According to Fortune Business Insights, the global cosmetics market size is expected to gain momentum by reaching USD 415.29 billion by 2028 from USD 287.94 billion in 2021 while exhibiting a CAGR of 5.0% between 2021 to 2028.
The cosmetics market refers to the production, distribution, and sale of beauty and personal care products. This market has grown significantly over the years and is expected to continue its growth in the future. Cosmetics products include skincare, hair care, makeup, fragrances, and personal hygiene products.
The cosmetics industry is highly competitive and dynamic, with new products and trends emerging regularly. Major players in the industry include L’Oreal, Procter & Gamble, Estée Lauder, Unilever, and Johnson & Johnson. The Asia-Pacific region, particularly China and India, is a rapidly growing market for cosmetics, while North America and Europe continue to be significant markets.
Consumers are becoming more conscious of the ingredients used in cosmetics products and are looking for natural and organic options. This has led to an increase in demand for “green” or eco-friendly cosmetics, which use natural and sustainable ingredients.
Overall, the cosmetics market offers a wide range of products and opportunities for growth, making it a significant and vibrant industry.
In recent times, demand for makeup and skincare products has surged dramatically. Both men and women use it to enhance their overall appearance. The industry offers a wide variety of products, such as hair care, face care, lip care, and others. Additionally, the increasing demand for anti-aging creams and serums and the development of advanced tools and innovative packaging is attracting consumers. Besides, the new trend of personalized products for a specific person, based on their hair type, skin tone & texture, eye color, is generating traction. The manufactures are also trying to grab consumers’ attraction by coming up with sustainable packaging and chemical-free products to cater to the demand for every individual.
Availability of Customized Beauty & Skincare Products to Drive Market Growth
In recent times, demand for personalized skincare, hair care is promoting manufacturers on introducing personalization and digitalization in cosmetic products to increase customers. For instance, in February 2020, L’Occitane Group announced the launch of its new range of personalized range called Duolab. The range has a countertop device that functions artificial intelligence (AI) technology. This device helps in finding out one’s skin condition to provide it a face care solution in the form of freshly blended cream. Therefore, increased awareness regarding grooming coupled with technological advancements is expected
Asia Pacific is expected to dominate with market size of USD 102.55 billion in 2020. Increasing urbanization & standard of living, growing number of working women, and rising middle-class population are the key contributing factors for the growth of the market in this region.
North America on the other hand is expected to witness positive growth owing to the rising disposable income and high spending power of the population in the region. Additionally, an increasing number of beauty product stores in the region is also one of the major flourishing factors for the growth of the market during the forecast period. For instance, in February 2020, one of the largest cosmetics retail store Sephora announced its expansion plans, that included the opening of around 100 new stores across the North America region by 2020.
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