According to Tech Navio's latest market report, the global mass beauty care market will grow by $153.55 billion from 2021 to 2026, foreign media reported
(about 977.5 billion YUAN), with a compound annual growth rate of 5.92%.
Over this forecast period, 58% the growth of the mass beauty care market will come from the Asia-Pacific region, with China, Japan, India and South Korea being the mass beauty market.Due to the large number of middle and low income people, the demand for mass beauty care products has increased significantly, and these regions are not only experiencing rapid market growth, compared with other regions of the market growth, its market size is also larger.
Global sales of beauty and personal care products have grown by 3% in the past two years, but online sales have grown by 23%. Experts predict that by 2025, online beauty care market share will lead the field. In addition, the total U.S. beauty and facial care market revenue in 2021 was $22 billion, up by 30% from the previous year, including an 18% increase in beauty care products. And other European and American countries such as the United Kingdom, its beauty and personal care market by 2027 will reach 40.5 billion US dollars with a compound annual growth rate of 6.27%.
The global online beauty and personal care market is expected to grow by $57.79 billion by 2024, according to an analysis of the rapid transition to digital retail (about rmb367.9 billion), growing at a compound annual growth rate of 15%. 43% of the market growth came from the Asia-Pacific region, where China and India are online major market for beauty and personal care products, the region's growth is driven by the Internet, the penetration of smart devices and consumers' preference for online consumption relying on gradually.
According to Prnewswire, key factors driving the growth of the global mass beauty care market are modern lifestyle changes and the increasing severity of facial skin-related problems. Lack of exercise, stress, lack of sleep, diet and water intake can all lead to facial skin problems, and consumers seek functional ingredients that meet specific needs that drive market growth.