NEW YORK, Oct. 2, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The Global Online Beauty and Personal Care Products market size is estimated to grow by USD 50.96 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 14.76% during the forecast period. Rise in penetration of internet and smart gadgets is driving market growth, with a trend towards hassle-free and one-day or two-day delivery. However, logistics as a concern for e-retailers poses a challenge – Key market players include Amorepacific Corp., Chanel Ltd., Church and Dwight Co. Inc., CLARINS France, Coty Inc., Henkel AG and Co. KGaA, Johnson and Johnson Services Inc., Kao Corp., Koninklijke Philips N.V., LOreal SA, MacAndrews and Forbes Inc., Mary Kay Inc., maxingvest AG, Natura and Co Holding SA, Oriflame Cosmetics S.A., Reckitt Benckiser Group Plc, Shiseido Co. Ltd., The Estee Lauder Companies Inc., The Procter and Gamble Co., and Unilever PLC.
Key Market Trends Fueling Growth
Online retailers are experimenting with new delivery models to cater to customers’ evolving expectations in the online beauty and personal care products market. With increasing demand for convenience, e-retailers are focusing on hassle-free, one-day delivery services, which come with an additional charge. In developed markets like Western Europe and the US, same-day delivery services are popular, indicating a willingness to pay for swift services that prioritize emergency needs and convenience. These services save time for both customers and e-commerce players. For instance, Amazon Prime offers one-day or two-day delivery services for a fee, and in some areas in the US, it provides free two-hour delivery for select products. Customers seeking fast and convenient services often opt for such memberships. This trend may expand the customer base and contribute to the growth of the online beauty and personal care products market during the forecast period.
Source: PR Newswire, Finance Yahoo
