FELTON, California, September 7, 2017 /PRNewswire/ --
The global personal care product market is expected to reach USD 650.10 billion by 2024 and is growing on account of rising awareness regarding personal health and hygiene. Increasing sales of these products through e-commerce channels is anticipated to foster the growth of the market. Additionally, innovative packaging designs of this products are expected to boost the market.
In 2016, Asia Pacific held the largest market share and expected to maintain its dominance over the forecast period. North America personal care products market is anticipated to show steady growth rate on account of increasing demand for luxury personal care products. The increase in consumer spending power and massive advertising & promotional activities is expected to drive the growth of the market.
Market players are focusing on mergers & acquisition strategies to expand their presence in global market. For instance, in 2015, Unilever acquired REN, Kate Somerville, Dermalogica, and Murad to enter in global skincare market. In addition to this, German manufacturer Henkel acquired Blendax, Pert, and Shamtu haircare portfolios from Procter & Gamble to expand in eastern Europe and Middle East & Africa. Furthermore, companies are extensively investing in R&D for product innovation and new product development. For instance, according to Cosmetics Europe, a personal care association, annually large enterprises invest approximately 1.5% to 4.5% of their turnover on R&D activities.
Browse full research report with TOC on "Personal Care Products Market and Forecast, By Type (Skincare, Haircare, Oral Care, Fragrance), And Trend Analysis, 2014 - 2024" at: https://www.hexaresearch.com/research-report/personal-care-products-market
Personal care products are bifurcated into skincare, haircare, oral care, fragrance and others. Skin and haircare product segment accounted for nearly 50% market share. Products such as creams, lotions, powders, and moisturizers are included within skincare. Haircare products are used for maintaining hair health as well as used for enhancing the attractiveness of hairs.
Oral care encompasses the oral health products such as toothpaste, toothbrush, and mouthwash. Fragrances are anticipated to grow at the fastest CAGR over the forecast period. It includes a mixture of aromatic compounds, essential oils and other pleasant substances that are designed to give a pleasant smell. Other segment includes toiletries products, color cosmetics, and grooming. Rising demand for anti-aging products is expected to open new opportunities for the growth of the market over the next few years.
Browse reports of similar category by Hexa Research:
- Organic Personal Care Products Market - Global organic personal care market size was estimated at USD 25.12 billion by 2024.Increasing buyer awareness about personal health care is expected to support the market.
- Hair Brush Market - Global hair brush market is expected to witness considerable growth over the forecast period on account of rising health and hygiene awareness worldwide.
- Aerosol Propellants Market - Global aerosol propellant market is expected to witness a steady growth over the forecast period on account of its high increasing usage in aerosol sprays.
- Personal Care Packaging Market - global personal care packaging market was estimated at USD 23.17 billion in 2014. The market is expected to witness substantial growth over the forecast period.
Hexa Research has segmented the global personal care product market based on application and region:
Segmentation by application, 2014 - 2024 (USD Billion)
• Oral Care
Segmentation by region, 2014 - 2024 (USD Billion)
• North America
• Asia Pacific
• Central & South America
Key players analyzed
• L'Oréal Group
• Procter & Gamble
• Johnson & Johnson Services, Inc
• Kao Corporation
• The Estée Lauder Companies Inc.
• Beiersdorf AG
• Shiseido Co., Ltd.
• Colgate-Palmolive Company
About Hexa Research
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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SOURCE Hexa Research