Beauty & Personal Care - Nordics

Nordics

The Beauty & Personal Care market in the Nordics is projected to reach a revenue of US$7.47bn units in 2024.
This market is expected to grow at an annual rate of 2.47% (CAGR 2024-2029).
The largest segment within this market is the Personal Care segment, with a market volume of US$3.24bn units in 2024.
In comparison to other countries worldwide, in the United States generates the highest revenue in the Beauty & Personal Care market, with US$101bn units in 2024.
When considering the population figures, the per person revenue in the Nordics is estimated to be US$266.20 units in 2024.
Furthermore, online sales are expected to contribute 37.8% of the total revenue in the Beauty & Personal Care market by 2024.
In the Nordics, natural and sustainable beauty products are gaining popularity as consumers prioritize environmental consciousness and ethical consumption.

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

Market

Region

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Currency

Analyst Opinion

The Beauty & Personal Care market in the Nordics is experiencing negligible growth, influenced by shifting consumer preferences, sustainability concerns, and the increasing demand for innovative and personalized products, which challenge traditional purchasing habits.

Customer preferences: Consumers in the Nordics are gravitating towards clean beauty products that emphasize sustainability and ethical sourcing, reflecting a cultural commitment to environmental responsibility. This trend is further fueled by a younger demographic that prioritizes transparency and ingredient integrity in their beauty routines. Additionally, the rise of personalized skincare solutions, driven by advancements in technology and data analytics, is reshaping purchasing behavior, as individuals seek tailored experiences that resonate with their unique needs and values.

Trends in the market: In the Nordics, the Beauty & Personal Care market is experiencing a significant shift towards clean beauty products that prioritize sustainability and ethical sourcing. This trend is increasingly driven by younger consumers who demand transparency regarding ingredient integrity and environmental impact. Moreover, the integration of technology is leading to a surge in personalized skincare solutions, allowing brands to offer tailored experiences that cater to individual needs. These evolving preferences are reshaping industry dynamics, compelling stakeholders to innovate and adapt their offerings to align with these values for long-term success.

Local special circumstances: In the Nordics, the Beauty & Personal Care market is uniquely influenced by the region's strong emphasis on sustainability and environmental protection, stemming from its rich natural landscapes and cultural values. The high level of consumer awareness regarding ecological issues drives demand for locally sourced, eco-friendly products. Additionally, stringent regulatory standards mandate transparency in ingredient labeling, further encouraging brands to adopt clean beauty practices. This distinctive combination of cultural and regulatory factors fosters innovation and shapes consumer expectations, differentiating the Nordic market from others globally.

Underlying macroeconomic factors: The Beauty & Personal Care market in the Nordics is significantly shaped by macroeconomic factors such as economic stability, consumer spending power, and the growing trend toward sustainable consumption. Robust national economies, characterized by high GDP per capita and low unemployment rates, empower consumers to prioritize premium, eco-friendly products. Additionally, fiscal policies promoting green initiatives and supporting local businesses further stimulate market growth. Global trends, including increased awareness of health and wellness, also enhance demand for natural and organic beauty products, aligning with the region's cultural values and sustainability goals.

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.