Analysis of the Global Personal Care Products Market in terms of Market Dynamics in Historic and Forecast Period
Personal care products are primarily used to help maintain and enhance personal hygiene and physical appearance of an individual. These products are thus widely used across every household, by people belonging to all age groups, genders, and ethnic and economic status. Hygiene, the imperative to human health and wellbeing, is also the precursor to several diseases such as tuberculosis and malaria. Increasing preference for personal care products over the recent past is a result of increasing consumer awareness about various hygiene-related diseases as well as the benefits of such products to reduce risk of the spread of these diseases. This in turn, is boosting growth of the personal care products market. Furthermore, rising health consciousness among the populace over the recent past, is increasing inclination towards natural and organic personal care products, owing to increasing awareness about the negative health impacts of synthetic personal care products.
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Major factors driving growth of the global personal care products market include increasing consumer inclination towards enhancing and maintaining personal aesthetic appeal, growing concerns regarding personal hygiene, and the growing retail industry. However, high product costs as well as growing consumer inclination towards homemade remedies such as honey wash, lavender cream, and homemade toothpastes pose as major restrains to growth of the personal care products market. Synthetic personal care products can cause a variety of health issues such as eye irritation, skin rashes, hormonal issues, throat and nose infection, and in some cases cancer. To tackle this issue, organizations such as the FDA are focusing on creating and implementing guidelines regarding cosmetics production and usage. For example, FDA implemented the 21 CFR Laws pertaining to cosmetics, in which a cosmetic product is evaluated to determine its safety for consumer application. Such laws are influencing several manufacturers to develop natural products, in turn, boosting market growth. For example, Allnatural Cosmetics introduced a variety of natural personal care products, including Paul Penders BB Cream, Lumino Teeth Brightener, and Lumino Foot Butter.
Personal Care Products Market Outlook – Rising Demand for Multifunctional Personal Care Solution to Fuel Market Growth
Increasing number of consumers are seeking to simplify daily beauty schedules, owing to their busy lifestyle. This has resulted in an increasing demand for multifunctional personal care products, meaning one product suffices several cleansing needs. These products offer various features such as cleansing, anti-aging, antioxidant properties, miniaturization, and UV protection. This in turn, reduces the time spent on cleaning as well as cost incurred by purchasing various products. For instance, Sana Pore Putty Keana Pate Shokunin, a Japan-based personal care products brand launched BB Cream Pore Tight Life SPF 50+ that offers multifunctional features. This product can be used as serum, makeup primer, sunscreen, and concealer among others. Watsons Personal Care Stores based in China introduced Watsons Collagen Mineral BB Cream that contains minerals and fish collagen. This cream can be used as skin softener, moisturizer as well as brightener. Increasing number of beauty conscious females as well as increasing number of metrosexual males are increasingly being inclined towards protecting and maintaining skin health. This in turn, is boosting growth of the market. Also, large-scale advertisements promoting various products are further fueling market growth. According to the Simmons National Consumer Survey (NHCS) based on the U.S. Census data in 2016, around 1.35 million people spent over US$ 500 on skin care products, in the U.S., the number for which is expected to increase over the forecast period.
Asia Pacific is expected to be the fastest growing region in the global personal care products market during the forecast period, owing to growing awareness regarding personal hygiene, growing inclination towards men’s grooming products, and burgeoning growth of the retail industry in the region.
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Product innovation is one of the key strategies adopted by the leading players in the personal care products market. Manufacturers are focusing on producing multifunctional personal care products and sachets to further enhance their global presence. Some of the major companies operating in the global personal care products market are Estee Lauder, Yves Rocher, The Body Shop, The Hain Celestial Group, L’Oreal S.A., Colgate-Palmolive Company, Johnson & Johnson, Unilever PLC, Avon Products Inc., Procter & Gamble, and Kao Corporation.
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