TAGS: Natural/ Organic
According to a report by Grand View Research, the global herbal beauty products market size is anticipated to reach USD 117.3 billion by 2027, expanding at a CAGR of 5.2 percent. Rising awareness among consumers regarding herbal cosmetics and associated benefits, such as skin healing, smoothing appearance, enhancing and conditioning properties have been driving the market.
Herbal Cosmetics: Free from Synthetic Ingredients
Herbal cosmetics contain extracts that are made of the plant roots and leaves and are free from synthetic ingredients, which make them suitable for all skin types. At a macro level, increasing spending on beauty and personal care by consumers has been favoring market growth over the years.
Herbal cosmetics emerged as the latest trend within the market in the recent past. As the demand for plant base cosmetics have been increasing, manufacturers are concentrating on achieving green formulations in the premium categories and labeling the ingredients.
Consumers worldwide prefer herbal beauty products, such as skin care,
hair care, and fragrances. The skin care segment is expected to remain dominant over the forecast period. Rising customer demand for medicinal ingredients in cosmetics is expected to help market growth over the forecast period to prevent skin and acne problems. Cleanser and toner, cream and lotion, face wash and scrub are sub-segments of the skin care segment.
Working Women Population Driving the Demand
In recent years, an increasing number of working women population has been driving the demand for herbal beauty products. With regards to sales or distribution channels for herbal beauty products, offline distribution channels, such as hypermarkets and drug stores are likely to remain as the most preferred platforms throughout the forecast period.
Asia Pacific is anticipated to be the fastest growing market, with a CAGR of 6.2 percent from 2020 to 2027. The growth is mainly attributed to rising cosmetic and personal care spending by the consumers in the region. Growing inclination of consumers towards plant based cosmetics will drive the market in the region.
Source: Grand View Research