Exploring Three Rising Trends in the Personal Care Industry in 2024
Wondering what is in store for next year? We explore three trends developed in the personal care industry that aim to change your beauty experience in 2024 and beyond.
Wellness in Beauty
The personal care industry has a strong alignment with health and overall wellness. Consumers not only want to look good but also feel confident, motivated, and empowered. Focusing on inside-out beauty encourages consumers to seek proper nutrients to support a strong immune system and healthy glowing skin.
According to Fortune Business Insights, a leading research firm, the global beauty and wellness products market size is projected to grow from USD 1.61 billion in 2023 to USD 2.76 billion by 2030, at a CAGR of 8.03 percent.
Personal care can tap into the synergies across the beauty and wellness industries to provide innovative solutions for today's health-conscious consumers.
Men’s beauty is on the rise and is set to become even more prominent in 2024. The shift in cultural attitudes and the ongoing societal changes that challenge the traditional notions of masculinity have led to a significant increase in the men’s grooming and personal care sectors.
In a report published by Research and Markets, a leading provider of research projects, the global men’s personal care market grew from USD 58.06 billion in 2022 to USD 63.53 billion in 2023. The same report suggests that the industry is expected to grow to USD 90.05 billion in 2027, at a CAGR of 9.1 percent.
To meet this growing demand, many brands have introduced products that specifically cater to men's skin concerns. These products incorporate natural ingredients such as argan oil, green tea extract, aloe vera, and vitamin C, which are known to address various skin ailments, including oiliness, sun damage, dryness, wrinkles, fine lines, hair loss, and dullness.
Water Conscious Beauty
Water has always been the main raw material in a majority of personal care formulations as it helps with application, hydration, texture, and dissolving actives. However, with the current global water shortage, the personal care industry has been tasked with rethinking how water can be reduced and even potentially sustainably replaced in the manufacturing process.
Personal care brands are adopting a more sustainable approach by using various butters, oils or waxes, and oil-soluble actives as ingredients. What’s more, because water-less products are typically more concentrated and more potent, they tend to last longer as you are able to use less of them.
According to Future Market Insights, a leading provider of market intelligence and consulting services, the waterless cosmetics market size is estimated to be valued at USD 9.7 billion in 2023 and is expected to surpass USD 33 billion by 2033. The adoption of waterless cosmetics is likely to advance at a CAGR of 13 percent during the forecast period.
Whether it's personal care for men, looking at beauty from within, or waterless-beauty, DKSH's international teams of technical specialists collaborate across borders to develop innovative solutions for companies looking to tap into the growing consumer needs. Contact us to learn more about our products and capabilities to support your business growth.
About the author
Roland Kraut is based in Zurich, Switzerland. He is currently Vice President, Global Personal Care Industry, Performance Materials at DKSH Switzerland Ltd.