Natural & organic personal care market to exceed $21 million by 2024
According to a new market report published by Persistence Market Research (PMR, persistencemarketresearch.com), the global natural and organic personal care industry is primarily trend-driven and hence new and emerging trends with regard to natural and organic products is encouraging new players to enter into the market through acquisition by existing players. However, the global natural and organic personal care market is characterized by a moderate level of acquisitions.
The global market is expected to be valued at U.S. $21,776.9 million by the end of 2024, registering a CAGR of 8.8% over forecast period 2016-2024. Growth of the global natural and organic personal care product market is driven by factors such as expansion of distribution channels, increasing online customer reach, and modern retailers' shift toward offering premium personal care products on shelves. Also, new product development, advertisements, and increasing spending capacity of consumers on premium products are primary factors driving overall growth of the global natural and organic personal care products market.
On the basis of product type, In terms of value share, skin care segment is expected to emerge the most attractive segment with 30.9% share by 2024, followed by the hair care segment. Growth of the skin care products segment in the global natural and organic skin care products market is driven primarily by increasing demand for clean label products, coupled with increasing number of health conscious consumers globally. Owing to increasing popularity and consumer preference towards online retail channel for purchasing cosmetics and hair care products, the global market is expected to witness significant growth over the forecast period.
On the basis of distribution channel, Hypermarkets/supermarkets segment is a major channel for sales of natural and organic personal care products, and is expected to account for 28.4% share of the global market in 2016. This segment is projected to register a CAGR of 9.6% between 2016 and 2024, followed closely by the specialty retailers segment. Online retailers is another popular sales channel, with this segment estimated to be valued at U.S. $1,979.3 million by 2016 end. Online retail is one of the most significant distribution channels used by various companies. Online retailers such as Walgreens, Amazon.com, Drugstore.com, Sephora.com, and Vitacost enable companies to enhance product penetration, improve consumer reach, and expand consumer base.
As per regional segmentation analysis, North America is the major market and is expected to account for 33.5% share in the global market by 2016 end, registering a CAGR of 9.7% over the forecast period. Europe and Asia Pacific (APAC) are another major markets for natural and organic personal care products, with Japan, China, and India being the major markets in APAC.