The natural beauty and personal care market continues to see strong growth, posting a healthy 10.6% increase globally to reach $29.5 billion in sales in 2013, according to a report, “Natural Personal Care: Global Market Brief,” by Kline & Company.
In markets markets a large number of brands competing on price and product efficacy drive an impressive growth of 7% increase in United States and 6% increase in Europe. Further, natural beauty has evolved immensely in recent years, and is now no longer just the domain of niche players, as is clear by the many high-profile brand launches in the past few years.
Since 2008, the natural beauty and personal care market has experienced double-digit growth, with a compound annual growth rate (CAGR) of 11.3%, and it is projected to post an increase of 9.2% to reach $46 billion by 2018.
Continued growth is expected since consumer movement demands greater transparency in labeling. And marketers are offering products designed for specific demographic groups like men and babies, thereby opening up greater opportunities. Encouraged by growing consumer awareness and improved technology, several companies are seeking nowadays to reformulate their existing product lines to remove synthetic ingredients.
(sources: Euromonitor International, Cosmetics & Toiletries Science Applied)