Beauty & Personal Care - Worldwide

Worldwide

The Beauty & Personal Care market worldwide is projected to generate a revenue of US$650.10bn in 2024.
The market is expected to grow at an annual rate of 3.40% (CAGR 2024-2029).
The largest segment in this market is Personal Care, which is estimated to have a market volume of US$283.60bn in 2024.
When comparing the global market, in the United States leads in revenue generation with US$101bn in 2024.
In terms of per person revenues, in the world is expected to generate US$83.90 in 2024.
Furthermore, online sales are projected to contribute 35.0% of the total revenue in the Beauty & Personal Care market by 2024.
Despite the global recession, the beauty and personal care market in the United States continues to thrive with a strong focus on organic and natural products.

Key regions: United States, Worldwide, India, Indonesia, Canada

Market

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Currency

Analyst Opinion

The Beauty & Personal Care market is witnessing sluggish growth globally, influenced by changing consumer preferences, heightened competition, and economic factors. While innovation in products and sustainability initiatives spark interest, market saturation limits overall expansion potential.

Customer preferences: Consumers in the Beauty & Personal Care market are increasingly gravitating towards clean, natural, and ethically sourced products, reflecting a growing awareness of health and environmental issues. This shift is particularly pronounced among younger demographics, who prioritize transparency and sustainability in their purchasing decisions. Additionally, there is a rising demand for personalized beauty solutions tailored to individual skin types and preferences, driven by advancements in technology and data analytics. Social media influences continue to shape trends, fostering a culture of inclusivity and diversity in beauty standards.

Trends in the market: In the Beauty & Personal Care market, there is a notable shift towards clean and natural products, with consumers increasingly seeking transparency in ingredient sourcing. This trend is especially strong among Gen Z and Millennials, who are driving demand for ethically produced items that align with their values. Moreover, personalized beauty solutions are gaining momentum, aided by technology that allows brands to offer tailored recommendations based on individual preferences. Social media continues to play a pivotal role, promoting diverse beauty standards and fostering community engagement, which compels brands to adapt their strategies to remain relevant and connect authentically with consumers.

Local special circumstances: In South Korea, the Beauty & Personal Care market thrives on its unique blend of advanced technology and K-beauty trends, fostering a culture of innovation in skincare and cosmetics. The emphasis on multi-step routines reflects local beauty ideals, while consumers prioritize products that enhance skin health. In contrast, in France, heritage and artisanal craftsmanship shape consumer preferences, with a strong inclination towards luxury brands and sustainability. Regulatory standards also differ, as the EU enforces stringent guidelines on product safety and environmental impact, influencing brand formulations and marketing strategies.

Underlying macroeconomic factors: The Beauty & Personal Care market is significantly influenced by macroeconomic factors such as consumer spending trends, economic stability, and global supply chain dynamics. In regions with robust economic growth, consumers are more willing to invest in premium products, driving demand for luxury and innovative offerings. Conversely, economic downturns can lead to reduced discretionary spending, impacting sales. Additionally, fluctuating raw material costs and trade policies affect production and pricing strategies. The rise of e-commerce and digital marketing also plays a crucial role, as consumers increasingly seek convenient shopping experiences and personalized product recommendations.

Methodology

Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.