Beauty & Personal Care - Worldwide

Worldwide

The Beauty & Personal Care market worldwide is projected to generate a revenue of US$648.40bn in 2024.
The market is expected to grow at an annual rate of 3.07% (CAGR 2024-2029).
The largest segment in this market is Personal Care, which is estimated to have a market volume of US$282.90bn in 2024.
When comparing the global market, in the United States leads in revenue generation with US$100bn in 2024.
In terms of per person revenues, in the world is expected to generate US$83.68 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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Region comparison

Currency

Analyst Opinion

Clean beauty refers to cosmetics, skincare, and personal care products devoid of harmful chemicals like propylparaben and butylparaben. The Covid period boosted this trend as a significant drop in social contacts shifted consumption from cosmetics to skincare and personal care products. Another consideration regarding clean beauty has been the concept of ethics as it relates to animal testing. Over time, the concept of clean beauty has also expanded to include sustainability throughout the entire production process.

One of the biggest challenges facing clean beauty brands has been the higher prices associated with its products as mass produced products tend to be significantly cheaper. However, we are now seeing improved performance across the entire spectrum of clean beauty product lines suggesting that this may no longer be a significant obstacle. For example, premium skincare brand, Aesop, showed an average growth rate of 40 percent between 2020 and 2021 despite the economic downturn due to Covid.

The unwritten rule of any consumer market is to ensure a positive customer experience. We should also keep in mind that the definition of positive experience can change over time. The growing interest in non-toxic or cruelty-free products suggest that consumers will look for brands that produce more products that align with their individual values. Therefore, in line with these consumer behaviors, clean beauty products are expected to be a main driver across the Beauty & Personal Care industry.

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.