Recovering from the economic downturn, personal care market is the fastest growing market in the world. The global market for personal care products is estimated to reach a value of 333 billion USD by the end of 2015. North America and Europe are the leading market for personal care products, followed by Asia-Pacific and Latin America. In fact the Asia-Pacific region, particularly China and India are the fastest growing markets in this sector. Some of the factors that are attributed to the growth of the market are increase in population, rising living standard of consumers, growing awareness about skin care among consumers, growth in the anti-aging sector and innovations in the personal care industry.
Emerging Trends in the Market
The personal care market is divided into five broad segments. These are skin care, colored cosmetics, toiletries, hair care and fragrances. Of these, toiletries and skin care are the highest selling product categories. One of the most significant trends in the personal care market is the phenomenal demand for anti-aging products. In the last couple of years, new and better anti-aging products have been launched in the market. As consumers have become more aware about health and beauty, the demand for anti-aging products have gone up. In 2012, the global market for anti-aging products was estimated to be around 249.3 billion USD. The value is predicted to increase to 345.8 billion USD by the year 2018 with a growth rate of 5.7% between 2013 and 2018. In the future, the ever-expanding anti-aging products market is all set to boom by incorporating diverse consumer concerns.
In the past couple of years, the demand for multi-functional products has gone up. Multi functional products like lotions that have radiance boosting and spot reducing properties in addition to moisturizing properties are going to be in demand. Consumers want products that are not only value for money but are also convenient to use.
The demand for organic and natural skin care and hair care products has remained strong in the personal care market. This is one of the biggest global trends in the market and it has witnessed high growth rates. Growing awareness among consumers about the benefits of natural ingredients is one of the main factors that have contributed to the growth in this sector. Consumers’ perception that organic skin care products are better and free of harmful chemicals is helping to fuel the growth of organic and natural products.
Rise in consumers’ income levels and change in lifestyle are going to be the main market drivers in the personal care industry. The rapidly expanding middle class and shift in spending patterns of consumers are also contributing to the growth in the personal care market.
Explore the latest market research reports on personal care industry @ http://www.rnrmarketresearch.com/reports/consumer-goods/cosmetics-personal-care/personal-care .