The global beauty and personal care products market was valued at USD 434.85 billion in 2020, and it is projected to register a CAGR of 4.35% during the forecast period, 2021-2026.
A major issue faced by the manufacturers during the COVID-19 situation was the disrupted supply chains, especially, for cosmetics, for during the lockdown countries closed their borders or raised trade barriers. As a result, manufacturers and exporters were facing high competition to export their goods. Furthermore, the on-premise sales through supermarkets and convenience stores witnessed a decline due to the subsequent lockdowns and the closure of retail stores, as individuals have been practicing social distancing measures and avoiding gatherings and outings. However, the sales through online retail channels majorly supported the market penetration.
The improving quality of life, the positive effects of beauty and personal care on self-esteem and social interaction, and the gradual consumer shift toward premium and luxury cosmetic brands are a few factors that are likely to propel the market growth during the forecast period.
The increasing dental problems among children and adults, due to poor eating habits, and the rise in the popularity of herbal oral care products are the factors primarily driving the oral care products market globally. Moreover, the rising premiumization and the consumers' need for more targeted solutions are accelerating the growth of the market studied. The rise in oral health-consciousness helped vendors introduce oral hygiene product categories, such as teeth-whitening products.
With the growing demand for organic ingredients, consumers across the world are inclined toward organic personal care products, which is expected to drive the market growth during the study period. Furthermore, the rising awareness about the harmful effects of chemicals and synthetic products is another factor augmenting the growth of the market. Most of the consumers tend to buy products with natural or organic labeling, which is driving the market growth.
Key Market Trends
Deterring Oral Health Among Population Globally
The rapidly changing lifestyles and improper diets, including sugar-rich diets and the increased consumption of alcohol and tobacco, which has made oral health one of the major public health problems in almost every part of the world. According to the World Health Organization, oral diseases pose a major issue for many countries and affect people throughout their lifetime, causing pain, discomfort, disfigurement, and even death. The Global Burden of Disease Study 2017 estimated that oral diseases affect close to 3.5 billion people, worldwide, with caries of permanent teeth being the most common condition. Moreover, with the increased expenditure on oral healthcare, consumers across the world started taking preventive measures, which increased the demand for effective oral care products. For instance: According to the US National Library of Medicine's National Institutes of Health, the spending for dental care increased from approximately USD 2 billion in 1960 to USD 117.5 billion in 2015. Thus, consumers across the world pay immense attention to maintaining their oral health, which led to an increase in the demand for oral care products worldwide. Some of the factors that influence the choice from the customers' point of view are the perceived performance, brand awareness, product attributes, the credibility of the company, and availability of product information.
Asia-Pacific Emerges as the Fastest Growing Region
In the Asia Pacific region, countries- like China, India, and Vietnam present considerable growth opportunities for the market players, primarily due to the growing millennial population. Amid the growing prevalence of hair thinning, loss of volume, dryness, and several other hair-related concerns among the consumers, hair care products are emerging as the most affluent and cost-effective way. Unilever retained its market leadership in India, aided by the strong performance of its flagship brands, such as Dove and Sunsilk, while Patanjali Ayurved recorded the fastest growth rate in terms of sales in 2019.
Furthermore, high awareness regarding cosmetics products, such as facial makeup and hairstyling and colouring products, is expected to drive the market's growth in the near future. The demand for multifunctional products is driving innovation, as price-conscious consumers are opting for products that provide both hydration and skin protection. Companies are constantly advertising cosmetics that provide medicinal benefits, especially on social networking sites, such as Facebook, Twitter, YouTube, and Instagram, where beauty bloggers are very popular. Some of the major key players in the beauty and personal care products market in Asia- Pacific are Avon Products, Inc., Beiersdorf AG, L'Oreal Group, Procter & Gamble, The Estee Lauder Companies Inc., and Unilever, among others.
