Cosmetics Market Size To Grow At A CAGR Of 5.2% In The Forecast Period Of 2023-20281 May 2023
The ‘Global Cosmetics Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global cosmetics market, assessing the market on the basis of its segments like product, gender, price range, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Cosmetics Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 326.4 billion
• Forecast CAGR (2023-2028): 5.2%
• Forecast Market Size (2028): USD 442.43 billion
The growing internet penetration and urbanisation has led to the overall growth of the global cosmetics market. Rising awareness for personal grooming, hygiene and beauty is a key factor driving the growth of this market. The increasing population of working men and women globally, and their growing focus on their appearance and presentability has generated a surging demand for a wide range of cosmetics like fragrances, makeup, and face creams.
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The compact sizes and handy, lightweight packaging of certain cosmetics make them an easy-to-carry option while travelling and thus there is high demand for these mini packs, which aids the growth of the cosmetics market. The increasing disposable incomes of the population coupled with the rising e-commerce sector, offers a lucrative market for cosmetics.
The growing usage of cosmetics in daily-life of people and by salons, spas and beauty parlours is likely to provide ample opportunities for the growth of this market in the forecast period. The availability of unisex and affordable, high-quality cosmetics has further made the atmosphere favourable for expansion of the market.
Cosmetics Industry Definition and Major Segments
Cosmetics refers to those products that are applied to the body to beautify or improve it. They are either derived from synthetic or natural sources and are used to improve the texture of skin or hair. Some of the common key ingredients present in cosmetics include moisturisers, preservatives, thickeners, and fragrances.
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On the basis of product, the market is segmented into:
• Hair Care
• Skin and Sun Care
• Makeup and Colour Cosmetics
• Fragrances and Deodorants
Based on gender, the market is classified into:
On the basis of price range, the market is divided into:
Based on distribution channel, the market is differentiated into:
• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Store
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Cosmetics Market Trends
The onset of personalised cosmetics targeting a specific hair and skin type, coupled with the increasing trend of using UV protectant products has bolstered the growth of the cosmetics market. A key trend observed in this market is the increased demand for natural, chemical-free cosmetics, in line with the increasing number of issues like hair fall and acne, owing to the unhealthy lifestyles of consumers.
Additionally, the online segment of these cosmetic brands provide consumer-friendly services like home delivery, gift coupons, and additional referral discounts, which are accelerating the growth of the cosmetics market. There is a surging demand for skincare and makeup products due to the growing beauty and fashion industry and for the enhancement of the aesthetic appeal of people.
The growing adoption of airless packing and pumps with one-way valves has minimised the risk of bacteria build-up in cosmetics, further expanding their sales. Aggressive advertisements and increasing celebrity endorsements are further propelling the burgeoning demand for these products.
Availability of a number of makeup tutorials and consumer feedbacks on the internet has compelled a sizeable population to purchase cosmetics, which bolsters the growth of the cosmetics market. Besides providing beauty benefits like improvements in skin and hair health, cosmetics provide psychological benefits like boosting self-confidence of users.
Key Market Players
The major players in the global cosmetics market report are:
• L’Oréal S.A.
• Unilever plc
• The Estée Lauder Companies Inc.
• The Procter & Gamble Company
• Shiseido Co., Limited
• L Brands
• Kao Corporation
• Oriflame Cosmetics Global SA
• Christian Dior SE
• Beiersdorf AG
• Groupe Clarins
• Huda Beauty Limited
• Revlon, Inc.
• Coty Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.