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Personal Care Products

Personal Care Products Market Research Reports

"Evolution of Personal Care: Innovations and Sustainability in 2023 and 2024 (2024 Market Size: USD 550 billion)!"

Personal Care Products Industry Overview

In recent years, the personal care products market has experienced substantial growth, and this upward trajectory will persist in 2023 and 2024. According to cognitive market research, the global market size for personal care products was USD 510 billion in 2023, and will be USD 550 billion in 2024, with a compound annual growth rate of 6.9%. By 2031, the market size will be USD 938.0 billion at a CAGR of 6.90%. A variety of factors, such as the increasing demand for natural and organic products, the growing awareness of personal hygiene among consumers, and technological advancements in product formulation and packaging, fuel this expansion. In 2023, hygiene products accounted for 28% of the total revenue, making them the largest segment of the market. Cosmetics and oral care products accounted for 18% and 14%, respectively, while haircare accounted for 23%. The demand for anti-aging products has been particularly robust, driven by an increasing emphasis on youthful appearance and an aging global population.

In 2023, the Asia-Pacific market was the largest regionally, accounting for over 40% of the global revenue. China and India are the primary producers in this region, with China's personal care market size will USD 80 billion in 2024. The United States will be the largest market in 2023, with a market value of USD 95 billion, while the North American market will be the second largest. Germany, the United Kingdom, and France are among the European countries that make substantial contributions. The transition to sustainable and eco-friendly products is a significant trend that will persist into 2024. The utilization of recyclable packaging and natural ingredients has experienced a significant increase as consumers are increasingly inclined to favor brands that prioritize sustainability. This trend is especially prevalent among millennials and Gen Z consumers, who are more environmentally conscious.

The personal care market has also experienced significant growth as a result of e-commerce. Online sales comprised 25% of the total market in 2023, and this percentage will increase to 28% in 2024. E-commerce has become the preferred channel for numerous consumers due to the extensive selection of products and the convenience of online purchasing. Globally, regulations concerning product safety and labeling are becoming increasingly stringent. The Cosmetics Regulation (E.C.) No 1223/2009 in the European Union continues to enforce stringent standards, thereby promoting market growth and ensuring consumer safety.

Top Countries Contributing in Personal Care Products Market

United States (2024 Market Size: USD 100 billion)

The United States personal care products market holds a significant revenue share of 18% of total revenue generated and its market size was USD 95 billion in 2023 and will be USD 100 billion in 2024. The hygiene segment is the largest, accounting for 25% of the total market. Haircare, cosmetics, and oral care follow at 20%, 18%, and 12%, respectively. Consumer demand for innovative and premium products, particularly those that offer anti-aging benefits, is particularly high in the U.S. market. The retail sector, particularly e-commerce, is a significant consumer of personal care products in the United States. In 2023, it accounted for 30% of revenues and will increase to 33% in 2024. The health and wellness industry is also a significant player, as consumers are increasingly interested in products that promote holistic well-being. Additionally, the professional salon and spa sector continues to be a substantial consumer of haircare and cosmetics products. In 2023, there was a significant transition toward clean and sustainable beauty products, as 40% of consumers expressed a preference for products that contained natural ingredients and were packaged in eco-friendly manners and this trend will intensify in 2024. 

China (2024 Market Size: USD 80 billion)

According to cognitive market research, In 2023, the personal care products market in China was valued at USD 75 billion and will be USD 80 billion in 2024. It is one of the fastest-growing markets globally. The hygiene segment is the most dominant, accounting for 35% of the market. Cosmetics, haircare, and oral care follow at 25%, 20%, and 10%, respectively. The market is being driven by the rise in disposable income and the increasing urbanization. The retail sector in China is a major user of personal care products, with a particular emphasis on online sales. In 2023, e-commerce accounted for 40% of personal care product sales and will increase to 45% in 2024. Furthermore, the demand for premium and prestige brands has been bolstered by the increasing popularity of beauty and wellness tourism. China holds a revenue share of 15% of the global personal care market. In 2023, there was a significant increase in demand for products containing traditional Chinese medicinal constituents, and this trend will persist into 2024. Additionally, male hygiene products are experiencing an 18% increase in sales in 2023.

