The circular beauty products market has seen strong growth, projected to reach $2.54 billion in 2024 from $2.38 billion in 2023, with a CAGR of 6.8%. Growth factors include rising environmental awareness, the trend toward clean and natural beauty products, concerns over plastic waste, adoption of refillable systems, and minimalism in beauty routines.
The circular beauty products market is expected to reach $3.32 billion by 2028, at a CAGR of 7%. Growth is driven by the focus on carbon-neutral production, increased consumer preference for zero-waste products, environmental advocacy, and investment in closed-loop supply chains. Major trends include collaborations between beauty brands and recyclers, development of bio-based alternatives to plastic, and demand for personalized beauty products with sustainable ingredients.
Major Driver In The Circular Beauty Products Market
The circular beauty products market is expected to grow due to increased awareness of personal care and sustainability. Average annual expenditures on personal care products in the U.S. rose from $66,928 in 2021 to $72,967 in 2022. This rise in consumer demand for natural and organic products, coupled with a focus on reducing waste, positions circular beauty products as a significant player in the personal care sector. The circular beauty products market is expected to reach $X billion in 2024, with growth projected to reach $Y billion by 2028 as sustainability trends reshape the personal care industry.
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Circular Beauty Products Market Competitive Landscape
L’Oréal S.A., Colgate Palmolive Company, Chanel, Estee Lauder Companies Inc., Kao Corporation, Unilever, Coty Inc., L'Occitane Group, Lush Retail Ltd., Circumference Inc., Weleda, Caudalie, Tata Harper, O'Right Inc., Earth Harbor, Alima Pure, UpCircle Beauty, Kjaer Weis, SBTRCT Skincare, Plaine Products LLC, Ethique, Skin & Tonic London
Key Circular Beauty Products Market Trend
Companies in the circular beauty products market are focusing on refillable products to reduce waste and meet consumer demand for sustainable solutions. In January 2022, Chanel launched No. 1 de Chanel, a refillable beauty product line that allows consumers to reuse packaging, reducing waste. This line combines elegant design with eco-friendly practices, promoting responsible consumption in the luxury beauty sector.
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Global Circular Beauty Products Market Segmentation
The circular beauty products market covered in this report is segmented –
1) By Product: Personal Care, Fragrances, Makeup, Other Products
2) By Consumer Orientation: Male Circular Beauty Products, Female Circular Beauty Products
3) By Application: Offline Sales, Online Sales
By Geography:The regions covered in the circular beauty products marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the circular beauty products market in 2023.
The Circular Beauty Products Global Market Report 2024 furnishes information about the global circular beauty products market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
