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Personal Care Product Market Will Grow Over 2024 Will Be Usd 650.10 Billion
Total Articles: 41
Personal Care is used for beautification, good hygiene, and health caution. Personal Care products are hand soap, deodorant, eyeliner, facial tissue, hair clippers, lip gloss, lipstick, shampoo, lip balm, lotion, makeup, facial cleanser, body wash, nail files, pomade, cotton pads, razors, shaving cream, moisturizer, talcum powder, toilet paper, toothpaste, facial treatments, wet wipes, and perfumes. These all are used by a person is called Personal Care Product.
According to Hexa Research Report, The global personal care product market is growing on account of raising 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 these 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 a 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 the 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.
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 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.
Access full report or request for a free sample at: https://www.hexaresearch.com/research-report/personal-care-products-market
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