Global beauty and personal care sales continued to grow in 2024, but at a slower pace than in 2023, signalling a deceleration in momentum. This slowdown reflects an evolving consumer mindset, as beauty and personal care consumers increasingly prioritise wellness and value-for-money propositions and have become more discerning and cautious about overpaying for products.
This report comes in PPT.
Skin care is undergoing a heightened focus on value. Globally, since 2020, consumers have been placing greater importance on lower price against other features in skin care, resulting in a redefinition of mass beauty and polarisation between mass and premium skin care. The success of C-beauty skin care and private label skin care dupes are indicative of this trend.
More consumers are looking for specific ingredients, proof of efficacy, and clinical formulation, motivated by an underlying demand for safety, transparency, and healthy living. Dermocosmetics, which emphasise skin health benefits and proven results, have seen tremendous success since dermocosmetics retail sales and usage frequency are up globally in 2024.
Beauty consumers are increasingly gravitating towards brands that align with their long-term health goals. This has particularly benefited sun care as more consumers are aware of how sun damage accelerates the ageing process and now have increased daily sun care usage globally. Value-added properties, such as colour correcting sunscreen, are not only expanding sun care’s multifunctional positioning but also encouraging consumers to actively control health outcomes.
In a content-saturated environment, brand loyalty is earned through storytelling, not just products. Brands that create personalised, culturally resonant content across omnipresent platforms will better connect with younger and more fragmented audiences.
Hair care players are aiming to reduce overall packaging materials and use more eco-friendly materials, like biobased sources or biodegradable options. Refill options are more plentiful in hair than a year ago, as players (particularly premium hair care brands) expand choices, while innovation continues in waterless, powder, solid or other formats.
This is the aggregation of baby and child-specific products, bath & shower, colour cosmetics, deodorants, depilatories, fragrances, hair care, men's grooming, oral care, skin care and sun care. Black market sales and travel retail are excluded.
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