Global Beauty and Personal Care Market Size to Reach USD 5,373.09 Billion in 2032 | Emergen Research – GlobeNewswire

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Vancouver, Oct. 11, 2023 (GLOBE NEWSWIRE) — Global Beauty and Personal Care Market Size to Reach USD 5,373.09 Billion in 2032 | Emergen Research
Rising demand to blend beauty and wellness with the rapid adoption of cosmetics is a major factor driving beauty and personal care market revenue growth.
The global beauty and personal care market size was USD 518.62 Billion in 2022 and is expected to register a revenue CAGR of 18.5% during the forecast period, according to the latest analysis by Emergen Research. Businesses are working to create brand loyalty in consumers to increase sustainable growth. For instance, Florasis has taken the initiative by pioneering the co-creation model, which has gained widespread acceptance in the Chinese cosmetics industry. They involve hundreds of customers in blind tests conducted at different phases of product development. This approach guarantees a consistently successful product launch for the brand.
Consumers are now inclined toward products devoid of harmful additives and those that have not undergone animal testing. Major factors behind the global demand for vegan and cruelty-free products include increasing awareness and concern for animal welfare, the swift embrace of vegan and plant-based lifestyles, and a shifting preference toward clean and sustainable beauty options. Investments are flowing into the beauty and personal care industry, further driving the market revenue growth. Social media has placed considerable emphasis on the significance of one’s appearance, notably with the widespread trend of sharing selfies on platforms such as Instagram in the last decade. Consequently, millions of people proudly display their most recent hairstyles, beard grooming methods, and beauty routines. For instance, the beauty-related hashtag prevails on Instagram, with an astonishing 490 million posts. In addition, a noteworthy discovery is that 86% of the top 200 beauty-related videos on YouTube were created not by brands, but by regular users.
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The trend toward medicalizing the beauty industry is on the rise, driven by consumer demands for companies to provide evidence for their claims. Brands are elevating their value by concentrating on products centered around particular ingredients and making investments in technology to produce both ingredients and devices that can enhance sales. The newest product offerings integrate advanced methods such as DNA sequencing, biological engineering, and fermentation to create innovative ingredients and beauty solutions.
Manufacturers in the beauty and personal care sector are engaging in mergers, collaborations, and other arrangements to minimize their environmental impact, as consumers in this area increasingly prefer sustainable goods. As per a survey conducted in 2022, 50% of Chinese participants indicated their readiness to pay extra for products with a traceable and transparent source, while 45% are willing to do the same for items made from recycled or environmentally friendly materials.
Demand for multifunctional beauty products is also increasing. By consolidating multiple functional ingredients into a single product, consumers have the opportunity to save both time and effort, leading to more efficient morning routines and skincare rituals. For example, the increasing popularity of BB creams, also known as ‘beauty balms,’ combines the functions of a moisturizer, sunscreen, foundation, and sometimes even skincare treatment in one product. This simplifies the morning routine, making it especially attractive to individuals with busy schedules who value convenience.
Consumers are now displaying greater environmental awareness when it comes to the safety of ingredients in their beauty and personal care items. This is leading to a shift toward formulations that are natural and organic. In response, clean beauty brands prioritize transparency in ingredient labeling and actively avoid harmful components. For example, on August 26, 2023, LolaVie, a haircare brand harnessing the potency of plant-based elements, expanded its retail presence by offering its products through the clean beauty retailer Credo. The product line consists of ingredients derived from nature, featuring an innovative use of bamboo essence instead of water.
With consumers gaining a deeper understanding of their unique skincare needs, there’s a rising trend toward personalized beauty solutions. This includes treatments, formulations, and supplements customized to meet their specific demands. The use of technology-driven interactions plays a pivotal role in enhancing this personalized consumer experience. However, availability of counterfeit products, along with growing concerns regarding negative effects of chemical cosmetics on skin are restraining revenue growth of the market.
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Scope of Research
Major Companies and Competitive Landscape
The global beauty and personal care market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective spectrum analyzers. Some major players included in the global beauty and personal care market report are:
Strategic Development
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Some Key Highlights From the Report
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Emergen Research has segmented the global beauty and personal care market on the basis of type, network type, product type, gender, price range, distribution channel, and region:
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