According to Datamonitor's Daniel Bone, determining the key characteristics of these growth segments is vital if personal care manufacturers and suppliers are to determine a clear and successful path.
One of the biggest changes in the landscape of the market, and one that is having a significant bearing on consumer demands, is the rapidly changing nature of demographics, particularly in developed market.
Bone says that around 30 per cent of western consumers will be aged over 50 by 2009, and with this age group rapidly becoming high usage personal care consumers, this area spells big potential.
"The over 45 age group spends considerably more on product than their younger counterparts," Bone said. "And with children leaving home at this age, individuals often find themselves with more time and money to spend on themselves."
But targeting older consumers is not that simple. A more complex approach has to be taken towards their requirements, which are often focused on maintaining youthful looks.
As a result, it is this age group that is providing increasing scope in one of the fastest growing segments of the personal care business : anti-aging.
Bone points out that there has been a big run on launches aimed at meeting the specific anti-aging requirements of mature consumers. Products such as the Revlon Age Defying line, Avon Anew and Estee Lauder Resilience all meet skin care requirements of mature women, while the L'Oreal Men's Expert range also includes products aimed at mature male skin.
And it is the male market where Datamonitor believes some of the biggest potential for growth still exists. According to its research eight out of ten male consumers now believe that improving their health and appearance is important, with 45 per cent of males saying they are willing to pay more for personal care products with active ingredients.
But whereas marketing personal care products to the perception homogenous male consumer was once the order of the day, marketers are now increasingly realizing just how complex the male market is these days.
Bone stresses the diversity of the male consumer profile, stressing that their profile can now fall under the metrosexual, retrosexual and hybrid traditional categories, with everything in between.
"The male consumer now represents a complete spectrum of characteristics and requirements, spelling the death of the traditional 'one size fits all' approach," said Bone.
"Where manufacturers have to be particularly careful with the male market is their approach to product claims," he added. "Males tend to lack trust in ambiguous or far-fetched product claims and manufacturers should be working hard to regain their confidence."
Health and wellness has also been a trend that seems to have been impossible to escape recently, but again, understanding the characteristics of this category is a must.
Datamonitor's research shows that 78 per cent of consumers believe that good grooming and hygiene are as important as nutrition and diet, pointing to an inextricable link between health and beauty that is now being incorporated into an increasing range of personal care products.
In turn this has led to the evolution of the so-called wellness trend, which has seen the incorporation of increasing levels of natural and organic ingredients across a range of personal care products.
"Natural is a word that consumers often choose to describe their own looks, "said Bone. "It is also a very good way for marketers of personal care products to build consumer connection."
Likewise Bone also points out that, incorporated in this general wellness trend, there is also a growing market for products that both pamper and indulge as a means of blocking out everyday stress. This is also linked with manufacturers need to develop products that trigger an emotional connection with consumers.
The wellness trend also gives way to the small but growing cosmeceutical category. According to Datamonitor 5 per cent of consumers say they would be willing to try an oral beauty care product. This reflects both a lack of awareness in the sector, combined with consumer cynicism over product claims.
However, Bone believes that high profile launches such as Dynasty Oral Beauty and the new Avon Anew cosmeceutical product could help to increase awareness of cosmeceutical products in the future.
Looking at the over all picture for every market and product category, there is one particular trend that seems to prevail - the need for personalized solutions that meet consumers' individual requirements.
Bone points out that this is leading to the proliferation of new market segments, as well as the micro-segmentation of existing categories. A good example of this is the hair care category, where products are being developed to cater to every conceivable hair care requirement, from frizzy to colored or even mature hair.
Incorporated into this trend is the need for products that are both convenient to use as well as ones that meet specific requirements for sensory attributes. This is particularly true of products aimed at the fast-growing prestige markets, where consumers' demands for quality and effectiveness are deemed to be higher.
The simple message from all of this information is that tailoring products, whether they are ingredients or finished products, around these specific requirements is going to be essential if future launches are going to be successful in our fast-evolving industry.