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Personal Care Products

Industry Outlook

The coronavirus pandemic, which began in late 2019, has had a major impact on the personal care products industry. Business lockdowns, social distancing requirements, and mask mandates have turned the public's focus to products for hygiene, including hand sanitizers, and cleaning products. The research group McKinsey and Company found that consumers intended to spend less on beauty products in the near term and would spend more in other areas, such as footwear and clothing. That said, there was an uptick in lipstick purchases, which many consider to be an "affordable luxury," even during stressful times. An estimated 20 to 30 percent drop in revenue in the global beauty industry was projected for 2020, and an even larger decline (35 percent) was predicted for the U.S. beauty industry. However, the rollout of the COVID-19 vaccine in 2021 and improved economy will bolster consumer confidence, leading to a rebound in the personal care products industry. An Allied Market Research report predicts that the global cosmetics market will reach $463.5 billion by 2027, growing at a compound annual growth rate of 5.3 percent from 2021 through 2027. There will be an increased demand for skin care products, products made from natural ingredients.

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