Beauty and Skincare Products
Market Segmentation and Consumer Data
The global body butter market size was USD 1.87 Billion in 2021 and is expected to register a revenue CAGR of 7.5% during the forecast period. Growing need for soothing the skin and increasing need for healing major issues of sunburns, psoriasis, eczema, rosacea, and rashes are key factors driving the global body butter market revenue growth.
Body butter has become increasingly popular because of the changing lifestyle, positive impact of beauty and personal care on self-esteem and social interaction, and gradual shift of consumers to premium and luxury cosmetic brands. The introduction of organic, natural, and non-toxic cosmetics has also contributed to revenue growth of the market.
Growing awareness among consumers about the benefits of vegan, organic, natural, and eco-friendly cosmetics has encouraged manufacturers to expand their offerings and reach into new markets. On 14 June 2021 for instance, SO’BiO étic launched its organic beauty product line in the U.S. These products are suitable for women of all ages and skin types. Source
Competitive landscape of the global body butter market is fairly fragmented with many key players operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand their respective type portfolios and gain a robust footing in the global market. Major players in the market include The Procter & Gamble Company, The Hain Celestial Group, Inc., Johnson & Johnson Private Limited, Galderma S.A., L'Oreal S.A., Nan Hai Corporation Limited, hempz, Unilever plc, L'Occitane, and SOPHIM.
Initiatives taken by market players are driving revenue growth of the market, for instance:
On 19 September 2019, Unilever launched its body-care product Love, Beauty and Planet to support the sustainable beauty movement across the Middle East. The product line provides affordable hair, oral, skin cleansing, and skincare products made with sustainably sourced ingredients and fast-rinsing solutions to save water. These products are also vegan friendly and use several natural ingredients like lavender, ylang-ylang, coconut water, argan oil, shea butter, and tea tree oil. The aim of the launch is to inspire a movement within the country that will work toward reducing carbon footprints and minimizing plastic waste to create a more sustainable and safer environment.