Japan (2024 Market Size: USD 40 billion)

The Japan's personal care products market holds a revenue share of 7% of the total revenue generated and its market size was USD 38 billion in 2023 and will be USD 40 billion in 2024. Skincare is the predominant segment, accounting for 30% of the market. Haircare follows at 25%, cosmetics at 22%, and oral care at 15%. Japan is renowned for its technologically sophisticated and high-quality personal care products. Retail, particularly department stores and specialty beauty stores, are the primary sectors that utilize personal care products in Japan. In 2023, e-commerce accounted for 25% of revenues, and will increase to 28% in 2024. Furthermore, Japan's senior population stimulates the demand for skincare and anti-aging products. In 2023, there was a surge in demand for multifunctional products, including those that incorporate skincare and makeup. Additionally, the market for men's hygiene products is expanding, accounting for a 12% increase in sales in 2023. 

Germany (2024 Market size: USD 27 billion)

In 2023, the personal care products market in Germany was valued at USD 25 billion, and will be USD 27 billion in 2024. The market is dominated by skincare, which holds a 28% share. Haircare, cosmetics, and oral care follow at 24%, 20%, and 13%, respectively. German consumers prioritize the efficacy and durability of their personal care products. The primary consumers of personal care products in Germany are in the retail sector, with a particular emphasis on drugstores and supermarkets. E-commerce is expanding, with 20% of revenues in 2023 and will increase to 23% in 2024. Furthermore, professional salons and spas are substantial consumers, particularly of premium haircare and wellness products. Germany holds a market share of 5% of the global personal care market. In 2023, 35% of consumers expressed a preference for organic and natural products, which is why the market is driven by consumer demand and this trend will continue to expand in 2024. Germany is also a leader in sustainable packaging, as numerous firms have incorporated eco-friendly materials to satisfy consumer demand.

United Kingdom (2024 Market Size: USD 19 billion)

As per cognitive market research, the U.K. Personal care products market size was USD 18 billion in 2023 and will be USD 19 billion in 2024. The hygiene segment comprises 26% of the market, with haircare accounting for 22%, cosmetics for 21%, and oral care for 15%. Premium and high-performance products are notably appealing to U.K. consumers. Retail is one of the primary sectors in the U.K. that employs personal care products, with a significant emphasis on both brick-and-mortar stores and online sales. In 2023, e-commerce constituted 35% of revenues and will increase to 37% in 2024. Furthermore, the professional beauty industry, which encompasses salons and resorts, is a substantial consumer. The United Kingdom accounts for 3% of the global personal care market. A significant trend toward transparency in product ingredients and clean attractiveness distinguishes the market. The demand for vegan and cruelty-free products increased by 25% in 2023, and will persist into 2024. Furthermore, the demand for personalized beauty solutions is on the rise, as numerous firms provide customized product formulations.

France (2024 Market Size: USD 23.5 billion)

In 2023, the France's personal care products market share holds a 4% of the total revenue generated and its market size was USD 22 billion, and will be USD 23.5 billion in 2024. The market is dominated by skincare, which accounts for 29% of the market. Cosmetics, haircare, and oral care follow at 25%, 21%, and 12%, respectively. French consumers highly favor luxury and premium labels. The retail sector, primarily high-end department stores and specialty beauty shops, is a significant consumer of personal care products in France. E-commerce is also substantial, with online transactions accounting for 28% of the market in 2023 and will increase to 30% in 2024. Furthermore, the professional salon industry is a significant consumer, particularly in the case of high-quality haircare and hygiene products. The country's robust tradition in the production of luxury cosmetic products and perfumery has a significant impact on the market. This trend will persist, as there was an increase in demand for products containing natural and organic ingredients in 2023. Furthermore, the market for men's hygiene products is expanding, with a 15% increase in sales in 2023.

