Top Trends Shaping the Beauty and Personal Care Industry

June 2024

Premiumisation and affordability, ingredient-led beauty, blurring wellness and transforming women’s health are set to be key beauty and personal care trends in 2024. This briefing explores consumer drivers, case studies, implications for beauty and personal care players, and predictions for the forecast period for each trend.

USD 1,475
Request More Information


This report comes in PPT.

Key findings

Premiumisation and affordability in beauty marked by creative buying

Consumer sensitivity to pricing persisted in 2023, but its impact was less pronounced than in 2022. Instead, consumers are adopting a more considered purchasing approach. Some are budgeting regularly, due to the high cost of living, but this does not necessarily translate to reduced consumption. Rather, beauty consumers are trading down in some categories to afford premium options in others and are seeking out “dupes” to align with perceived value.

Ingredient-led beauty gives international beauty concepts and specific ingredients room to grow

Consumer demand for ingredient-led features is rising globally, driven by consumers’ desire to control their health outcomes. Ingredients are generating new positionings that expand wellness benefits, popularise international beauty concepts and contribute to the rise of dermocosmetics. Heightened demand for clinically-positioned products and medical beauty drove dermocosmetics to grow strongly in value in 2023, by 13%.

Blurring wellness reaffirms the significance of skin health, and the influence of dermo-cosmetics and longevity goals

Wellness has extended into a variety of need states, encompassing preventative health, nutritional balance and health as lifestyle. Skin health plays a key role in the growing popularity of wellness, based on the idea that what consumers apply on their skin is as important as what they ingest, underpinning demand for beauty products that can be seamlessly integrated into daily routines.

Transforming women’s health grows through greater understanding of hormones’ impact on skin and hair

The past decade has seen a push among female consumers to better understand how hormonal changes during life stages impact their skin and hair. The industry is in an exploratory stage to identify scientifically proven claims that address need states by life stages, and to invest in consumer education regarding functional benefits for women.

Key findings
The beauty and personal care industry grew by USD18.0 billion in 2023
Wellness, ingredients, sustainability and artificial intelligence to influence beauty industry
Beauty and personal care top trends in 2024 span value creation, ingredients and wellness
Beauty consumers pursue lifestyle tricks to make the most out of their beauty purchases
Premium and mass skin care brands focus on similar claims
Chilean pharmacy uses private label as an alternative to higher priced dermocosmetics
French luxury powerhouse Chanel launches body mists to attract aspirational consumers
Beauty players should prepare for nuances in how consumers are defining “value”
Consumer demand rises globally for ingredient-led features across beauty categories
Ingredient-specific claims have potential to ask for higher prices than general descriptions
Esmi Skin Minerals highlights the Australian beauty concept for differentiated skin care
Mexico’s Droguería del Centro focuses on ingredient versatility and diverse purposes
Beauty players will continue to lean into ingredient narratives and international concepts
Consumers actively seek protective sun care, as understanding of skin health grows
Sun care adopts beautifying elements and specific claims to stay competitive
Minu’s “Mineral Superblend” combines premium sun protection and skin care benefits
Indonesia-based Luxcrime launches spray and essence formats for more comfortable texture
Beauty players should lean into personalisation trends as wellness morphs into “longevity”
Women’s health extends understanding of hormones’ impact on changing skin and hair
“Scalp health” positioning extends awareness of female-centric age-related hair care needs
Brazil’s Menoderm Payot adjusts benefit messaging to target menopausal women
France-based René Furterer takes gender-neutral approach to thinning hair
Beauty players should focus on ingredients to educate consumers about life stages
Future impact of beauty and personal care top trends
How do you respond to consumer needs in your role?

Beauty and Personal Care

This is the aggregation of baby and child-specific products, bath & shower, deodorants, hair care, colour cosmetics, men's grooming, oral hygiene, fragrances, skin care, depilatories and sun care. Black market sales and travel retail are excluded.

See All of Our Definitions


If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!