According to the latest report by IMARC Group, titled “Beauty and Personal Care Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global beauty and personal care products industry size reached US$ 481.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 787.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.12% during 2023-2028. Beauty and personal care products refer to a wide range of items that are used to enhance the texture and appearance of the skin. They help in nourishing and hydrating the skin while stimulating skin metabolism, regulating moisture levels, and providing protection from ultraviolet rays (UV). Additionally, they prevent wrinkles, sagging, dryness, and acne-related problems while binding free radicals to stimulate collagen. They are also used by individuals for cleaning and beautifying purposes to enhance the health and appearance of the skin, hair, and nails. Some commonly used products include cleansers, toners, moisturizers, serums, foundation, lipstick, eyeshadow, shampoo, conditioner, soaps, deodorants, toothpaste, and body wash. Due to rising health consciousness among the masses, beauty, and personal care products are gaining traction across the globe.
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Beauty and Personal Care Products Market Demand:
The growing preference for maintaining an aesthetic physical appearance among individuals is driving the global market. Moreover, the rising demand for beauty products manufactured using natural, non-toxic, and organic ingredients is contributing to the overall market. In response to the escalating demand, several major companies are heavily investing in developing eco-friendly and organic products that are free from harsh chemicals and are more environmentally friendly, thus gaining prominence worldwide. Furthermore, continuous improvements in the organized distribution channels and emerging e-commerce sectors are impacting the market favorably. Other factors, including inflating disposable income levels of the masses, the advent of home delivery models, extensive research and development by leading players, and the development of aggressive marketing strategies, are also influencing the market.
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