Brazil (2024 Market Size: USD 37 billion)

The Brazil personal care products market size was USD 35 billion in 2023, and will be USD 37 billion in 2024. The market is dominated by haircare, which accounts for 30% of the market. Skincare makes up 25% of the market, cosmetics makes up 20%, and oral care makes up 15%. Brazilian consumers have a strong preference for haircare and beauty products that are designed to accommodate a wide range of hair types and skin tones. Retail is the primary sector in Brazil that employs personal care products, with a particular emphasis on pharmacies and supermarkets. E-commerce is expanding, with a 22% share of revenues in 2023 and will increase to 25% in 2024. Furthermore, the professional cosmetology industry is a substantial consumer of haircare products. Brazil holds a 7% of the global personal care industry. The market is primarily propelled by a youthful and beauty-conscious demographic, which has a high demand for high-quality and innovative products. The trend of products with natural ingredients and sustainable packaging will persist into 2024, as evidenced by the significant shift that occurred in 2023. Furthermore, the demand for men's hygiene products is increasing, as evidenced by a 12% increase in sales in 2023.

India (2024 Market Size: USD 17 billion)

In 2023, the personal care products market in India was valued at USD 15 billion, and will be USD 17 billion in 2024. The hygiene segment is the most significant, comprising 28% of the market. Haircare, cosmetics, and oral care follow at 26%, 20%, and 14%, respectively. A burgeoning middle class and heightened consumer awareness of personal hygiene and upkeep are the distinguishing characteristics of the market. The retail sector, primarily local stores and supermarkets, is a significant consumer of personal care products in India. E-commerce is expanding at a rapid pace, with 25% of revenues in 2023 and will increase to 28% in 2024. Furthermore, the professional salon and spa industry is a substantial consumer, particularly in the realm of haircare and wellness products. India holds a revenue share of 3% of the global personal care market. The market is primarily propelled by a young, urban population, which has a high demand for high-quality products at an affordable price. In 2023, there was a surge in interest in Ayurvedic and natural products, and this trend will continue in 2024. Furthermore, the market for men's hygiene products is expanding, with a 15% increase in sales in 2023.

South Korea (2024 Market Size: USD 13 billion)

The South Korea's personal care products market share is 3% of the total revenue generated and its market size was USD 12 billion in 2023 and will be USD 13 billion in 2024. The skincare segment is the most significant, accounting for 35% of the market. Cosmetics, haircare, and oral care follow at 30%, 20%, and 10%, respectively. South Korea is renowned for its cutting-edge and innovative personal care products. Retail, particularly department stores and specialty beauty shops, are the primary sectors in South Korea that utilize personal care products. E-commerce is also substantial, with online sales accounting for 30% of the market in 2023 and will increase to 33% in 2024. Furthermore, the professional beauty industry is a significant consumer, particularly in the case of high-quality hygiene products. The market is distinguished by a high demand from consumers for multifunctional and innovative products. This trend will persist into 2024, as there was a significant increase in demand for products containing natural and organic ingredients in 2023. Furthermore, the market for men's hygiene products is expanding, with a 10% increase in sales in 2023.

Italy (2024 Market Size: USD 11 billion)

In 2023, the personal care products market in Italy was valued at USD 10 billion, and will be USD 11 billion in 2024. Skincare occupies the majority of the market, with 30% of the market share. Haircare makes up 25% of the market, cosmetics hold 22%, and oral care comprises 15%. Italian consumers highly favor high-quality and luxurious personal care products. Retail, notably high-end department stores and specialty beauty shops, are the primary consumers of personal care products in Italy. E-commerce is expanding, with 20% of revenues in 2023 and will increase to 23% in 2024. Furthermore, the professional salon industry is a substantial consumer, particularly in the case of premium haircare and hygiene products. Italy holds a 2% of the global personal care industry.  A robust tradition of luxury cosmetics and fashion characterizes the market. This trend will persist into 2024, as there was an rise in demand for products containing natural and organic ingredients in 2023. Furthermore, the market for men's hygiene products is expanding, with a 12% increase in sales in 2023.

