Global Beauty and Personal Care Products Market - Growth, Trends, Forecast (2020 - 2025)

Global beauty and personal care products market to register a CAGR of 4.35% during the forecast period, 2020 - 2025.

- The improving quality of life, the positive effects of beauty and personal care on self-esteem and social interaction, and the gradual consumer shift toward premium and luxury cosmetic brands are a few factors that are likely to propel the market growth during the forecast period.
- The increasing dental problems among children and adults, due to poor eating habits, and the rise in the popularity of herbal oral care products are the factors primarily driving the oral care products market globally. Moreover, the rising premiumization and the consumers’ need for more targeted solutions are accelerating the growth of the market studied. The rise in oral health-consciousness helped vendors introduce oral hygiene product categories, such as teeth-whitening products.
- With the growing demand for organic ingredients, consumers across the world are inclined toward organic personal care products, which is expected to drive the market growth during the study period. Furthermore, the rising awareness about the harmful effects of chemicals and synthetic products is another factor augmenting the growth of the market. Most of the consumers tend to buy products with natural or organic labeling, which is driving the market growth.
- Some of the major companies operating in the country are L’Oréal SA, Estée Lauder Inc., Procter & Gamble Co., and Unilever. These companies are adopting various strategies, such as product launches and acquisitions, and propelling the online distribution channel for the sale of their products

Key Market Trends
Deterring Oral Health Among Population Globally

The rapidly changing lifestyles and improper diets, including sugar-rich diets and the increased consumption of alcohol and tobacco, made oral health one of the major public health problems in almost every part of the world. For instance: According to the World Health Organization, oral diseases pose a major issue for many countries and affect people throughout their lifetime, causing pain, discomfort, disfigurement, and even death. The Global Burden of Disease Study 2017 estimated that oral diseases affect close to 3.5 billion people, worldwide, with caries of permanent teeth being the most common condition. Moreover, with the increased expenditure on oral healthcare, consumers across the world started taking preventive measure, which increased the demand for effective oral care products. For instance: According to the US National Library of Medicine’s National Institutes of Health, the spending for dental care increased from approximately USD 2 billion in 1960 to USD 117.5 billion in 2015. Thus, consumers across the world pay immense attention to maintaining their oral health, which led to an increase in the demand for oral care products worldwide. Some of the factors that influence the choice from the customers’ point of view are the perceived performance, brand awareness, product attributes, the credibility of the company, and availability of product information.

Asia-Pacific Emerges as the Fastest Growing Region

In the Asia Pacific region, countries- like China, India, and Vietnam present considerable growth opportunities for the market players, primarily due to the growing millennial population. Amid the growing prevalence of hair thinning, loss of volume, dryness, and several other hair-related concerns among the consumers, hair care products are emerging as the most affluent and cost-effective way. Hindustan Unilever retained its market leadership, aided by the strong performance of its flagship brands, such as Dove and Sunsilk, while Patanjali Ayurved recorded the fastest growth rate in terms of sales in 2019. Furthermore, high awareness regarding cosmetics products, such as facial make up and hair styling and coloring products, is expected to drive the market’s growth in the near future. The demand for multifunctional products is driving innovation, as price-conscious consumers are opting for products that provide both hydration and skin protection. Companies are constantly advertising about cosmetics that provide medicinal benefits, especially on social networking sites, such as Facebook, Twitter, YouTube, and Instagram, where beauty bloggers are very popular. Some of the major key players in the beauty and personal care products market in Asia- Pacific are Avon Products, Inc., Beiersdorf AG, L’Oreal Group, Procter & Gamble, The Estée Lauder Companies Inc., and Unilever, among others.

Competitive Landscape
The global beauty and personal care market is highly competitive, with a strong presence of regional and global players in the market, where demand is mostly driven by more adaptation toward skincare routines and consumer awareness about brand know-hows. The most active companies in the market include key players, like Procter & Gamble, Unilever, L’Oréal SA, Belersdorf AG, and The Estée Lauder Inc. L’Oréal SA is one of the most active companies, with numerous brand offerings and a broad range of beauty and skincare products across the region. The company has spent considerably on improving quality and product innovation, in terms of ingredients, functionality, and packaging. The key players are embarking on merger and acquisition and product innovation as their key strategies to achieve consolidation and optimize offerings. Moreover, these players merge with local players to gain dominance in the local markets. For instance, in 2019, Unilever acquired the Fluocaril and Parogencyl oral care brands from Procter & Gamble. Fluocaril and Parogencyl are well-known therapeutics brands sold in pharmacies, primarily in France and Spain. The acquisition is expected to give Unilever a leading position in oral care within the French pharmacy channel and strong positions in Spain.

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