Self-care culture is booming in the age of COVID-19, and with good reason. With a seemingly endless list of added stressors, taking time to relax, process and heal is more important now than ever.
According to a Statista report, the worldwide personal care segment is projected to reach sales of nearly $167 billion in 2020 and $221 billion by 2024, with a CAGR of 7.3%a. The U.S. market is a major contributor with a projected revenue of $30 billion in 2020, growing at a 7.7% CAGR, resulting in a nearly $41 billion projected market value by 2024b. Despite the United States having one of the highest CAGRs, China has the largest total projected revenue in the personal care segment at $61 billion in 2020 and $71 billion by 2024, but with a CAGR of only 3.8%c.
The imagery of self-care often centers luxurious claw-foot baths filled with flower petals and colorful water while a precarious number of candles fill the room with a soft glowing ambiance. But, the reality is, self-care can be something as simple as plucking that stray eyebrow hair or finally folding that last load of laundry that’s been sitting in the dryer all week. Whatever the act itself, adding in a relaxing or revitalizing scent can turn a routine into a ritual.
For the full article, please check out Perfumer & Flavorist's September 2020 issue.