Beauty & Personal Care Market: ECommerce & Clean Beauty Set Global Pace Beauty and personal care products are one of the fastest-growing consumer goods globally. This fast-paced growth is majorly attributed to the rising personal appearance and hygiene concerns, as well as rapid urbanization, specifically in emerging economies. According to Inkwood Research, the global beauty & personal care market is set to record a revenue of $750.53 billion with a CAGR of 3.13% during 2023-2032.
The beauty and personal care industry is evolving with innovative trends each year, also taking into account unisex and men’s products. Trends are defined by factors that potentially change business dynamics. They center around urbanization, aging populations, natural disasters, pandemics, innovations associated with recent developments, etc. Taking these into consideration, here are the two key trends that define the global beauty & personal care market:
E-Commerce’s Strong Foothold
Digital transformation is no longer privy to beauty brands. The transformation process has enabled beauty brands to add an array of services that use virtual reality (VR), artificial intelligence (AI), and machine learning to offer a better shopping experience. These entail skin consultations, virtual-tryon, personalization, diagnosis, etc. Accordingly, the beauty industry is now considered a brimming ecommerce category with a loyal consumer base.