Personal Care Industry (2015–2027)
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 $571.1 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: 2015–2023
According to the latest numbers, the personal care industry is set to be worth $253.3 billion in 2023. The global personal care market has been growing over the past few years, and its expected total revenues in 2023 marks a 6.2% annual increase—the largest growth in at least nine years.
From 2015 to 2023, the industry’s growth in annual revenues fell just twice: in 2015 and in 2020. The fall in 2020 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 1.5%, from $227.7 billion in 2019 to $224.3 billion.
The personal care market rebounded immediately the following year, growing 5.2% in 2021, to $235.9 billion, before rising another 1.1%, to $238.6 billion in 2022.
From 2015 to 2023, the personal care industry’s total revenues grew from $208.9 billion to $253.3 billion. This represents an average annual growth rate of 1.4% and an overall increase of 21.3%.
Personal product industry: 2023–2027
Looking forward, the personal care industry is set to continue growing. Analysts predict global revenues will rise 3.2% in the next two years, to hit $261.3 billion and $269.6 billion in 2024 and 2025, respectively.
Growth is set to accelerate slightly to 3.5% in 2026, for revenues totaling $279.1 billion, before rising another 3.9%, to $289.9 billion in 2027.
From 2023 to 2027, the global personal care market is forecast to increase its revenues by a total of $36.6 billion. This would represent an overall increase of 14.4% and an average annual growth rate of 4%—nearly three times the average annual growth rate from 2015 to 2023.