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Soap & Glory - Industry Analysis
The market size of beauty and personal care products in the United Kingdom was estimated to be $15,579 million in 2019; the market was forecast to grow annually by 2.4% from 2019-2023. The Asian ethnic group is the highest consumers of beauty and personal care products in the United Kingdom. Brexit is one major weakness of the beauty and personal care industry in the United Kingdom.
INDUSTRY OVERVIEW
- The beauty and personal care market operate a consumer good for cosmetics and body care.
- Cosmetics, skincare, personal care, and fragrance are some segment of the beauty and personal care industry in the United Kingdom.
- The UK beauty and personal care industry have experience slower growth as a result of Brexit threatening its consumer confidence.
MARKET SIZE AND GROWTH RATE
- Beauty and personal care industry market size was estimated to be $15,579 million in 2019; the market was forecast to grow annually by 2.4% from 2019-2023.
- The cosmetics market segment was estimated to have a market size of $2,986.4 million in 2019; the market was forecast to grow annually by 4% from 2019-2023.
- Skincare market segment was estimated to have a market size of $3,933.5 million in 2019; the market was forecast to grow annually by 2.7% from 2019-2023.
- The personal care market segment was estimated to have a market size of $6,370.8 million in 2019; the market was forecast to grow annually by 1.5% from 2019-2023.
- Fragrances market segment was estimated to have a market size of $2,288.7 million in 2019; the market was forecast to grow annually by 2.3% from 2019-2023.
STRENGTHS AND WEAKNESSES
- Product innovation, quality, price, and attractive packaging are some areas were the beauty/personal care industry is excelling.
- Premium anti-aging products, cosmetics specifically designed products for ethnic consumers, and products that offer multiple benefits and are convenient to use are some areas were beauty/personal care products are excelling.
- Natural and clean beauty is becoming the standard causing the industry to excel for ethnic consumers and products that offer multiple benefits and are convenient to use
- The growing population of people aged 65 and over in the United Kingdom offers potentials for anti-aging cosmetics.
- Brexit is one major weakness of the beauty and personal care industry.
CUSTOMER DEMOGRAPHICS
- According to export forum report, the population of 16 years is decreasing while the population of seniors age 65 and over is gradually increasing.
- The Asian ethnic group has the highest consumers of beauty and personal care products in the United Kingdom; this ethnic group occupies 16% of the total population of the United Kingdom.
- Gender: base on a global perspective, female age 21-29 are the core cosmetics consumer.
- Age: the 18-24-year-old bracket is the major consumers of beauty and personal care products.
PRODUCT SOLD
- Haircare products, skincare products, bath and shower, and oral care products are some personal care products.
- Shampoo, conditioners, and hair oil are some hair care product.
- Facial care products, body care products, and lip care products are some skincare products.
- Shower gels, soaps, bath salts, and bathing accessories are some bath and showers products.
- Toothbrushes and replacements, toothpaste, and mouthwashes and rinses are some oral care products.
- Men’s grooming products, deodorants, and antiperspirants are some fragrance products.
- Facial cosmetics, eye cosmetic product, lip and nail make-up products, and hairstyling and coloring products are some cosmetics/make-up products.
RESEARCH STRATEGY
To locate the current status of the soap, skincare, and cosmetic industry in the UK, we began by combing through the UK government website, Export Forum reports, and industry reports. While we were able to locate information regarding the types of products sold, strength and weakness, and the market size and growth rate of the industry, there was limited information regarding the customer demographics of the industry. We went further to search press releases for precompiled information regarding the demographic analysis like age, sex, income level, and ethnic group of beauty and personal care products in the United Kingdom. We were able to locate that Asian ethnic group has the highest consumers of beauty and personal care products in the UK and the majority of the consumers were seniors age 65 and over were the major consumers of anti-aging cosmetics, while there was no information regarding the sex and income level.
Next, we scoured through survey reports by industry expert and market reports hoping to locate information regarding the gender and income level of the beauty and personal care industry consumers. This strategy was not successful, the information found was referencing the growing awareness of the potentially harmful side-effects of the artificial ingredients used in beauty products and surveys that focused on the organic beauty market. There was no information regarding the sex and income level of the consumers of beauty and personal care products.
Our research team change gear by sourcing for paywall reports hoping to find relevant data that could be used to triangulate the percentage of male and female using the beauty and personal care products in the United Kingdom. While we were able to locate a pay report of $2,650, the information found did not provide data that could enable us to triangulate the percentage of male and female using beauty and personal care products in the UK. Information found were leading players within the beauty and personal care industry, challenges facing the industry, and the growing awareness of health and beauty.
Our next strategy was to locate academics publications, thesis, and dissertation carried out by scholars to determine the demographics of beauty and personal care products in the United Kingdom. We utilize credible sources like Researchgate, Elsevier journals, NCBI, and business journals for information regarding the demographic analysis of beauty and personal care products in the United Kingdom. Unfortunately, we were unable to locate published journals referencing the demographic profile of beauty and personal care consumers. Information found were referencing hazardous ingredients in cosmetics and personal care products, trends in aging and skincare, synthetic cosmetics, and major brands in the synthetic cosmetics market.
Lastly, we broadened the scope of the research to locate the demographic profile of the global beauty and personal care industry. This strategy was fruitful as we were able to locate information regarding the age and sex of the major consumers in the beauty and personal care industry. We unearth that female age 21-29 are the core cosmetics consumer. We have, therefore, used this information to compile the demographic profile for the beauty and personal care industry.