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The Global Cosmetic Products Market size is estimated to reach USD 395.14 Bn and record a CAGR of 5.34% by the end of 2028.
Several factors are expected to drive the global cosmetic goods market. The increasing consumer focus on grooming and personal appearance is seen to be a significant influence in the global rise of cosmetic products. Rapid urbanization and rising consumer disposable income per capita are also seen as key drivers in the global cosmetics business. Cosmetics have now become an integral part of the modern individual’s lifestyle. Furthermore, the rise in awareness of exterior beauty, combined with an individual’s internal intellect, has become one of the key driving forces for cosmetics use in the global industry. Along with women, males are increasingly using cosmetics in their daily lives, which is helping to drive the worldwide cosmetics industry demand. As a result of these shifting lifestyles, the worldwide cosmetics market has grown.
Over the last few years, the global cosmetics business has seen significant expansion. Cosmetic companies are cooperating with e-commerce enterprises in order to reach the widest possible audience and expand their consumer base. Aside from that, leading companies in the cosmetic goods market are focusing on creative marketing methods to increase customer awareness of new product launches.
Furthermore, because to growing consumer knowledge of the negative consequences of synthetic substances, demand for organic cosmetics has been developing at a rapid rate in industrialized economies. The rising popularity of organic cosmetics has proven to be a crucial component in the global cosmetics market’s rapid expansion.
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Product type, category, distribution channel, and geography have all been used to segment the cosmetics industry.
The market has been divided into skin care, hair care, nail care, color cosmetics, and others based on product kinds. Individuals’ daily healthcare regimens include a significant amount of skin care items. Demand for skin care products is currently being driven by an increase in beauty awareness and consciousness.
The market has been divided into two categories: conventional and organic. During the review period, the conventional sector will continue to dominate the market, while the organic segment will be driven by rising demand for natural ingredients and sustainable goods.
The cosmetics market has been divided into two categories depending on distribution channels: store-based and non-store-based. Due to the availability of a wide selection of consumer items under one roof, abundant parking space, and convenient operating hours, hypermarkets/supermarkets are becoming increasingly popular. Furthermore, the popularity of hypermarkets in developed and developing regions is boosted by urbanization, an increase in working-class population, and competitive pricing.
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In 2018, the European region accounted for a considerable market share of 30% in the worldwide cosmetic market. Several factors are expected to fuel the growth of the cosmetics goods market in Europe. The increasing use of anti-aging cosmetics among customers is one of the major factors driving the expansion of cosmetic products.
Furthermore, the cosmetic market in Europe has seen a huge technological growth as a result of the use of new substances in the cosmetic product manufacturing process. Throughout the projected period of 2019 to 2024, Germany is expected to maintain its dominance in the European cosmetics market.
During the study period, however, the Asia-Pacific area is expected to increase at the fastest rate. Increasing population in Asia-Pacific emerging economies such as India, China, and Indonesia, as well as rising per capita disposable income among consumers, are expected to be important factors driving the market for cosmetics products in the region.
The major key players in cosmetic products market are L’Oréal S.A. (France), Avon Products, Inc (U.S.), The Estée Lauder Companies Inc. (U.S.), Oriflame Holding AG (Switzerland), Beiersdorf AG (Germany), Kao Corporation (Japan), Unilever (U.K.), Procter & Gamble Co. (U.S.), and others.
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