Beauty Industry, Market Research

Personal Care Market Forecasted to Grow at CAGR of 6.4% from 2022-2027

Technavio predicts strong growth as more male and female customers opt for personal care products.

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By: Charlie Sternberg

Associate Editor

In 2017, the personal are market was valued at $406.98 billion. According to Technavio, the personal care market size is estimated to grow by $169.7 billion from 2022 to 2027 at a CAGR of 6.4%.
 
Major drivers of growth include:
 

  • An increasing number of male and female customers opting for personal care products
  • Rising demand for personal care products with naturally derived ingredients
  • Increasing product launches by conglomerate companies
 
Key challenges include:
 
  • High cost of natural and organic personal care products
  • Growing preference for DIY personal care products at home
  • Stringent regulatory guidelines
 
Major personal care vendors include:
   
Find the full report here.

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