The noblewomen from the medieval consumed arsenic and smudged bats blood to revamp their complexions. The women in the Victorian era detached their ribs to have a narrow waist. The longing to be beautiful is as grey as civilization, and so is the pain that it causes. However, the pain has not ceased the passion from erecting a billion dollar beauty and personal care products industry, comprising skin and hair care, makeup, fragrances, etc. Cosmetics products clean, beautify, enhance attractiveness or reshape part of the body or the entire body. Spending on beauty is not just vanity, but being pretty or just not unattractive benefits tremendous social advantages.
The beauty industry continue unmoved by the highs and lows. The huge chunk of the market encompasses mid and low-priced products that are contemplated as a daily requirement by most of the consumers. The changing economy influences the luxury segment of the market which is comparatively a minor segment with regard to quantity.
The usage of the beauty industry is growing at a rapid pace owing to the customer requirements. The major chunk of the market is expected to be dominated by specialty stores accounting for 156.7% in 2018. The e-commerce segment is anticipated to witness the fastest growing CAGR, owing to the increased usage of internet in varied emerging regions. The hair care and skin care segment contributes the highest in the market and the Oral care, and makeup & color cosmetics segment is expected to possess the largest CAGR in the market.
Read the report published by Inkwood Research on “Global Beauty and Personal Care Products market“
The 2009 recession negatively impacted the beauty industry. Subsequently, in particular regions like Europe, the market recovered and evolved significantly. A majority of the demand in the market is from the emerging countries of the Asia Pacific. A lot of cosmetics innovations advent from this region, the recent being the cushion/sponge foundation. The potential countries of the APAC region are India and China. However, most of the leading market product derive from South Korea, building a huge export business in the cosmetic industry. Leading cosmetic treatments and volatile raw material price are the factors hindering the growth market growth.
Value-for-money products is the increasing trend in the beauty industry, especially in natural beauty products segment as they are more beneficial in regards to high-priced premium products. The halal products market has also witnessed a surge in the Muslim populace countries like Turkey, Malaysia, and other Islamic nations.
The prospects of the global beauty and personal care products industry change constantly. The market is expanding due to growing population and rising disposable income. In the race of innovation, Asia Pacific stands in the first place. India with strong potential and initiatives taken by the government like the “make in India” program will aid to open doors for market players across the globe. Consistent experience with distribution channels will help the brands to keep up with the consumer’s demand. Consumer fragmentation is the essential factor to be focused by the players to fully capitalize the latest trends of providing a wide range of options to choose. Male grooming segment continues to grow in the developing regions with the expansions of the salon.
Author: Komal Surana
Sr. Content Writer and Editor, Inkwood Research