic products category, like L’Oreal, are actively operating in KSA. There is a cultural belief that higher prices imply better quality. Therefore, even inflated prices are serving the purpose of generating higher sales, from the cosmetic product category in the country. The Saudi Arabian province is well known for its preference for premium or luxury perfumes, indicating a long-lasting preference for strong scents.
The major emerging market players targeting leading brands are making strategic acquisitions of the market leaders, in more mature and sophisticated markets. Acquiring these brands enables diversification and gives these players access to stable cash flows and further growth opportunities. The cosmetic products market witnesses high competition, with the dominance of major global players. Various players are entering the market, to tap the untapped potential of the cosmetic products market. An advanced and diversified distribution network gives an upper edge to the manufacturers to expand their range of products, across the region.
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