Global Clean Beauty Market
Description
Global Clean Beauty Market (by Product Type, Distribution Channel, & Region): Insights and Forecast with Potential Impact of COVID-19 (2023-2028)
Market Insight:
The term "clean beauty" refers to a product that is non-toxic, free of harmful ingredients, and contains all of the ingredients listed on the label. Clean beauty does not shy away from synthetic (or lab-created) ingredients, as long as they are safe.
Consumers are paying close attention to product ingredients, which is driving a surge in demand for clean beauty products. Consumers have spent more time focusing on skincare rather than makeup in recent years, which has increased consumer awareness of product ingredients. The higher the growth, the higher the clean spectrum. Furthermore, younger consumers are slightly more likely to buy only clean products. The global clean beauty market value is expected to reach US$8.10 billion in 2023, growing at a CAGR of 12.13% over the projected period.
Segment Covered:
- By Product Type: In terms of product type, the report offers insights of the global clean beauty market into five segments: Skin Care, Hair Care, Cosmetics, Fragrances, and Others. Skincare segment occupied the largest share of the market, whereas cosmetics is expected to be the fastest-growing segment in the forthcoming years. The skin care market's growth is supported by the growing knowledge of the harmful effects of chemicals and synthetic products. Furthermore, the growing e-commerce sector is expected to enhance market growth even more.
- By Distribution Channel: On the basis of distribution channel, the report provides the segmentation of the global clean beauty market as follows: Speciality Stores, Hypermarkets & Supermarkets, Online, and Others. Specialty stores held the highest share of the market, whereas online is expected to be the fastest-growing segment in the forecasted period. Moreover, specialty retail stores such as Sephora and Ulta are becoming more popular with consumers of luxury beauty and cosmetics products. Also, specialty stores are popular as they let the consumer shop the way they want to shop, across brands. People's shopping power has been significantly affected by the internet distribution channel, which provides benefits such as doorstep delivery, simple payment options, substantial savings, and the availability of a wide range of products on a single platform. This may generate tremendous opportunities to fuel the global clean beauty market during the projection period.
According to this report, the global clean beauty market can be divided into four regions: Asia Pacific, Europe, North America, and Rest of the World. The countries covered in North America region are the US, Mexico, and Canada, while Europe includes Germany, France, UK, Spain, Italy, and Rest of Europe. Moreover, China, India, Japan, South Korea, and Rest of the Asia Pacific are included in the Asia Pacific region.
Asia Pacific held the maximum share of the clean beauty market. It is also expected to be the fastest-growing region in the forthcoming years. Given the increase in conscious consumers, brands are now being held accountable for their claims while also making an effort to cater to the shifting demand for clean beauty products. And this trend gives the power back to the consumers along with the brand to build a more sustainable environment. The concept of clean beauty is picking up in India. The demand for products that suit Indian skin types and hair, a need that largely remained unfulfilled by international brands, is increasing and providing the opportunity for local companies.
As sustainability continues to take center stage with beauty brands, trends like refill and reuse and dissolvable or zero waste beauty are gaining traction in Europe. Moreover, owing to its large consumer population, Europe’s clean beauty market is expected to continue to grow in the future.
Top Impacting Factors:
Growth Drivers
- Surging Gen Z and Millennial Population
- Increasing Social Media Influence and Digital Ad Spending
- Increasing Consumer Awareness towards Natural Products
- Growing E-commerce
- Absence of a Regulatory Body or Industry-wide Standards
- Threat From Counterfeit Beauty Products
- Growing Integration of AR, VR, and AI in Beauty Industry
- Product Personalization
- Rising Demand for Eco-Friendly Products
- Search Engine Marketing
- Driver: Increasing Consumer Awareness towards Natural Products
- Challenge: Absence of a Regulatory Body or Industry-wide Standards
- Trend: Growing Integration of AR, VR, and AI in Beauty Industry
The COVID-19 Analysis:
The COVID-19 pandemic has led to negative growth rates in the initial period, as there was a supply chain disruption that affected the production of clean beauty products. In the later period, people became more aware of clean beauty. When the people’s routines were put on hold, consumers started evaluating their lifestyle choices. The typical consumer began reading the fine print of the products they use, only to realize the damage such products have been causing. Thus, owing to the increased level of awareness among consumers, the clean beauty market faced positive growth in the year 2021. In the post-COVID era, the e-commerce of clean beauty products is expected to increase significantly.
Analysis of Key Players:
The global clean beauty market is fragmented. The key players in the global clean beauty market are:
- e.l.f. Beauty, Inc.
- The Honest Company, Inc.
- Estée Lauder Companies Inc.
- Natura & Co (Avon Products, Inc.)
- LVMH (Sephora)
- Orveon (BareMinerals)
- Beautycounter
- Credo Beauty
- Ilia Beauty
- NakedPoppy
- Ere Perez
- RMS Beauty
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