E-Retail Infusing Momentum in Beauty and Personal Care Products market
The global mass beauty and personal care products market is anticipated to expect high growth prospects in the near future with rising awareness among consumers. The uptake of mass beauty and personal care products could increase drastically as consumers continue to use them in their daily routines. Mass beauty and personal care products offer several benefits to consumers. Personal hygiene and beauty needs still remain unmet despite the availability of a range of products. Premium pricing hinders consumers from using beauty and personal care products. However, since mass beauty and personal care products are available at affordable prices, their sales could stay strong in the coming years.
Fact.MR projects the global mass beauty and personal care products market to attain a valuation of US$420.0 bn by the end of 2022 as it rises at a CAGR of 7.4% during the forecast period 2017-2022. In 2017, the global mass beauty and personal care products market was valued at a US$295.0 bn. By product, the global mass beauty and personal care products market is classified into fragrances, oral care, skin care, color cosmetics, and hair care. By the end of 2022, skin care is anticipated to obtain a 30.0% revenue share of the global mass beauty and personal care products market.
Skin care could well be a top-selling product category of the global mass beauty and personal care products market by the end of the final forecast year. High demand for skin care mass beauty and personal care products could be attributed to their consistent consumption since years. Increased prevalence of common dermatological problems is predicted to raise more demand for skin care mass beauty and personal care products in the foreseeable future. Skin care mass beauty and personal care products are usually used as preventative measures by consumers. The sales of skin care mass beauty and personal care products could increase with the growing levels of air pollution and dust. Thus, they are foreseen to gain traction in the global mass beauty and personal care products market.
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As per sales channel, the global mass beauty and personal care products market is divided into e-commerce, retail chains, and hypermarkets/supermarkets. Amongst these segments, the global mass beauty and personal care products market is foretold to witness the dominance of retail chains as they secure a lion’s share in the coming years. Retail chains could maintain their command over the global mass beauty and personal care products market as e-commerce websites continue to show high penetration.
Retail chains are envisioned to attract more consumers in the global mass beauty and personal care products market by partnering with leading manufacturers. They could become a larger sales channel for the global mass beauty and personal care products market by the end of the forecast period. On the other hand, e-commerce is expected to impress with a 6.5% CAGR. Hypermarkets could also be a lucrative mass beauty and personal care products market where affordable bulk purchases and flat discounts are used to increase sales.
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From a geographical point of view, the global mass beauty and personal care products market is predicted to find APEJ gaining a colossal share in the near future. On the global platform, APEJ could become a prominent region of the mass beauty and personal care products market for manufacturers. India and China’s strong middle-income group could largely increase the demand in the APEJ mass beauty and personal care products market due to the rising effectiveness of the affordability factor. Since APEJ offers important resources at reasonable costs, it could compel leading manufacturers to build their facilities in the region. APEJ also provides low-wage labor to manufacturers, which could be a reason for a number of manufacturing facilities likely to shift to the region in the coming years.
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