As economic pressures mount, ‘Recession Glam’ reshapes the global beauty and personal care market – valued at $593bn in 2024 – as consumers shift toward low-maintenance, cost-effective beauty routines, according to data analytics company, Euromonitor International.
According to Euromonitor International’s World Market for Beauty and Personal Care report, the Middle East and Africa (MEA) alongside Southeast Asia, and Latin America are emerging as pivotal growth engines for the future of global beauty and personal care industry.
Shoppers are increasingly trading premium for mass brands, seeking products that deliver quality and value.
This shift is evident in fragrances categories, which offer small indulgences at a lower cost.
Fragrances are set to contribute the largest portion of industry growth, accounting for 23% of absolute growth between 2024 and 2029, with a forecast CAGR of 5.5%
The rise of scent-stacking
The surge of scent-stacking - layering scented products to create a lasting fragrance - allows consumers to reimagine indulgence through affordable luxuries.
Consequently, many players turned their attention to body mists, which grew by 7.1% from 2023-2024.
Premium and luxury players are entering the space with fragrance-adjacent offerings that serve as a gateway for budget-conscious consumers.
Brands are reacting by investing in exclusive scent profiles and premium packaging.
Yang Hu, Asia Pacific insight manager for health and beauty at Euromonitor International, said: “With inflation front of mind, consumers’ smarter spending is redefining the beauty playbook. The definition of premium is changing – less about price, more about perceived value and purpose.”
Middle East and Africa sees rapid dermocosmetics usage growth
In 2024, dermocosmetics in MEA recorded 28% industry growth, reaching $1.2bn. Dermocosmetics are seeing rapid growth among Gen Z and Millennials in the region with usage jumping from 24% in 2019 to 40% in 2024.
According to Euromonitor International’s Voice of Consumer Beauty Survey, 2024, in the UAE, usage jumped from 26% in 2019 to 52% in 2024.
South Africa also saw strong momentum, with adoption rising from 23% to 41% over the same period. These trends reflect a rising demand for science-driven skincare across emerging markets.
Emerging markets boast untapped market potential
The MEA present significant untapped potential in beauty and personal care, accounting for six of the top ten high-opportunity markets globally. Key categories like skin care and hair care offer room for growth through improved consumer education, retail infrastructure, and e-commerce expansion.
Nigeria was among the top five fastest-growing beauty and personal care markets in 2024, achieving 29% year-on-year growth.
In Asia Pacific, India continues to offer significant unmet potential, particularly in fragrances and skin care.
Southeast Asian markets, such as Vietnam, the Philippines, Malaysia and Indonesia, offer substantial room for further penetration. Emerging markets will drive future growth with urbanisation and rising incomes in Southeast Asia, the Middle East and Africa, and Latin America expanding the consumer base.
These regional trends highlight a global consumer pivot towards accessible indulgence, reshaping the beauty and personal care landscape in an era of economic mindfulness.