PESTEL Analysis of Personal Care Products Market

Political

The personal care products market is substantially affected by the political environment. Government regulations and policies regarding environmental protection, trade, and consumer safety significantly influence industry practices. The formulation, production, and marketing of personal care products are subject to rigorous regulations in numerous countries to guarantee consumer safety. For example, the Cosmetics Regulation (E.C.) No. 1223/2009 of the European Union establishes stringent requirements for the safety of ingredients and the labeling of products, which have an impact on the compliance strategies and product development strategies of companies. International relations and trade policies also influence the personal care market. Tariffs, import/export regulations, and trade agreements can either facilitate or impede the global distribution of personal care products. For instance, the impact of trade tensions between major economies such as the United States and China on supply chains and product pricing can be realized through rising tariffs. In contrast, the market can benefit from trade agreements like the United States-Mexico-Canada Agreement (USMCA), which can reduce trade barriers and improve market access. The industry is further influenced by government initiatives that promote health and wellness. 

Economical

In the personal care products market, economic factors are essential, as they impact consumer purchasing power, market demand, and industry growth. Consumers' disposable income and their capacity to spend on personal care products are directly influenced by economic conditions, including GDP growth, inflation rates, and employment levels. Premium and discretionary personal care items are more frequently purchased during periods of economic prosperity due to the increased disposable income. In contrast, consumers may gravitate toward more affordable and essential products during economic downturns. The global personal care market has demonstrated resilience, with consistent growth being propelled by increasing disposable incomes, particularly in emerging economies. For example, the demand for personal care products is being driven by the growing middle class in countries such as China, India, and Brazil. The global personal care market was values at USD 550 billion in 2023, and will be USD 580 billion in 2024. This expansion is bolstered by the increasing awareness of consumers and the increasing emphasis on health and wellness. 

Social

Social factors significantly impact consumer preferences, demand patterns, and market trends in the personal care products market. Key drivers of market dynamics in this industry include demographic changes, cultural norms, and lifestyle adjustments. Demographic factors, including age, gender, and income, substantially determine consumer behavior in the personal care market. The demand for anti-aging and skin care products has increased as a result of the elderly population in numerous developed countries. For example, the global skincare market, a significant segment of personal care, is expanding significantly as a result of the increasing awareness of skincare routines among older adults. In the same vein, the demand for a diverse array of personal care products, ranging from fundamental hygiene items to premium cosmetics, is being driven by the expanding middle class in emerging markets such as China and India. Cultural norms and cosmetic standards also influence the personal care market. The demand for cosmetics, haircare, and skincare products is robust in numerous cultures, as attractiveness and personal grooming are highly regarded. For instance, the "K-beauty" trend from South Korea, which is distinguished by its innovative skincare and beauty regimens, has acquired international recognition, thereby influencing global beauty standards and consumer preferences.

Technological

The personal care products market is propelled by technological advancements, which promote innovation, enhance consumer engagement, and improve product efficacy. The industry landscape is being transformed by the integration of state-of-the-art technologies in product development, marketing, and distribution. The utilization of artificial intelligence (AI) and machine learning is one of the most noteworthy technological developments. These technologies facilitate the development of personalized beauty solutions, including AI-driven skincare diagnostics and customized product recommendations. For instance, companies such as Estée Lauder and L'Oréal have created AI-powered tools that analyze skin conditions and suggest customized hygiene regimens, thereby increasing consumer satisfaction and loyalty. The advancement of advanced formulation technologies has resulted in the development of personal care products that are both more innovative and effective. For instance, nanotechnology enables the delivery of active constituents at a microscopic level, thereby enhancing the efficacy and performance of products. Precision delivery of active compounds is essential for the desired results, which is why this technology is particularly prevalent in cosmetics and anti-aging products.

