APAC accounts for 54% of global market for beauty, personal care products

The Asia Pacific market is estimated to account for 54% of the growth of the global market for beauty and personal care products, according to a report from Technavio. Increasing use of premium products among consumers in APAC is a market driver. Rising disposable income, rapid urbanisation, and the growth of the e-commerce market will increase the demand for beauty and personal care products in the region during the forecast period (2017-2027).

Technavio estimates the global beauty and personal care products market size to increase by USD 57.45 billion between 2022 and 2027. The market's growth momentum will accelerate at a CAGR of 5.06%. Its report cites historic market data from 2017 to 2021. In 2017, the beauty and personal care products market was valued at USD 190.82 billion.  

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Findings include increased investments in high-quality raw materials and product-related R&D for manufacturing advanced beauty and personal care products.  Vendors are also focusing on building brand and brand equity to differentiate themselves from their competitors, Technavio said.

The skin care products segment will account for a significant share of the market growth during the forecast period (2017-2027), as a result of increasing awareness about the importance of skincare.  Growing demand for natural and organic products will also drive demand for skincare products during the forecast period. Skincare products with additional features, such as specialized anti-aging skin care products and skin cleansing products, are also gaining popularity among customers. These factors will have a positive impact on segment growth during the forecast period.

The emergence of beauty and personal care products with natural ingredients is a key trend in the market. This, as awareness about the harmful effects of toxic chemicals has increased the demand for products with natural ingredients. Hence, vendors are focusing on making products that are free from parabens, toluene, formaldehyde, artificial fragrances, dibutyl phthalates (DBP), petroleum-based chemicals, and sulfates. These factors will positively influence the market growth during the forecast period.