Personal care market to grow USD 169.7bn in next five years

Technavio releases its new report on the personal care market. The firm estimates the market growth at USD 169.7 billion during 2022-2027, and the growth momentum will progress at a CAGR of 6.4% for this forecast period. It considers the following: The market is segmented by distribution channel (offline and online), product (skincare products, haircare products, colour cosmetics, oral care products, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

In this report, the market for the skin care products segment shows more significance during the forecast period, Technavio said. Further, it explains that personal care products are sold mainly through offline distribution channels, including retail formats such as specialty stores, hypermarkets, supermarkets, convenience stores, and warehouse clubs. It also consists of drugstores, salons and spas, department stores, medical clinics, and laboratories. These retail formats generate most of the global revenue. Such factors will increase segment growth during the forecast period.

While the personal care product segment for women is a prominent category, the segment for male customers has been witnessing increasing developments and product launches. Brands are focusing on providing innovative personal care products such as face wash, moisturizers, eye creams, face masks, sunscreen, makeup, and grooming kits. They are also moving toward inclusivity by adopting gender-neutral makeup lines owing to the recent demand from male customers. Therefore, the increasing demand for personal care products from all genders has created avenues in the global personal care market, which will drive the growth of the global personal care market during the forecast period.

Among the companies featured in this report are:

Amway Corp.: The company offers personal care products such as Glister multi-action toothpaste and Satinique scalp tonic.

Beiersdorf AG: The company offers personal care products such as Nivea body lotion and Nivea sunscreen.

CHANEL Ltd.: The company offers personal care products such as La Mousse anti-pollution cleansing cream.

Colgate Palmolive Co.: The company offers personal care products such as Colgate charcoal clean toothpaste.

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