Market Research Report
Global Beauty & Personal Care Market Forecast 2019-2028
|Published by||Inkwood Research||Product code||956644|
|Published||Content info||238 Pages
Delivery time: 2-3 business days
|Global Beauty & Personal Care Market Forecast 2019-2028|
|Published: September 4, 2020||Content info: 238 Pages||
The global beauty & personal care market is evaluated to project a CAGR of 1.67%, during the forecast years of 2019 to 2028. The market growth is attributed to factors such as, the growing demand for anti-aging products, the influence of e-commerce channels on sales, and innovative and eco-friendly packaging designs.
The use of beauty and personal care products has witnessed a considerable increase, worldwide, owing to numerous social, economic, and cultural changes across geographies. The growing income levels, integrated with the availability of diverse brands, among product categories, have increased the consumers' consciousness towards beauty and personal care. Besides, the market offers an assorted range of products, including color cosmetics, skincare, bath and shower products, deodorants, oral care, and male toiletries, among several others.
Technological and medical developments have led to a massive increase in general life expectancy, and the number of people living to a relatively older age. Moreover, with the declining birth rate since the 1950s, the elderly population account for almost half of the global population. As a result, Western societies face the medical, financial, and social consequences of population distribution, veered towards the older generation. Consequently, this has created a large market for consumer goods like beauty and personal care products, primarily suitable for individuals in their fifties and sixties.
The global beauty & personal care market growth is determined through the geographical analysis of the Asia Pacific, North America, the Middle East & Africa, Europe, Latin America, and the rest of the world. The Asia Pacific is expected to be the leading market for beauty & personal care, due to the rapidly developing retailing division in emerging countries and the increasing awareness regarding environmental pollution. Moreover, the presence of well-established brand identities and continually expanding product lines also contribute to the region's augmenting market growth.
The industrial rivalry among players, to sustain their position and maintain customer loyalty, is considerably high. As a result, the degree of competition across the global beauty & personal care market is intense. Some of the distinguished enterprises operating in the market include, Procter & Gamble, Coty Inc, Unilever Group, Beiersdorf AG, L'Oreal SA, etc.