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BEAUTY PRODUCTS MARKET REPORT OVERVIEW

Global beauty products market size was forecasted to be worth USD 499.11 billion in 2024, expected to achieve USD 735.37 billion by 2033 with a CAGR of 4.4% during the forecast period.

Beauty products for men and women skin care products, body care products, hair products, perfumes and makeup with the development of economy and the improvement of people's beauty consciousness, the male cosmetics market is also relatively rapid. Beauty products are any type of product that is used to enhance or improve the appearance of a person's physical features. This can include anything from makeup and hair products to skin care and perfume. The use of beauty products can be an important part of self-care, and can help people feel more confident and attractive. The introduction of cosmetics with natural, non-toxic, and organic ingredients is also rising day-by-day which drives the market growth. The cosmetics are available easily through the various distribution channels such as specialty stores, pharmacies, and beauty salons has led to the growth of the market in term of value sales.

The rising consumer awareness about using cosmetics that are vegan, organic, natural, and, at the same time, good for the planet leads to the rising in the beauty products market growth. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

BEAUTY PRODUCTS MARKET SEGMENTATION

By Type

According to type, the market can be segmented into skin care products, hair care product, makeup and perfume, others

Makeup and perfume will capture the maximum market share through forecast period.

• Skin care products – It includes all products aimed at maintaining skin health and improving its appearance.

• Hair care product - Hair care product encompasses products designed for hair hygiene and care. It includes shampoos, conditioners, hair masks, hair oils, serums, and treatments for various hair concerns like dandruff, hair loss, or damaged hair.

• Makeup and perfume – This category combines cosmetic products used for enhancing or altering the appearance of the face, body, or both, and fragrances. Makeup includes items like foundation, mascara, lipstick, eye shadow, and blush.

• Others – This category includes a wide range of beauty and personal care items not covered in the above categories, such as nail care products, oral care, personal hygiene products, and beauty tools and accessories.

By Application

According to application, the market can be segmented into supermarket & hypermarket, beauty box & drugstore, electric sales

Beauty products market players cover segment as supermarket & hypermarket will dominate the market share during forecast period.

• Supermarket & hypermarket – These are large retail establishments that sell a wide range of goods, including beauty and personal care products. They offer convenience for customers looking to purchase various items in one location.

• Beauty box & drugstore – It includes specialized retail outlets. Beauty boxes are subscription services offering curated collections of beauty products. Drugstores typically sell medications, health and beauty products, and often offer beauty products as well.

• Electric sales - This refers to e-commerce or online sales channels through which customers can purchase beauty and personal care products. This includes brand-specific websites, online marketplaces, and social media platforms that facilitate direct-to-consumer sales.

DRIVING FACTORS

"Growing Awareness Of Personal Care To Boost The Market Growth"

Increased awareness about personal grooming and appearance, partly driven by social media influence, drives demand for beauty products. The focus on maintaining a sustainable lifestyle is significantly high among consumers around the world. Change in behaviour patterns among consumers has created a conducive environment for the herbal beauty products market growth.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the beauty products market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Continuous innovation in products, including organic and natural ingredients, advanced formulations, and technology-driven beauty tools, drives market growth.

RESTRAINING FACTOR

"Growing Awareness Regarding Side Effects To Hamper The Market Growth"

The production of beauty products is rising as the consumers are more attracted towards these products and there is rise in the usage of these beauty products. Various chemicals are used as ingredients for making beauty and personal care products can have adverse side effects on the skin. Technical difficulties will reduce the industry revenue.

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BEAUTY PRODUCTS MARKET REGIONAL INSIGHTS

"Asia Pacific to Dominate the Region Due To Growing Interest In Personal Grooming"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

Asia Pacific is further expected to witness growth in the beauty products market share. The region is dominating the market due to growing interest in personal grooming. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List of Top Beauty Products Companies

• L’Oreal (France)
• Unilever (U.K)
• Estee Lauder (U.S.)
• Beiersdorf (Germany)
• Amore Pacific (South Korea)

INDUSTRIAL DEVELOPMENT

September 2023: L’Oréal Groupe agreed to make a minority investment in Shinehigh Innovation, an innovative biotech company based in China, to forge a lasting partnership to jointly develop novel and environmentally sustainable beauty solutions.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.