Environmental

As sustainability and eco-friendliness become increasingly important to both consumers and companies, the personal care products market is being influenced by environmental factors. The environmental impact of the industry is currently being examined, which has resulted in a transition to products and practices that are more environmentally friendly. The utilization of plastic packaging is one of the most significant environmental concerns. In terms of plastic waste, the personal care industry is a substantial contributor, as millions of tons of plastic packaging are disposed of annually. Companies are responding by implementing sustainable packaging solutions, including refillable containers, recyclable packaging, and biodegradable materials. For instance, Unilever's objective is to have all of its plastic packaging be either recyclable, compostable, or reusable by 2025, which aligns with the broader industry trend of reducing plastic waste. Another critical environmental factor is the sustainable procurement of ingredients. Transparency and ethical procurement are becoming increasingly important to consumers when purchasing products. This demand has resulted in the expansion of products that contain constituents that are sustainably sourced, organic, and natural. Companies are responding by implementing equitable trade practices and guaranteeing that their supply chains are environmentally sustainable. For instance, L'Oréal's sustainability initiative, "Sharing Beauty With All," emphasizes the sustainable procurement of raw materials and has achieved substantial progress in mitigating its environmental impact.

Legal

The personal care products market is significantly influenced by legal factors, which include regulations, standards, and compliance requirements that regulate the industry. The operational landscape for companies is shaped by these legal frameworks, which ensure product safety, quality, and consumer protection. The primary legal concern for personal care companies is regulatory compliance. Stringent standards are enforced in markets such as the European Union, the United States, and Japan, while regulations differ by region. For instance, the E.U. Cosmetics Regulation (E.C.) No. 1223/2009 necessitates stringent safety assessments, ingredient restrictions, and labeling requirements to guarantee consumer safety. Under the Federal Food, Drug, and Cosmetic Act (FD&C Act), the Food and Drug Administration (FDA) is responsible for the safety and labeling of cosmetics in the United States. It is imperative to adhere to these regulations in order to prevent legal penalties and preserve market access. In order to guarantee transparency and prevent misleading claims, product labeling and advertising are rigorously regulated. Labels must accurately represent the product's ingredients, usage instructions, and potential contaminants in accordance with legal requirements. Claims of "organic," "natural," or "cruelty-free" are subject to rigorous examination and must be supported by evidence. Legal action, penalties, and harm to the brand's reputation may result from misleading advertising.

Key Players of Personal Care Products Market 

Procter & Gamble Co. (P&G)

Procter & Gamble Co. (P&G) is a prominent participant in the personal care products market, with substantial revenue contributions from this sector. P&G's revenue from personal care products was USD 32 billion in 2023 and will be USD 34 billion in 2024. The company's robust financial performance is bolstered by significant investments in research and development (R&D), with an annual allocation of USD 2 billion to R&D initiatives. This investment allows P&G to consistently introduce new products that satisfy the changing needs of consumers. Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine, & Family Care are among the numerous significant business segments in which P&G is involved. The primary segment that deals with personal care products is the Beauty segment, which encompasses skincare, haircare, and cosmetics. Market leaders in this segment include Olay, Pantene, and Head & Shoulders, which are responsible for substantial revenue growth. P&G is a dominant participant in the global personal care market, with an 6% market share. The company's substantial market presence is a result of its continuous innovation, strong brand portfolio, and extensive global reach.

Unilever

Unilever is another significant participant in the personal care products market, generating substantial revenue from this sector. Unilever's personal care segment generated USD 28 billion in revenue in 2023 and will be USD 30 billion in 2024. The company allocates USD 1 billion annually to the development of new and innovative products, which is a significant investment in research and development. Unilever's operation is divided into three primary segments: Beauty & Personal Care, Home Care, and Foods & Refreshments. The primary source of its personal care product revenues is the Beauty & Personal Care segment, which includes cosmetics, hair care, deodorants, and oral care. Dove, Axe, and Sunsilk are globally recognized and trusted brands that fall under this segment. Unilever holds 5% of the global personal care market share. The company's substantial market share is a result of its robust presence in emerging markets and its extensive brand portfolio. Unilever's dedication to sustainability and social responsibility, which includes the reduction of plastic consumption and the improvement of product transparency, is in accordance with the current preferences of consumers.

