Beauty & Personal Care - Georgia

Georgia

Georgia's Beauty & Personal Care market is projected to generate a revenue of US$233.00m in 2024.
This market is expected to grow at an annual rate of 2.95% (CAGR 2024-2029).
The largest segment within this market is Personal Care, which is estimated to have a market volume of US$106.20m in 2024.
When compared globally, in the United States generates the highest revenue with US$101bn in 2024.
In terms of per capita revenue, each person in Georgia is expected to generate US$62.68 in 2024.
Furthermore, online sales are predicted to contribute 26.9% of the total revenue in the Beauty & Personal Care market by 2024.
"Georgia's Beauty & Personal Care market is experiencing a surge in demand for natural and organic products, driven by consumers' growing preference for sustainable and eco-friendly options."

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

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Analyst Opinion

The Beauty & Personal Care market in Georgia is facing stagnant growth, influenced by factors such as limited consumer spending, a saturated product landscape, and shifting preferences towards natural and sustainable options, which challenge traditional offerings.

Customer preferences: Consumers in Georgia are increasingly prioritizing clean beauty and eco-friendly products, reflecting a broader global trend towards sustainability. This shift is driven by a growing awareness of environmental issues and health concerns associated with synthetic ingredients. Additionally, younger demographics, particularly millennials and Gen Z, are gravitating towards brands that align with their values, seeking transparency, ethical sourcing, and cruelty-free certifications. As a result, traditional beauty brands are adapting their offerings to incorporate more natural formulations, catering to this evolving consumer demand.

Trends in the market: In Georgia, the Beauty & Personal Care market is experiencing a notable shift towards clean beauty and eco-friendly products, with consumers increasingly demanding transparency and sustainability from brands. This trend is particularly pronounced among younger generations, such as millennials and Gen Z, who prioritize ethical sourcing and cruelty-free practices. As a result, established beauty brands are reformulating their products to include natural ingredients and sustainable packaging. This evolution not only reflects changing consumer values but also presents significant opportunities and challenges for industry stakeholders, compelling them to innovate and adapt to meet these new expectations.

Local special circumstances: In Georgia, the Beauty & Personal Care market is shaped by a rich cultural heritage that places a high value on natural beauty and traditional remedies. The country’s diverse flora offers unique botanical ingredients that are increasingly sought after by consumers interested in authentic and locally sourced products. Additionally, regulatory support for eco-friendly initiatives is fostering a more sustainable industry landscape. This combination of cultural appreciation for nature and supportive regulations encourages brands to innovate while appealing to consumers' desires for transparency and ethical practices.

Underlying macroeconomic factors: The Beauty & Personal Care market in Georgia is significantly influenced by macroeconomic factors including national economic stability, consumer spending trends, and global supply chain dynamics. As Georgia experiences moderate economic growth, increased disposable income allows consumers to invest in premium beauty products. Furthermore, global trends towards wellness and sustainability are prompting local brands to innovate with natural ingredients, aligning with consumer preferences for eco-friendly options. Additionally, governmental support for small businesses and regulatory frameworks that promote ethical sourcing enhance market viability, fostering a competitive landscape that attracts both local and international players.

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.