06.22.22
The sustainable personal care market is expected to reach $129.7 billion by 2031 with a CAGR rate of 9.5%, according to findings from Allied Market Research.
The firm recently published in the findings in a report entitled, "Sustainable Personal Care Market by Nature, Type, Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031.” Per the report, the global sustainable personal care industry was pegged at $50.8 billion in 2021, and is expected to reach $129.7 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.
While supply chain woes brough on by the Covid-19 pandemic hampered the market, halting production of personal care products, increased penetration of online retail platforms positively impacted it. However, the rise in the use of sustainable personal care propelled by greater environmental awareness and reusable ingredients is driving said growth. What's more, Allied Market Research predicts the current rising trends of using organic and natural products in food and beverage and the personal care industry is expected to open new opportunities in the future.
Organic Segment Anticipated to Present Highest CAGR
The organic segment is estimated to portray the highest CAGR of 9.8% during the forecast period. In addition, the segment held the largest share in 2021, accounting for more than half of the global sustainable personal care market due to increase in demand for pesticide-free, clean label and natural products from the consumer. The report includes analysis of the natural and green segments.
By sales channel, the hypermarkets and supermarkets segment held the largest share in 2021, contributing to nearly two-fifths of the global sustainable personal care market. However, the online retail segment is projected to manifest the highest CAGR of 10.3% during the forecast period, owing to the surge in adoption of e-commerce portals in developing region and a surge in the number of offers and discounts provided by online sites.
By region, the global sustainable personal care market across North America held the largest share in 2020, accounting for roughly one-third of the market due to widespread awareness about sustainable ingredients and products in the region. However, the market across Asia-Pacific is expected to register the highest CAGR of 10.3% during the forecast period, owing to high potential in the region.
Major market players include Coty Inc.; Colgate Palmolive Company; Estee Lauder Companies Inc.; Johnson & Johnson; Kao Corporation; L'Oréal S.A.; L'Occitane Group; The Procter & Gamble Company; Unilever Plc; and Weleda.
To purchase the full report, go here.