L'Oréal

L'Oréal is a global frontrunner in the personal care products market, with a robust revenue stream derived from this sector. L'Oréal's revenue from personal care products was USD 35 billion in 2023 and will be USD 37 billion in 2024. The organization allocates USD 1.5 billion annually to research and development, with an emphasis on the development of innovative product formulations and state-of-the-art technologies. L'Oréal's business is composed of four primary segments: Consumer Products, L'Oréal Luxe, Professional Products, and Active Cosmetics. Personal care revenues are primarily generated by the Consumer Products segment, which encompasses mass-market brands like Maybelline, Garnier, and L'Oréal Paris. Revenue growth is also significantly influenced by L'Oréal Luxe, which encompasses prestige brands such as Lancôme and Yves Saint Laurent. L'Oréal is one of the main players in the personal care industry, with an 8% of the global market share. The company's substantial market presence is a result of its extensive product portfolio, global distribution network, and strong brand equity. L'Oréal's commitment to sustainability and innovation, which encompasses the creation of environmentally responsible packaging and products, is well-received by contemporary consumers.

Estée Lauder Companies Inc.

Estée Lauder Companies Inc. generates substantial revenue from the personal care products market. Estée Lauder's personal care segment generated revenue of USD 17 billion in 2023, and will be USD 18.5 billion in 2024. The company allocates USD 400 million annually to the development of novel and innovative products, which is a significant investment in research and development. Skin Care, Makeup, and Fragrance comprise Estée Lauder's primary business segments. The company's personal care product revenues are primarily driven by the skin care segment, which includes brands such as Estée Lauder, Clinique, and Origins. The company has established itself as a leader in the premium cosmetics market by emphasizing luxury and high-quality products. Estée Lauder maintains a market share of 3% in the global personal care industry. The company's substantial market share is a result of its emphasis on premium and prestige segments and its robust brand portfolio. Estée Lauder's dedication to sustainability, which encompasses initiatives to improve product transparency and reduce carbon emissions, is in accordance with the current preferences of consumers.

Johnson & Johnson

Johnson and Johnson is a substantial participant in the personal care products market, generating substantial revenue from this sector. The personal care segment of Johnson & Johnson generated USD 15 billion in revenue in 2023 and wiil be USD 16 billion in 2024. A significant portion of the company's annual budget, USD 11 billion, is allocated to the development of new and innovative personal care products. The company significantly invests in research and development. Johnson & Johnson's business is divided into three primary segments: Pharmaceuticals, Consumer Health, and Medical Devices. The primary driver of its personal care product revenues is the Consumer Health segment, which includes personal care products. Neutrogena, Aveeno, and Johnson's Baby are globally recognized and trusted brands that fall under this segment. Johnson & Johnson holds a global personal care market share of 3%. The company's substantial market share is a result of its robust presence in both developed and emergent markets and its extensive brand portfolio. The current consumer preferences are well-aligned with Johnson & Johnson's dedication to sustainability and social responsibility, which includes the reduction of plastic use and the enhancement of product transparency.

Recent developments in Personal Care Products Market

Conclusion

Market expansion and shifting customer tastes have kept the personal care products industry humming along at a healthy clip.the global market size for personal care products was USD 510 billion in 2023, and will be USD 550 billion in 2024, with a compound annual growth rate of 6.9%. By 2031, the market size will be USD 938.0 billion at a CAGR of 6.90%. The increased demand for skincare, haircare, cosmetics, and hygiene goods is fueling this rise. Consumers are becoming more health conscious and want to take better care of themselves. The U.S., China, and Japan are three of the most important markets for this industry. As an example, owing to high consumer spending on premium and innovative products, the U.S. personal care market size was USD 95 billion in 2023 and will be USD 100 billion in 2024. Just like the U.S. market, China will reach USD 76 billion in 2024 from USD 70 billion in 2023, thanks to urbanization and the country's expanding middle class.

Technological improvements and investments in research and development heavily influence the future of personal care products. Leading the charge with substantial R&D resources, companies like L'Oréal, Procter & Gamble, and Unilever are promoting advances in sustainable product formulations and AI-driven tailored beauty solutions. The industry's dedication to innovation was demonstrated by P&G's allocation of USD 2 billion to research and development in 2023. With more and more of the personal care market's revenue coming from online sales, e-commerce is changing the game. Due to the increased variety and ease of use given by online platforms, the percentage of personal care products sold through e-commerce is projected to climb from 25% in 2023 to 27% in 2024.