The global beauty and personal care market is expected to rebound in 2021, with a 3% growth largely driven by Asia Pacific, according to global market research company Euromonitor International.
In the webinar ‘Beauty in Recovery: Going Green and Clean’, Euromonitor delves into the industry’s future outlook, exploring the key themes that will shape the beauty sector in the coming years.
The e-commerce acceleration predicted to take course over the next 5 to10 years occurred in one single year, as the pandemic boosted consumers adoption of online platforms for their everyday needs. E-commerce sales of beauty and personal care increased by 23% over 2020-2021, while virtually enabled at-home experiences will remain an imperative to drive e-commerce sales.
“51% of beauty companies surveyed stated that they would implement digital strategies to embrace new ‘phygital’ reality, from contactless experiences to deployment of AR/VR to integrate virtual processes in physical spaces,” comments Gabriella Beckwith, Consultant at Euromonitor International.
By 2025, skin care will steal the brightest spot of the global beauty industry, as the category is estimated to reach USD 181 billion sales, mostly led by Asia Pacific, as consumers are increasingly self-educating on active ingredients and will continue their quest for “skinimalism” happening in the form of simplified brand messaging, formulations and routines.
“Brands that play on trust and transparency, as well as those with science-backed credentials and “clinical” efficacy will continue to resonate well,” adds Kayla Villena, Beauty and Fashion Consultant at Euromonitor International.
Asia Pacific will continue to be the world’s growth engine for the beauty and personal care industry, notably within colour cosmetics and skin care, and much of this will be owed to China’s quick rebound. “Beauty brands that are purpose-driven, digitally-savvy, clinically-backed, price accessible and approachable are most likely to thrive, and continue to do so,” concludes Villena.
