Personal Care Industry (2018–2028)
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 $646.2 billion in 2024.
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: 2018–2024
According to the latest numbers, the personal care industry is set to be worth $282.8 billion in 2024. The global personal care market has been growing over the past few years, and its predicted total revenues in 2024 mark a 3.1% annual increase, a deceleration from the previous year’s 5.9% rise. Its revenues in 2024 constitute 43.8% of the total revenues the beauty sector is set to generate for the year.
In 2018, the personal care industry was worth $242.8 billion. From 2018 to 2024, the industry’s growth in annual revenues fell just once: in 2020. The fall 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 0.5%, from $245.2 billion in 2019 to $243.9 billion.
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The personal care market rebounded immediately the following year, growing 4.8% in 2021, to $255.6 billion, before rising another 1.3%, to $258.9 billion in 2022. In 2023, revenues grew to $274.2 billion
From 2018 to 2024, the personal care industry’s total annual revenues grew by a total of $40 billion. This represents an average annual growth rate of 2.6% and an overall increase of 16.5%.
Personal product industry: 2025–2028
Looking forward, the personal care industry is set to continue growing. Analysts predict global revenues will rise by an average of 3.3% in the next two years, to hit $291.6 billion and $301.5 billion in 2025 and 2026, respectively. 2026 is forecast to be the first time revenues will exceed $300 billion for the first time.
Growth is set to continue in 2027, for revenues totaling $312.8 billion, before rising by 2.1%, to $319.4 billion in 2028.
From 2024 to 2028, 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 12.9% and an average annual growth rate of 3.1%.