Insight - Beauty & Personal Care 2026
The Beauty and personal care sector remains one of the most resilient consumer categories - but the growth logic is shifting.
After years of price-led growth, 2026 puts the focus back on how growth is created: through volume, innovation, customer experience and portfolio architecture. M&A remains a key tool to accelerate growth and acquire capabilities (DTC/data/tech).
Key Takeaways:
Growth remains robust, but less “inflation-driven”: price levers are flattening; volume and mix matter more.
Value pools are shifting: emerging markets and premium tiers are growing disproportionately, while mature markets underpin profitability.
Omnichannel becomes the operating model: e-commerce is structurally large; specialty retail wins on experience; travel retail is normalising.
M&A remains active: focus on scalable premium niches and capability acquisitions; multiples have normalised from earlier peaks.
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