Global personal care market is expected to witness high growth on account of increasing demand for sun protection and anti-ageing products used in order to maintain healthy and youthful skin appearance. Multinational companies such as P&G, Unilever and L'Oréal are focusing on developing personal care market in emerging economies including BRICS offering better quality products to consumers with increased income levels and high spending power. Rising consumer awareness regarding product ingredients and their effectiveness is a major opportunity for the multinational companies to help set a strong foothold in developing countries. Changing trends in terms of product availability through online portals, infomercials, home shopping, vending machines and supermarkets is expected to have a positive impact on the personal care market growth. U.S being the largest cosmetics market contributes a major chunk to the North American personal care industry and is followed by Japan, France, Germany, UK and Italy.
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Growing organized retail market coupled with increasing consumer awareness are key factors responsible for high luxury product demand in Asia Pacific and Latin America which is expected to augment personal care market growth. Companies present in the personal care market face a major challenge of supplying high quality products at lower prices which is expected to restrict market growth. Furthermore, increasing packaging and raw materials cost is expected to act as market restraint over the forecast period. Unilever recently acquired REN Skincare in order to further strengthen its position in the personal care market. In the past few months, Unilever purchased Camay and Zest soap brands from P&G adding to its existing extensive skincare product portfolio.
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