Global Beauty And Personal Care Products Market Forecast 2017-2023
KEY FINDINGS The global Beauty & Personal Care Products market has been estimated to be worth USD 432.68 billion as of 2016, and is forecasted to grow at a CAGR of 7.10% to reach USD 699.45 billion by the end of forecasted period of 2023. Market Insights The market has been segmented on the basis of product type as hair care, skin care, and oral care, make up & color cosmetics, fragrance &deodorants, soaps and shower gels, sun care and others. Skin care products held the highest market share of 30.16% in 2016, followed by hair care products (20.95%), makeup &color cosmetic products (15.78%), fragrances and deodorants (13.89%) and rest by other variants of beauty & personal care products. Oral care products are forecasted to record the highest growth rate over the reporting period with a CAGR value of 11.77%, followed by makeup &color cosmetic products (9.22%) and soaps & shower gels (8.29%). Regional Insights Europe accounted for the highest market share (33.06%) with Germany occupying the largest market share, USD 20.31 billion, as of 2016, followed by France and UK. Asia-Pacific has been estimated to hold 28.60% share of the overall market, aided by robust growth in China, Japan and India. Although North America stands third, the US has been estimated to remain the largest market the world with around USD 77.35 billion worth revenues in 2016. Other markets such as Latin America and Middle East & Africa have been forecasted to record healthy growth with CAGR values of 7.86% and 8.74% respectively. Competitive Insights The sales of the products in the market are threatened by the emergence of substitute products and competitive rivalry within the industry. Major players in this industry are Loreal Group, Procter and Gamble, Avon, Unilever, Revlon, etc. to name a few.