Cosmetics Market Exhibit a Remarkable CAGR of 5.3% by 2021–2027 and is further estimated to reach $463.5 billion by 2027

Asia-Pacific accounted for highest cosmetics market share in 2019, and is expected to grow at a CAGR of 6.5

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, UNITED STATE, October 6, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “cosmetics market by category, gender and distribution channel: opportunity analysis and industry forecast, 2021–2027,” the global cosmetics market size was valued at $380.2 billion in 2019, and is projected to reach $463.5 billion by 2027, registering a CAGR of 5.3% from 2021 to 2027. Convergence of advancements, beauty, and lifestyle propels growth of the cosmetics market. Moreover, the cosmetics market across the globe has witnessed continuous and sustained growth over years, owing to rise in beauty-conscious female population. Several other factors such as increase in female labor force, rise in awareness regarding maintaining prolonged beauty, and change in lifestyle have significantly contributed toward growth of the cosmetics market trends.

Furthermore, demand for herbal and natural cosmetics products is anticipated to increase at a substantial rate during the forecast period. In addition, brands such as the Himalaya Drug Company, Patanjali Ayurved Limited, and Hindustan Unilever Limited are indulged in producing herbal and natural cosmetics products. Hence, rise in awareness regarding fashion and natural skin products significantly propel the cosmetics market growth.

quote the cosmetics market is expected to witness significant growth, owing to increase in awareness among consumers regarding maintaining prolonged beauty and change in lifestyle have significantly contributed toward growth of the market. Furthermore, increase in aggressive advertisements and promotions through social media platforms by manufacturers plays a crucial role in growth of the market quote

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Global per capita income has witnessed a strong growth rate over past few years, particularly in emerging economies. Increase in urbanization, growth of middle class consumers, and surge in rate of female participation in labor force in many developing and developed markets has encouraged adoption of convenience-oriented lifestyles, making cosmetics products more desirable. According to estimates, per capita income in the next decade is expected to increase at a significant rate in developing countries compared to developed countries. This has significant implications for growth of the cosmetics market.

A wide range of cosmetics products are available in the market for deeply nourishing skin such as lotions, creams, deodorants, hair care, and essential oils. In addition, rise in consciousness about personal well-being and appearance has increased among men, which drives sales of cosmetics products. Moreover, owing to hectic lifestyle and varying climatic conditions, men are also adopting skin care, sun care, and hair care products. Thus, cosmetics products help in treating and provides prevention from rack and dry & dull skin, which boosts their demand globally.

Over the next five years, demand for natural cosmetics is expected to grow strongly. Customers prefer to use cosmetic products that are less harmful and have minimum side effects. Further, manufacturers are likely to use natural ingredients in their skin care and hair care products to satisfy consumer needs. Many big players in the market such as L’Oréal, Unilever, Color Bar, and Avon are planning to invest big budgets in an effort to promote natural aspects of their cosmetics products.

Key Findings Of The Study

By category, the skin and sun care segment dominated the global market in 2019, and is expected to retain its dominance throughout the cosmetics market forecast period.
By gender, the women segment led the global cosmetics market demand in 2019, and is expected to retain its dominance throughout the forecast period.
By distribution channel, the hypermarket/supermarket segment dominated the global market in 2019, and is expected to retain its dominance throughout the forecast period.
By region, Asia-Pacific accounted for highest cosmetics market share in 2019, and is expected to grow at a CAGR of 6.5%.

The key players profiled in the cosmetics industry report includes Avon Products Inc., Kao Corporation, L’Oreal S.A., Oriflame Cosmetics S.A., Revlon, Inc., Shiseido Company Limited, Skin Food Co., Ltd., The Estee Lauder Companies Inc., The Procter & Gamble Company and Unilever Plc.

Growing Beauty Awareness Among People to Drive the Market Growth :-

Increased Beauty Consciousness: People are becoming more conscious of their appearance and are willing to invest in skincare and beauty products. This trend is driven by the desire to look and feel better, which has created a demand for a wide range of cosmetic products.

Social Media and Influencers: The rise of social media platforms has had a significant impact on the cosmetics industry. Beauty influencers and makeup artists often showcase various products and techniques, influencing their followers to try new products and trends. This has led to increased sales and awareness.

Health and Wellness Trends: Consumers are increasingly seeking cosmetics and skincare products that promote overall health and wellness. This includes products with natural and organic ingredients, as well as those with specific benefits like sun protection, anti-aging properties, and more.

Men’s Grooming: The cosmetics industry has seen a surge in products tailored to men’s grooming needs. Men are now more open to using skincare and grooming products, contributing to market growth.

Globalization and Accessibility: Cosmetics products are becoming more accessible worldwide, thanks to globalization and the expansion of e-commerce. Consumers from different regions now have access to a wide variety of products from different parts of the world.

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Innovation and Technology: Advances in cosmetic formulation and technology have led to the development of more effective and innovative products. This includes the use of artificial intelligence for personalized beauty recommendations and 3D printing for customized cosmetics.

Rising Disposable Income: As disposable incomes increase in many parts of the world, people are willing to spend more on luxury and premium cosmetic products, which has boosted the high-end segment of the industry.

Eco-Friendly and Sustainable Products: There is a growing demand for eco-friendly and sustainable cosmetic products. Consumers are increasingly conscious of the environmental impact of their purchases and are seeking products that are cruelty-free, use sustainable packaging, and have minimal negative ecological effects.

Customization: Personalization is becoming a key trend in the cosmetics industry. Companies are offering customizable products, allowing customers to tailor skincare and makeup to their specific needs and preferences.

Growing Popularity of Natural Skin Care Products to Drive Huge Opportunities:-

Health and Wellness Concerns: Consumers are becoming more health-conscious and are seeking skincare products that contain natural ingredients known for their beneficial properties. Natural ingredients like aloe vera, tea tree oil, chamomile, and others are believed to be gentler on the skin and less likely to cause allergic reactions or irritation.

Environmental Awareness: Many consumers are now more environmentally conscious and are looking for products that have minimal impact on the environment. Natural skincare products often have eco-friendly packaging, are cruelty-free, and may be produced using sustainable and ethical practices, aligning with consumers’ sustainability values.

Transparency and Ingredient Awareness: With increased access to information, consumers are more aware of the ingredients used in skincare products. They are actively seeking transparency in product labeling and want to avoid chemicals like parabens, sulfates, and artificial fragrances. Natural skincare products often have simpler ingredient lists, making it easier for consumers to understand what they are applying to their skin.

Growth of Clean Beauty: The clean beauty movement focuses on products that are free from harmful ingredients and chemicals. Natural skincare products often align with the principles of clean beauty, which resonates with a growing segment of consumers who prioritize product safety.

Rise of Indie and Niche Brands: Smaller, independent, and niche skincare brands often emphasize natural and organic ingredients, and they have gained popularity due to their unique formulations and commitment to clean and natural beauty.

Social Media and Influencer Marketing: Influencers and beauty bloggers often promote natural skincare products, helping to create buzz and drive demand. Authentic reviews and demonstrations by influencers can sway consumer purchasing decisions.

Aging Population: As the global population ages, there is a growing interest in anti-aging skincare products. Natural ingredients like antioxidants, vitamins, and botanical extracts are seen as effective in addressing age-related skin concerns.

Retail and E-commerce Expansion: Natural skincare products are widely available in physical stores and online, making them easily accessible to consumers worldwide. E-commerce platforms have made it convenient for consumers to explore and purchase a variety of natural skincare options.

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David Correa
Allied Analytics LLP
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