Inkwood Research evaluates that the Global Beauty & Personal Care Market is predicted to register a CAGR of 1.67% in terms of revenue during the forecast period, 2019-2028.
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Personal Care Market Forecast 2019-2028.”
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Beauty & personal care products entail
mid-priced or lower products that are deemed as necessary by most customers.
These products include color cosmetics, hair care products, oral care products,
sun care products, etc. Their increasing use across the globe is accredited to
social, cultural, and economic changes across geographies. The rising number of
women in the workforce has resulted in an increased income of households.
Therefore, spending on beauty & personal care products has also increased.
Eco-friendly
Packaging Design Fuels Market Growth
Consumers are seeking eco-friendly and
functional cosmetic design, resulting in innovations in the packaging &
design of products. Bio-based flexible packaging and paper packaging are
trending. Packaging manufacturers offer varied innovative choices and creative
technologies. With this, the choices range from multi-layered extruded
barriers, holographic extruded tubes to custom die-cut tubes. The travel-friendly
packs enable consumers to own a vast range of products to choose, carry, and
change their products accordingly.
Several companies are introducing
innovative changes in design and packaging. Procter & Gamble announced
plant-derived packaging for its global cosmetic brands. It is using
sugarcane-derived plastic from Braskem. L’Oréal introduced new assessment tools
for its package design process, ‘packaging impact quick evaluation tool’
(PIQET) and ‘sustainable packaging scorecard’ (SPS).
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E-commerce is
the Fastest-growing Distribution Channel
Technology has become synonymous with
several age groups across the world. E-commerce has thus become an integral
part of beauty & personal care products. The outlets are expanding their
product line with product specifications and effective prices. The e-tailers
prioritize delivery options and free returns, which add value to the e-commerce
segment. Online shopping is a surging trend, with stores providing consumers a
range of products to choose from. The growing smartphone consumer base, the
thriving e-commerce industry, and internet penetration are boosting online
retailing. Brands play a huge role in the consumers’ decision to purchase
products online.
Asia
Pacific to record Steadfast Growth along with Largest Market Share
The Asia Pacific region encompasses a major
population of a young and aging populace. The region is also witnessing a surge
in the number of females in workspaces. Countries like Thailand are becoming
more receptive to modern appearance. Consumers are inclined to try new brands
and products. This is resulting in the launch of diverse products. Although the
customers majorly rely on their most favored brands and products, an
incremental shift in taste is projected during the forecast period.
The market is dominated by major players.
They have robust competitive strategies for maintaining their hold in the
market. The strategies for expansion include mergers and acquisitions. Thus,
the rivalry is evaluated to be high among the players to sustain themselves in
the market. Some of the leading players of the market include, Procter &
Gamble, Unilever Group, L’Oréal Groupe, Beiersdorf AG, Coty Inc, etc.
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studies with relevant fact-based research are customized across industry
verticals such as technology, automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that acknowledges the business
environments. Our geographical analysis comprises of North & South America,
CEE, CIS, Middle East, Europe, Asia, and Africa.
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