21 February 2019
The global personal care products market size was USD 381.57 billion in 2016 and is anticipated to grow on account of increasing awareness regarding individual health and strong campaigning & advertising strategies implemented by established players. Personal care products are used for beautifying, change in appearance and to enhance self-attractiveness. Innovative packaging and substantial rise in online sales of these products are expected to drive the market during the forecast period.
The rise in disposable income of consumers will positively impact the growth of the market. Personal care products such as creams, lotions, moisturizers, soaps, shampoos, toothpaste and other products play an important role in maintaining individual health and hygiene.
According to The Cosmetics Europe, The Personal Care Association, the market penetration of fragrances in Europe is nearly 100%. Increasing awareness regarding health & hygiene coupled with growing population is expected to increase the demand for personal care items.
An increase in raw material cost and packaging expenses is anticipated to hinder the growth of the market over the forecast period. The advent of new medical technologies such as chemical peels, laser technology and cosmetic surgery will adversely affect the growth of personal care products.
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Segmentation by Type
• Oral Care
Skincare segment accounted for 30.1% of overall market share in 2016. Increasing awareness and beauty consciousness are expected to drive the market for skincare products. Fragrances segment is projected to grow at the fastest CAGR of 7.5% due to rise in e-retail sales. According to Cosmetics Europe, The Personal Care Association, 87% of men and 94% of women use deodorants in Europe.
Oral care products market accounted for 15.5% in 2016. Oral care segment is expected to show steady growth rate during the forecast period owing to increasing awareness about oral hygiene. Furthermore, industries are adopting innovative strategies to expand their market presence. For instance, in 2013, Colgate collaborated with Indian dental association to conduct various checkup campaigns to increase the awareness of oral hygiene.
Haircare segment includes shampoo, gel, sprays, heat-resistant sprays, and sprays for curly hair that enables the end-user to protect their hair from the harsh environment as well as helps in enhancing the attractiveness of hairs. Rising influence of the fashion industry and growing urban population will increase the demand for haircare products.
The personal care products market is fragmented in nature with the presence of multiple vendors operating in various regions. The market is dominated by well-established vendors such as Unilever, Procter & Gamble, L’Oréal Group, Estée Lauder, Kao Corporation, Johnson & Johnson services and Colgate Palmolive. Furthermore, companies are adopting the strategy of mergers & acquisitions to expand their presence in global market. For instance, Unilever acquired haircare oil brand Indulekha in 2016.The acquisition will enable Unilever to sell shampoo, hair oil and cream under the brand Indulekha. In 2016, Estée Lauder ruled the cosmetics market with the acquisitions of both BECCA and Too Faced cosmetics.
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