Top 3 Challenges in the Personal Care Industry
What do your peers think about Personal Care Industry?
Professionals state that one of the principal challenges of personal care industry is related to a price war strategy that has started a few years ago and it seems almost impossible to stop. The size of this highly competitive market and the difficulty for retaining or acquire new customers are challenges that can be related, or even the cause, of this main concern.
Personal Care Top 3 peer challenges
Manufacturers and retailers are constraining the sales growth by setting a price war and consistently offering price discounts, leaving small companies in an unfavorable position to maintain their revenues.
Highly competitive market
In matters of size, brand variety, international establishment, the industry has encountered saturation. Growth margin will decrease as the same big players try to gain in market share.
Move towards Digital Marketing
The emergency of e-commerce sites and the migration of the customers to online platforms force the industry to adapt their marketing campaigns to retain or acquire new customers.
- Government regulatory constraints
- Rapidly growing counterfeit market
Research-based trends and short-term forecast
In a very saturated market where growth has started to flatten while concurrence continues to increase, companies will have to find their place by being pioneers and innovating in beauty and personal care products. (Economist.com)
According to Grand View Research, the organic personal care market is promising a strong market growth for the next years: USD 15.98 billion by 2020. The factors driving this market growth can be explained by the expansion of the responsible consumption mentality and a cultural change towards the environment care. (Grand View Research).
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