Toiletries Market Size, Key Growth Drivers, Industry Challenges, and Forecast by 2032
The global toiletries market size was valued at USD 165.50 billion in 2023. The market is expected to expand from USD 173.33 billion in 2024 to USD 263.31 billion by 2032, exhibiting a CAGR of 5.37% over the study period.
Toiletries refer to personal care products deployed for grooming or hygiene. The progressive adoption of natural and organic personal care products by consumers on account of their perceived long-term advantages coupled with decreased risk of skin damage from chemicals is augmenting the market growth.
There was a mixed impact of the COVID-19 pandemic on the market. The market witnessed upheavals in manufacturing processes owing to restrictions and lockdowns in the initial phase, which resulted in a scarcity of a few products. Despite this, the prioritization of products that offered safety and health benefits by consumers led to a surge in sales of toiletries with added protective attributes.
Fortune Business Insights™ provides this information in its research report, titled “Toiletries Market, 2024-2032”.
Information Source: https://www.fortunebusinessinsights.com/toiletries-market-110070
Top Companies in the Toiletries Market:
- Reckitt Benckiser Group (U.K.)
- Unilever PLC (U.K.)
- The Procter & Gamble Company (U.S.)
- Kimberly-Clark Corporation (U.S.)
- Beiersdorf AG (Germany)
- L'Oréal S.A. (France)
- Johnson & Johnson (U.S.)
- Estee Lauder Companies, Inc. (U.S.)
- HCP Wellness (India)
- Shiseido Co. Ltd. (Japan)
- LVMH Moët Hennessy (France)
- The Somerset Toiletry Company (U.K.)
- Kao Corporation (Japan)
- Hunter Amenities (Canada)
- Colgate-Palmolive (U.S.)
Segmentation:
Bath & Toilet Products Segment to Dominate Fueled by High Focus on Hygiene Amid COVID-19 Pandemic
On the basis of type, the market is divided into bath & toilet products, hair care products, skincare products, and others. The bath & toilet products segment is anticipated to capture the largest toiletries market share during the forecast period due to the high emphasis on hygiene amid the COVID-19 pandemic. This factor has bolstered the usage of hand sanitizers, disinfectants, and soaps.
Typical Utilization of a Broad Range of Toiletry Products by Females to Spur the Segment Growth
In terms of end-user, the market is bifurcated into female and male. The female segment is poised to observe the largest share during the forecast period due to the typical deployment of a broader range of toiletry products for females as compared to men. These include haircare, personal hygiene, and skincare products.
Offline Segment to Witness Leading Position Due to Instant Availability Delivered by Physical Stores
On the basis of distribution channel, the toiletries market is classified into online and offline. The offline segment is slated to occupy the largest share during the forecast period due to the instant availability of personal care products provided by physical stores. Thus, it eliminates the need to wait for delivery or shipping.
From the regional standpoint, the market for toiletries is segmented into North America, the Middle East & Africa, Europe, South America, and Asia Pacific.
Report Coverage
The report offers a detailed analysis of the key driving and restraining factors impacting the market growth. It further provides a comprehensive coverage of the top trends, key industry developments, and the impact of the COVID-19 pandemic on the market growth. Besides this, the strategic moves undertaken by leading companies to outshine the competition have been mentioned in the report.
Drivers and Restraints:
Surging Awareness of People of Personal Hygiene and Health to Propel the Market Growth
The rising awareness of the role of personal hygiene in the prevention of diseases results in a surge in demand for hygiene-related products. Owing to the growing familiarity of people with the significance of hygiene for overall health, toiletry products, which include hand sanitizers, shampoos, soaps, and others, are more likely to be regularly deployed by them.
However, compliance needs and strict regulations for product formulations and ingredients may impede the market growth.
Regional Insights:
Asia Pacific Dominated Attributed to Quick Economic Growth
The Asia Pacific occupied the largest market share in 2023 on account of quick economic expansion, which is leading to high disposable incomes coupled with rising consumer expenditure on toiletry products. The market is witnessing the adaptation of their products by manufacturers of personal care items to serve the unique preferences and requirements of Asian consumers, offering a varied selection of personal care products.
North America toiletries market growth can be credited to the willingness of consumers to pay for high-quality and premium personal care products. Moreover, the regional market is witnessing rising consumer interest in personal hygiene and self-care due to many wellness movements, which are boosting the market for toiletry products.
Competitive Landscape:
Top Companies Focus on New Product Launches to Deliver Enhanced Solutions
A wide array of strategic moves are being implemented by top companies to reinforce their industry position. Some of these strategies include joint ventures, mergers, acquisitions, and partnerships. Several companies are also focusing on launching new products to offer enhanced solutions.
Key Industry Development:
May 2024: P&G Professional announced to broaden its laundry care lineup with Tide Professional Commercial Laundry Detergent and Downy Professional Fabric Softener. This launch is poised to aid businesses across industries in the efficient management of their laundry.