The market for herbal beauty products is witnessing impressive growth at a CAGR of 6.1% through 2034. The market is expected to rise from USD 75,098.55 million in 2024 to USD 135,897.65 million by 2034. Several factors, including a surge in consumer awareness regarding the potentially harmful effects of synthetic chemicals in beauty products, are driving growth in the market. Consumers increasingly shift toward natural and herbal alternatives, perceiving them as safer and gentler on their skin, fueling the popularity of herbal beauty products.
The endorsement of herbal beauty products by social media influencers and celebrities significantly boosts consumer interest and engagement in natural skincare routines. Companies are continuously introducing new and effective herbal formulations to address various skin concerns, driven by innovations in research and development, which is essential for market growth. Additionally, the availability of herbal beauty products through various retail channels, including online platforms and specialty stores, further increases their accessibility to consumers worldwide.
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The growing consumer preference for sustainable and cruelty-free beauty products aligns with the ethos of herbal beauty products, often produced using environmentally friendly practices and not tested on animals, thereby driving their increased demand worldwide.
Challenges such as regulatory scrutiny, supply chain vulnerabilities, and the higher cost of production for herbal beauty products are posing obstacles to market growth. Manufacturers proactively address these challenges by investing in research and development, expanding their product portfolios, and enhancing distribution channels to cater to a broader audience of consumers seeking natural skincare alternatives.
“The trend toward natural and sustainable products in the beauty industry is growing. This has created an opportunity for companies to innovate and develop new herbal formulations. Companies can leverage digital platforms and collaborate with influencers for growth. The market reach can also be expanded in emerging economies,” says an analyst at FMI.
Key Takeaways from the Market Study
- Skincare is the leading segment of the herbal beauty product market, capturing a market share of 37.6%.
- The adult segment is expected to capture a substantial market share of 71.4% by consumer orientation.
- The herbal beauty product market in Japan is projected to inflate at a CAGR of 11.0% through 2034.
- The market in Singapore is predicted to rise at a 10.8% CAGR through 2034.
- The market in China is anticipated to develop at a CAGR of 9.6% through 2034.
- The herbal beauty product in the United Kingdom is estimated to rise at a whopping 8.1% CAGR through 2034.
- The herbal beauty product market in Italy has the potential to increase at 7.5% CAGR through 2034.
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Competitive Landscape
Major herbal beauty product companies are pursuing global expansion through strategic initiatives such as market penetration in emerging economies, diversification of products to cater to diverse consumer preferences, and partnerships with retailers and online platforms to enhance distribution networks.
Manufacturers are investing in research and development to innovate new formulations and technologies, focusing on sustainable practices to align with evolving consumer values and leveraging digital marketing and social media to enhance brand visibility and engage with consumers worldwide.
Key Players:
- Surya Brasil Organic Beauty Products
- Weleda AG
- INIKA
- Lotus Herbals Limited
- Bio Veda Action Research Co. (Biotique)
- Guangzhou Liwei Cosmetics Co Ltd.
- Dr. Hauschka
- VLCC Healthcare Ltd.
- Hemas Holdings PLC
- Herb Labo Co. Ltd
- The Himalaya Drug Company
- Shahnaz Ayurveda Pvt. Ltd
- GROWN ALCHEMIST
- Shenzhen Panni E-Business Co. Ltd.
- Arbonne International LLC
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Recent Developments
- Jovees Herbal aimed to achieve Rs 175 crore in revenue for the fiscal year and planned to triple exports in the coming years.
- India’s personal care industry is shifting towards herbal and Ayurvedic products over chemical-based alternatives, with the Ayurvedic market growing by approximately 15% in 2020.
- In China’s beauty market, there is a growing demand for herbal cosmetic ingredients due to rising consumer safety and efficacy concerns, leading to a shift towards “high-tech herbals”.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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