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The global cosmetics market is likely to witness notable growth. The continual rise in consumer expenditure on cosmetics and personal care products drives market growth. Market Research Future (MRFR) confirms that the global cosmetics market value is poised to escalate from USD 0.3 BN in 2022 to USD 0.4 BN by 2030, growing at a 5.34% CAGR during the forecasted period (2023-2030).
Also, the increasing number of working women in developing countries substantiates the cosmetics market size. Besides, factors such as the increase in preference for chemical-free and natural products, advancements in organic farming, and increased awareness of the benefits of organic products are boosting the market demand.
On the other hand, ever-changing consumer preferences and demand are posing challenges to the growth of the market. Nevertheless, recent advancements in cosmetics forming technology and increased awareness would support market growth throughout the review period.
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Cosmetics Market – Segmentations
The market is segmented into product types, categories, distribution channels, and regions. The product type segment is sub-segmented into skin cosmetics, hair cosmetics, nail cosmetics, eye cosmetics, and others. The category segment is sub-segmented into organic & natural, and conventional. The distribution channel segment is sub-segmented into store-based and non-store-based. By region, the cosmetics market is segmented into the Americas, Europe, Asia-Pacific, Middle East & Africa, and the rest of the world.
Cosmetics Market – Regional Analysis
Asia-Pacific dominates the global cosmetics market. The growing popularity of cosmetics in developing nations, led by the continually rising disposable income, influences the cosmetics market growth. Besides, increased consumer expenditures on cosmetics boosts cosmetics market sales. Considering the tremendous prospects this region demonstrates, manufacturers are increasingly launching new products.
North America is another significant market for cosmetics globally. The availability of a wide range of cosmetics accelerates the region’s market share. Besides, the rising demand for cosmetics developed with natural & organic ingredients fosters the regional market demand. The region continues to be a key investment destination for the market players. Significant R&D investments in developing innovative beauty care products substantiate the cosmetics market size.
Global Cosmetics Market — Competitive Advantage
The cosmetics market appears highly competitive and fragmented, with several key players forming a competitive landscape. Constantly changing consumer preferences and demands are encouraging manufacturers to develop products with organic ingredients, increasing synergy in their supply chains. Players are investing substantial time and money in the required R&D and formulation work. Also, they try to expand their business by entering new geographies like Latin America, Africa, and APAC.
Major Players
Leading cosmetics market players include Procter & Gamble Co. (US), The Estée Lauder Companies Inc. (US), L’oréal Group (France), Beiersdorf AG (Germany), Shiseido Co. Ltd. (Japan), Revlon Inc. (US), Coty Inc. (US), Kao Corporation (Japan), Avon Products Inc. (UK), Skinfood (South Korea), Amway Corporation (US), and Yves Rocher (France), among others.
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Industry/ Innovation/ Related News
Oct. 10, 2023 — NARS Cosmetics launched its iconic products in India at selected Shoppers Stop and Sephora stores nationwide. Over the past decade, the brand’s portfolio has grown by leaps and bounds, including some of the most cult-favorite beauty products.
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Cruelty-Free Cosmetics Market Research Report Information by Product Type (Skincare Products, Haircare Products, Makeup & Colour Cosmetics, Perfume & Fragrance, and Others), Form (Cream, Gel, Liquid, Powder, and Others), Distribution Channel [Store-Based (Hypermarkets and Supermarkets, Specialty Stores, Convenience Store, and Others) and Non-Store-Based], and Region (North America, Europe, Asia-Pacific, and the Rest of the World)- Forecast till 2030
Premium Cosmetics Market Analysis & Size, Share Research Report Information By Product Type (Face Products, Eyes Products, Lip Products, Perfumes, and Others), By Distribution Channel (Store-Based and Non-Store-Based), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032
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