There is no doubt from the fact that beauty and personal products and services are the pre-requisite components that has altered our lifestyles.
It is not possible in today’s world to easily discard the soul of product lines that are associated with the beauty and personal care sector. The influence of glamour is increasingly motivated due to which the consumption of these products has surpassed in numerous regions of the world. The significant part of women’s shopping is highly dependent on the purchases of beauty and personal care products.
According to research conducted by Lucintel that divulges the growth observed in the consumer incomes and augmentation in lifestyle preferences results in boosting the revenue growth of global beauty and personal care products to a greater extent. The total revenue is expected to hit the mark of $265 billion by the end of year 2017. The biggest driving segments for revenue are mainly comprised on deodorants, skin care products and sunscreens items. However, the nourishments, hair care, fragrance segments are also eye catching categories in terms of sales contribution. It is anticipated that cosmetic portion will experience high escalation due to rise in demand as the middle class quintile is accelerating in under-developed countries.
The sales of premium and luxury cosmetics were outperformed throughout different regions such as Asia-pacific, Europe and North America with average growth of 4.7% by the year 2011. Among all of the segments, skin care has been reported a dazzling growth stats that will become the most enormous segment in 2017. It will be followed by hair care category due to increment in the consumption of multi-featured products for instance nourishment cream, hair dyes with absolute coloring effects, and number of other items as well.
From the perspective of manufacturers, the notable challenges are to ensure premium quality products within affordable prices and keeping eco-friendly factor into consideration. The beauty and personal care industry has been badly affected due to outrageous economic crunch but the industry showing positive signs that came into play during the process of global economic recovery.
The emerging markets are also the driving forces in the development of beauty and personal care market as the Asia pacific region has reported $21 billion in retail value by the year 2011 that showed the growing maturity if this specific market. There are a number of provisions and influences that take place in shaping the global market for beauty ingredients and in particular, science and nature plays an important role to redefine and assign new look to the industry.
