Surging demand for anti-aging products will drive the growth of the market:
A surge in demand for anti-aging products proves to be one of the major driving factor behind the growth of personal and beauty care market. Skin-aging has proven to be one of the biggest global concerns for the mass population. Studies have also shown that stress, tension, and anxiety are dominant causes for skin aging, which has especially been a cause for concern during the covid-19 pandemic. This has led to a significant rise in demand for anti-aging products. Some common active anti-aging ingredients include vitamin A, vitamin C, peptides, hyaluronic acid, and hydroxy acids like glycolic, citric, and lactic acid, which not only help rejuvenate the skin, but are also eco-friendly and have no side effects. Due to this, there is a growing demand for these beauty products.
The integration of nanotechnology in beauty and personal care products:
Nanotechnology has presented new avenues in the field of beauty and personal care products and has brought about various benefits for consumers. For instance, nanotechnology in cosmetics has been shown to help in increasing both entrapment efficiency and dermal penetration of active ingredients. They also provide substantial control of drug release, enhance physical stability, improve moisturizing power, and provide better UV protection. Moreover, extensive research and development in the incorporation of nanotechnology in beauty and personal care products is propelling the demand in the beauty and personal care industry. For instance, in December 2021, Nano Au Veda, an Indian-based cosmeceutical skin care brand, developed a nano-gold serum which will deliver ayurvedic benefits and amplify its effects on the skin. The integration of nanotechnology in beauty and personal care products proves to be a great driver for the beauty & personal care product market within the forecast period of 2022-2027.
On December 8, 2021, L’Oréal announced an agreement to acquire Youth of the People, an American Skincare company based in California. Youth of the People develops, and markets high-performance skincare products known for formulas that combine premium vegan blends of superfood extracts and science.
On November 4, 2021, Olay, a subsidiary of the Procter & Gamble Company, introduced the Easy Open Lid design which is designed for people with disabilities. This product design will be incorporated into Olay’s most popular products which are available in jars, to make the product more accessible.