The global beauty and personal care market is highly competitive, with a strong presence of regional and global players in the market, where demand is mostly driven by more adaptation toward skincare routines and consumer awareness about brand know-hows. The most active companies in the market include key players, like Procter & Gamble, Unilever, L'Oreal SA, Beiersdorf AG, and The Estee Lauder Inc. L'Oreal SA is one of the most active companies, with numerous brand offerings and a broad range of beauty and skincare products across the region.
The company has spent considerably on improving quality and product innovation, in terms of ingredients, functionality, and packaging. The key players are embarking on merger and acquisition and product innovation as their key strategies to achieve consolidation and optimize offerings. Moreover, these players merge with local players to gain dominance in the local markets. The acquisition is expected to give Unilever a leading position in oral care within the French pharmacy channel and strong positions in Spain.
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
- 4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Bargaining Power of Suppliers
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Threat of New Entrants
- 4.3.4 Threat of Substitutes
- 4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Product Type
- 5.1.1 Personal Care Products
- 126.96.36.199 Hair Care Products
- 188.8.131.52.1 Shampoo
- 184.108.40.206.2 Conditioners
- 220.127.116.11.3 Hair Oil
- 18.104.22.168.4 Hair styling and Coloring Products
- 22.214.171.124.5 Other Hair Care Products
- 126.96.36.199 Skin Care Products
- 188.8.131.52.1 Facial Care Products
- 184.108.40.206.2 Body Care Products
- 220.127.116.11.3 Lip Care Products
- 18.104.22.168 Bath and Shower
- 22.214.171.124.1 Shower Gels
- 126.96.36.199.2 Soaps
- 188.8.131.52.3 Bath Salts
- 184.108.40.206.4 Other Bath and Shower Products
- 220.127.116.11 Oral Care
- 18.104.22.168.1 Toothbrushes and Replacements
- 22.214.171.124.2 Toothpaste
- 126.96.36.199.3 Mouthwashes and Rinses
- 188.8.131.52.4 Other Oral Care Products
- 184.108.40.206 Men's Grooming Products
- 220.127.116.11 Deodorants and Antiperspirants
- 5.1.2 Cosmetics/Make-up Products
- 18.104.22.168 Facial Cosmetics
- 22.214.171.124 Eye Cosmetic Products
- 126.96.36.199 Lip and Nail Make-up Products
- 5.2 By Distribution Channel
- 5.2.1 Specialist Retail Stores
- 5.2.2 Supermarkets/Hypermarkets
- 5.2.3 Convenience Stores
- 5.2.4 Pharmacies/Drug Stores
- 5.2.5 Online Retail Channels
- 5.2.6 Other Distribution Channels
- 5.3 By Category
- 5.4 Geography
- 5.4.1 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 220.127.116.11 Mexico
- 18.104.22.168 Rest of North America
- 5.4.2 Europe
- 22.214.171.124 United Kingdom
- 126.96.36.199 Germany
- 188.8.131.52 France
- 184.108.40.206 Russia
- 220.127.116.11 Italy
- 18.104.22.168 Spain
- 22.214.171.124 Rest of Europe
- 5.4.3 Asia Pacific
- 126.96.36.199 India
- 188.8.131.52 China
- 184.108.40.206 Japan
- 220.127.116.11 Australia
- 18.104.22.168 Rest of Asia-Pacific
- 5.4.4 South America
- 22.214.171.124 Brazil
- 126.96.36.199 Argentina
- 188.8.131.52 Rest of South America
- 5.4.5 Middle East and Africa
- 184.108.40.206 South Africa
- 220.127.116.11 United Arab Emirates
- 18.104.22.168 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Most Active Companies
- 6.2 Most Adopted Strategies
- 6.3 Market Share Analysis
- 6.4 Company Profiles
- 6.4.1 L'Oreal SA
- 6.4.2 Procter & Gamble Co.
- 6.4.3 Unilever PLC
- 6.4.4 Colgate-Palmolive Company
- 6.4.5 The Estee Lauder Inc.
- 6.4.6 Natura & Co.
- 6.4.7 Johnson & Johnson Inc.
- 6.4.8 Beiersdorf AG
- 6.4.9 Shiseido Company Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET