Breaking through 150 billion US dollars! The global mass beauty care market is booming

According to foreign media reports, according to Technavio's latest market report, from 2021 to 2026, the global mass beauty care market size will grow by US$153.55 billion (about RMB 977.5 billion), with a compound annual growth rate of 5.92%.

During this forecast period, 58%   The growth of the mass beauty care market will come from the Asia-Pacific region . China , Japan, India, and South Korea are the main markets for mass beauty care in the Asia-Pacific region. Due to the large number of low- and middle-income people, the demand for mass beauty care products has increased significantly. Not only are the market growth rates in these regions faster than those in other regions , but their market sizes are also larger .

It is reported that in the past two years, global sales of beauty and personal care products have increased by 3%, but online sales have increased by 23%. Experts predict that by 2025, the online beauty care market will lead the field. In addition, the overall revenue of the United States in the beauty and personal care products market in 2021 was US$22 billion (about RMB 1,400), an increase of 30% over the previous year, of which beauty care products increased by 18% . In other European and American countries such as the United Kingdom, its beauty and personal care market is expected to reach US$40.5 billion (about RMB 2,578) by 2027, with a compound annual growth rate of 6.27%.

The current market is rapidly transforming to digital retail. According to relevant analysis reports, by 2024, the global online beauty and personal care market is expected to grow by US$57.79 billion (about RMB 367.9 billion), with a compound annual growth rate of 15%. 43% of the market growth comes from the Asia-Pacific region, and China and India are the main markets for online beauty and personal care products in the region. The growth in this region is mainly driven by the Internet, the penetration of smart devices and consumers' increasing reliance on online consumption.

According to PR Newswire, the key factors driving the growth of the global mass beauty care market are changes in modern lifestyles and increasingly serious facial skin-related problems. Lack of exercise, stress, lack of sleep, diet and water intake can all lead to facial skin problems , and consumers are looking for products with functional ingredients that can meet specific needs, thereby driving market growth .

According to Mintel Global New Products Database ( GNPD), the interesting and textured features of beauty care product packaging can instantly attract the public's attention to the product. These factors play an important role in people's purchasing decisions, product or brand popularity , word-of-mouth power, and purchase intention. For example, 47% of Japanese consumers like products that remind them of the past. Of course, consumers are still most concerned about the product's functional efficacy, but sensory experience has also become a factor influencing consumer purchases.

The changes in consumption patterns brought about by the epidemic are irreversible. Like other industries, the beauty care industry has also been continuously developing online sales and consumption. Online sales and consumption have become a general trend. In addition, the current AR makeup trial technology is becoming more and more mature, which has provided convenience for online consumption. If sellers want to get a share of this market, they need to pay attention to the layout of online channels.

Asia Pacific

cosmetic

Personal Care