The sun care market includes products designed to protect the skin from harmful ultraviolet (UV) radiation, prevent sunburn, and reduce the risk of skin cancer and premature skin aging. This market encompasses a wide range of products such as sunscreens, after-sun lotions, self-tanning products, and protective lip balms. These products vary in SPF ratings, formats (creams, sprays, sticks), and additional skin care benefits like moisturization and anti-aging properties. The sun care market is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.7%.
The worldwide beauty and personal care products market size was evaluated at USD 482.8 billion in 2021 and is predicted to expand at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2031. One of the key factors driving market expansion is the increased sensitivity of consumers about their looks. Beauty and personal care goods such as skin care, color cosmetics, and hair care are becoming a vital part of everyday grooming among millennials. The emergence of natural, non-toxic, and organic cosmetics has also contributed to market expansion.
Consumers’ changing lifestyles and increased spending power in developing nations, as well as significant expansion in multi-functional personal care ingredients, are propelling the Personal Care Market ahead. In Europe and North America, there is a growing desire for higher-quality personal care ingredients, which drives demand for personal care ingredients. The rising demand for gender-specific products such as shampoos, conditioners, shaving creams, and skin masks and peels are anticipated to fuel the worldwide personal care market. In addition, the market for goods with several functions, such as whitening toothpaste, sun care moisturizers, and shower and bath treatments with aromatherapy for relaxation, is expanding. As a result, the increased demand for organic and herbal personal care products is likely to present the market with considerable development possibilities throughout the forecast period. The falling demand for mass-target healthcare items is being compensated by increased demand for specialized premium personal care solutions.
The global market for personal care is predicted to develop dramatically in the future years as consumers disposable income rises, allowing them to spend on high-end personal care goods. While women’s personal care products are a prominent sector, the introduction of a men’s grooming product line has considerably improved the market’s growth. Furthermore, in the coming years, the development of better and new products in the women’s line, such as cosmeceutical and multifunctional products, is likely to raise personal care product sales. Manufacturers have saturated the market with specific hair and skin products to cater to unique customer needs. Promotional deals, advertising, and media penetration are also predicted to assist the sector. In emerging markets, factors such as increased consumer buying power, an abundance of multinational brands, and fast urbanization are projected to soon contribute to market expansion.
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