Personal Care Industry (2018–2028)
With beauty currently ranking among the top online shopping categories, it’s no surprise that the global beauty industry’s revenues are estimated at a whopping $579 billion in 2023.
Recent figures also show that personal care items are the top beauty product in terms of market size, which means that they’re the beauty industry’s largest source of revenue. Here’s a breakdown of the personal care industry and its growth in recent years.
Personal product industry: 2018–2023
According to the latest numbers, the personal care industry is set to be worth $253 billion in 2023. The global personal care market has been growing over the past few years, and its predicted total revenues in 2023 mark a 5.9% annual increase—the largest growth expected in at least 11 years. Its revenues this year constitute 43.7% of the total revenues the beauty sector is set to generate this year.
In 2018, the personal care industry was worth $225 billion. From 2018 to 2023, the industry’s growth in annual revenues fell just once: in 2020. The fall is largely attributed to the COVID-19 pandemic, which forced many stores to close and prompted consumers to cut back on expenditures. That year, the personal care industry’s revenues dipped 1.8%, from $228 billion in 2019 to $224 billion.
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The personal care market rebounded immediately the following year, growing 5.4% in 2021, to $236 billion, before rising another 1.3%, to $239 billion in 2022.
From 2018 to 2023, the personal care industry’s total annual revenues grew by a total of $28 billion. This represents an average annual growth rate of 2.4% and an overall increase of 12.4%.
Personal product industry: 2024–2028
Looking forward, the personal care industry is set to continue growing. Analysts predict global revenues will rise by an average of 3.3% in the next two years, to hit $261 billion and $270 billion in 2024 and 2025, respectively.
Growth is set to continue in 2026, for revenues totaling $279 billion, before rising by 3.9%, to $290 billion in 2027. By 2028, the sector is set to be worth $296 billion.
From 2023 to 2028, the global personal care market is forecast to increase its revenues by a total of $43 billion. This would represent an overall increase of 17% and an average annual growth rate of 3.6%.