The global personal care and beauty market is projected to rise 5.7% to reach a value of $1,436.7 billion (£1,178bn) by 2027, according to the Global Wellness Institute’s Global Wellness Economy Monitor 2023.
The Global Wellness Institute (GWI) defines the personal care and beauty market as consumer expenditure on products and services for personal hygiene and appearance, covering body, face, skin, hair, and nails.
Size and growth trends in the personal care and beauty market
In 2022, the global market for personal care and beauty reached an impressive $1,088.7 billion (£809.54bn), showcasing resilience after a 13.3% decline in 2020 due to the Covid-19 pandemic.
Notably, the sector rebounded with a robust 13.4% growth in 2021, resulting in an 8.5% compound annual growth rate (CAGR) from 2020 to 2022.
The subcategory accounted for a significant 19.4% of all wellness spend in 2022.
Personal care and beauty market by region
In the regional analysis, Europe stands out as a noteworthy participant in the personal care and beauty sector.
While North America takes the lead in terms of market size, Europe plays a significant role in shaping trends and influencing consumer behaviours.
|
|
Personal Care & Beauty Market |
Average Annual Growth Rate |
|||||
|
(GBP £ billions) |
Per Capita 2022 |
2019- 2020 |
2020-2022 |
||||
|
2019 |
2020 |
2021 |
2022 |
||||
|
North America |
264.2 | 214.1 | 250.9 | 274.9 | 738.42 | -19% | 13.3% |
|
Europe |
247.1 | 226.5 |
249 |
248.5 | 269.6 | -8.2% | 4.6% |
|
Asia-Pacific |
217.7 | 208.03 | 230.11 | 233.8 | 52.57 | -4.4% | 3.7% |
| Latin-America-Caribbean
|
92.9 |
63 |
77 |
89.4 | 52.6 | -32.1% | 19% |
|
Middle East - North Africa |
33.59 | 29.26 | 34.6 | 36.7 | 68.97 | -12.8% | 12% |
| Sub-Saharan Africa
|
18.7 |
16 |
17.7 | 19.45 | 16 | 12.6 | 9.1% |
|
World |
874.88 |
757.12 |
858.54 | 892.76 | 112.21 | -13.5% | 8.5% |
As of 2022, all the regions have recovered to and exceeded their pre-pandemic levels, with the exception of Latin America-Caribbean (which is currently at 96% of its 2019 peak).
When compared to other regions, the European market for personal care and beauty reflects the global economic conditions and consumer spending, with the data suggesting a relatively stable market.
Overall, the global wellness market is continuing to recover and rise post-pandemic, increasing by 12% annually since 2020 and reaching a 14% higher value than the previous record year of 2019. The market is predictedt to grow another 52% by 2027.
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