ANALYSIS 11


for the industry, due to the region’s systematically better response to the pandemic. It is expected to recover ahead of other regions. However, a slower global recovery is expected due to potential for a second wave, with projections of global beauty and personal care value sales growing 1.5% CAGR from 2019 to 2024, at constant 2019 prices. These forecasts are a U-turn from the industry’s 2014-2019 CAGR of 5.0% globally.4 Overall, all FMCG industries have been


negatively impacted by the pandemic, but beauty and personal care have shown it is relatively more resilient than other non- essential FMCG. Beauty and personal care will be less impacted, as e-commerce will soften the blow. Beauty players must consider how to navigate the “new normal” in a frequently changing environment.


PC


of heightened uncertainty, insecurity and anxiety.2


l Lastly, the transition from sustainability to purpose will be a long-term change. The factors that were driving sustainability pre-pandemic are still present, but now sustainability is shifting so that purpose is the key part of corporate strategy. In the immediate outbreak, the beauty industry responded swiftly by repurposing operations to meet the global shortage of hand


sanitiser. Sustainability will evolve in importance for beauty players while putting people over profit will rank high among consumers’ expectations for the beauty industry. Brands will be expected to display greater transparency across their entire supply chain, as consumers prioritise credentials such as safety, transparency and ethical sourcing.3


Beyond 2020 Asia Pacific will continue to be a bright spot


References 1 Euromonitor International’s Beauty and


Personal Care Forecast Dashboard: Last updated 8 August 2020


2 Euromonitor International’s Voice of the Industry: Coronavirus Survey, April 2020, July 2020


3 Euromonitor International Product Claims and Positioning, 2019


4 Euromonitor International’s Industry Forecast Model: Last updated August 24, 2020


November 2020


PERSONAL CARE EUROPE


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