科尔尼：2025年美妆个护行业的并购分析 ( 英文 13页)

几十年来，美妆个护行业一直是极具吸引力的并购目标领域，且这种发展势头并未放缓。

自疫情爆发以来，美妆个护行业的并购活动相比其他行业具有更强的韧性。2024年美妆个护行业的并购交易总数量达到了历史新高。该行业的复苏能力得益于有利的宏观趋势，为其在未来实现可持续增长以及扩大利润空间提供了支撑。

与X世代和婴儿潮一代相比，千禧一代、Z世代和阿尔法世代更加关注健康和幸福指数，这使得他们对产品的使用率更高、购买量更大，并且更愿意为产品支付更高的价格，因而持续吸引着投资者的关注。然而疫情也凸显出了消费者偏好的转变。虽然美妆个护市场的某些领域受到了广泛关注，但其他领域却面临着挑战，这表明市场分化正在加剧。

对投资者来说未来12到18个月是一个难得的机遇期。大型跨国公司正面临重新平衡其投资组合的压力，资产剥离的情况将变得越来越普遍。与此同时，寻求回笼资金的私募股权投资者会处置那些持有时间较长的资产，这将进一步增加市场上资产的供应。我们预计这将为投资者创造难得的机会，使其能够以优惠的估值收购资产。

但随着优质资产日益稀缺，同时流动性得以恢复，来自企业和私募股权的竞争可能会引发竞价大战。对于那些寻求投资组合转型、实现增长并在美妆个护市场占据领先地位的投资者来说，现在正是适合采取行动的时候。

For decades, the beauty and  personal care (BPC) sector has been an enticing target for mergers and acquisitions (M&A). That momentum is not  slowing down.

In the years since the pandemic, M&A activity in the BPC industry has proved significantly more resilient when compared with other sectors. Total BPC M&A transactions in 2024 reached record highs. The industry’s capacity for recovery is driven by favorable macro trends that support sustainable growth and expanding margins well into the future. Increasing focus on health and well-being translates into higher product usage rates, basket sizes, and willingness to pay among Millennials, Gen Z, and Gen Alpha compared with Gen X and Boomers—and sustains investor attention. Yet the pandemic did highlight shifts in consumer preferences. While certain areas of the BPC market gained favorable attention, others are facing challenges—pointing toward increasing market differentiation.

The next 12 to 18 months are a unique window of opportunity for investors. As large multinational corporations face pressure to rebalance portfolios, divestitures will become increasingly prevalent. At the same time, private equity investors seeking to return capital will dispose of assets that show longer holding periods, further increasing supply. We predict this will create a rare chance for investors to acquire assets at favorable valuations. But as high-quality assets become scarcer and liquidity returns, competition—from both corporations and private equity—could trigger bidding wars. For investors seeking portfolio transformation, growth, and BPC market leadership, now is the time to act. 

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