United States, Rockville MD, 05 Jul. 2022 (GLOBE NEWSWIRE) — The global circular beauty products market is worth US$2.4 billion and is expected to grow at a CAGR of 5.8% between 2022 and 2032.
The market is growing due to factors such as changing lifestyles, growth in the market for sustainable beauty products, eco-designed packaging solutions, cruelty-free products and chemical-free products .
Rapidly changing fashion trends and government measures to produce zero waste beauty products in a few countries are expected to attract people’s attention to circular beauty products, which will lead to an increase in demand for beauty products. circular beauty in the near future.
According to the United Nations, one-third of total food production for human consumption is wasted or lost from the primary source. It is high time for beauty product manufacturers to address this issue by investing in the development of beauty products from food waste ingredients.
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Manufacturers of skin care and hair care formulations are using food ingredients, especially superfoods from food waste, which is a new, more environmentally friendly development. However, food waste ingredients are not a niche idea of small beauty ingredient companies, but an important step towards the sustainable future of beauty products.
- French cosmetics giant L’Oréal has announced an investment fund to improvise innovations in the circular economy on Earth Day, April 22.
Key insights from market research
- By product, the personal care segment is expected to provide an absolute dollar opportunity of US$1.2 billion over the forecast period (2022-2032).
- Among sales channels, online sales are expected to grow approximately 2.2 times their market value by 2032 and create an absolute dollar opportunity of US$1.2 billion by 2032.
- Female consumers are expected to represent an absolute dollar opportunity of US$1.1 billion.
- Europe is expected to hold around 33.5% of the global circular beauty products market share by 2032.
- North America is expected to offer an absolute dollar opportunity of US$483 million by the end of 2032.
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A key strategy for participants in the circular beauty products market has been to recover waste from food and beverage companies that is destined for landfill. Additionally, companies are using reclaimed F&B by-products and optimizing their use in the formulation of skincare products.
Companies are also focusing on manufacturing facilities for capacity expansion to bring durable products to the masses and are investing in research and development of innovative, customized products to meet the demand of niche consumer segments. .
Manufacturers should increase their production and therefore aim to deliver innovative products tailored to the personalized needs of consumers, with a focus on sustainability. Additionally, collaboration with retail channels should remain a vital strategy for circular beauty product manufacturers, as they would become aware of consumer needs and, in turn, develop application-specific products, meeting to diversified customers across geographies.
Augustinus Bader, BYBI, Caudalie, Chanel, Circumference Inc., Earth Harbor, Fruu, Mark & Spensors, Monta Monta, Rabot 1745, Superzero, The Body Shop, Three Ships are the leading manufacturers of circular beauty products.
- Aquafaba (chickpea salt water, usually discarded) has the same properties as egg white and can be used as a replacement for hair care products. Lush has launched a vegan protein shampoo made with Aquafaba, touting its protein and saponin properties to protect and strengthen fine hair.
- British brand UpCircleBeauty has launched an oil, scrub and bar soap made from used coffee waste and chai spice granules.
- Food supplier Daylesford Organic has launched a bitter orange hand balm containing citrus aurantium cold-pressed from Seville orange peel.
- Fruu combines locally produced series of small batches of beauty products derived from processed fruit waste, such as natural lip balm, to create biodegradable beauty products and sustainable formulations, which at the same time bring additional income to small fruit growers.
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Key Segments Covered by Circular Beauty Products Industry Research
- Circular Beauty Products Market by Product:
- Personal care
- Body care
- Skin care
- Hair care
- To put on makeup
- Others products
- Personal care
- Circular Beauty Products Market by Consumer Orientation:
- Male Circular Beauty Products
- Female circular beauty products
- Circular Beauty Products Market by Sales Channel:
- Online sales channels
- Company websites
- E-commerce platforms
- Offline sales channels
- Modern commercial stores
- Brand stores
- Beauty salons
- Online sales channels
- Circular Beauty Products Market by Region:
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East and Africa
More valuable information in offer
Fact.MR, in its new offering, presents an unbiased analysis of the circular beauty products market, showcasing historical market data (2017-2021) and forecast statistics for the period 2022-2032.
The study reveals essential information based on product (personal care (body care, hair care, skin care), fragrances, makeup, other products), consumer orientation (male, female) and sales channel. sales (online sales channels (corporate websites, e-Commerce. platforms), (offline sales channels (hypermarkets/supermarkets, modern commerce stores, brand stores, beauty salons, pharmacies) ), in six major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East and Africa).
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Expert analysis, actionable insights, and strategic recommendations from Fact.MR’s highly experienced consumer goods team help clients around the world meet their unique business intelligence needs. With a repository of over a thousand reports and over a million data points, the team has analyzed the consumer goods industry in over 50 countries for over a decade. The team provides unparalleled end-to-end research and advisory services.
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