The global beauty and personal care market is expected to rebound in 2021, with a 3 percent growth largely driven by the Asia Pacific.
In its latest 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 the course over the next 5 to10 years occurred in one single year, as the pandemic boosted consumer’s adoption of online platforms for their everyday needs. E-commerce sales of beauty and personal care increased by 23 percent over 2020-2021, while virtually enabled at-home experiences will remain an imperative to drive e-commerce sales.
“51 percent 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, skincare will steal the brightest spot of the global beauty industry, as the category is estimated to reach US$ 181 billion sales, mostly led by the 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.
The Asia Pacific will continue to be the world’s growth engine for the beauty and personal care industry, notably within color cosmetics and skincare, 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.