Personal Care Products Industry Growth (2019–2028)
The global personal care industry is expected to generate $282.8 billion worth of revenues in 2024, $8.6 billion more than the previous year’s $274.2 billion. A closer look at the sector’s performance shows that its revenues have generally been rising in recent years.
Here’s a breakdown of the personal care products industry’s growth rate over the past few years and a forecast for the coming five years.
Personal care products industry growth rate: 2019–2024
Recent data shows that the personal care products industry’s growth rate recorded at 1% in 2019, as revenues rose from $242.8 billion the previous year, to $245.2 billion. Despite the increase, the sector grew at a slower rate than the overarching beauty and personal care sector, whose revenues rose by 1.6%.
In 2020, the personal care sector shrunk by 0.5%, as total revenues fell by $1.3 billion, to $243.9 billion. The decline was triggered by the COVID-19 pandemic, which crippled consumer spending worldwide. In fact, the global beauty industry’s revenues decreased by 5.1% that year. The cosmetics market was the most affected, as revenues plunged by 19.5%.
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The personal care products industry’s growth rate rebounded in 2021, with a 4.8% year-on-year rise. Growth continued the following year, but at a slower rate of 1.3%.
In 2023, the sector expanded by as much as 5.9%—the highest annual increase expected between the forecast period of 2019 to 2028. Between 2019 and 2024, the personal care products industry’s growth rate averages 2.6% per annum.
Personal care products industry growth rate: 2025–2028
Looking ahead, analysts predict that the personal care products industry’s growth rate will slow. An annual increase of 3.1% has been forecast for 2025—nearly half the growth rate of 2023.
This will rise slightly to 3.4% and 3.7% in 2026 and 2027, respectively, before a deceleration to 2.1% in 2028, which will bring total revenues to $319.4 billion.
From 2019 to 2028, the personal care products industry’s growth rate is set to average 2.8% per year, as revenues increase by $76.6 billion overall. This is slower than the beauty sector’s average annual growth rate, which is expected at 3.2%.