BANGALORE, India, Dec. 10, 2021 /PRNewswire/ — The Cosmetics Market is Segmented by Category (Skin and Sun Care Products, Hair Care Products, Deodorants & Fragrances, and Makeup & Color Cosmetics), Gender (Men, Women, and Unisex), and Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Pharmacies, Online Sales Channels, and Others). The report covers global opportunity analysis and industry forecasts from 2020 to 2027.
The global cosmetics market size was valued at USD 380.2 Billion in 2019 and is projected to reach USD 463.5 Billion by 2027, registering a Compound Annual Growth Rate (CAGR) of 5.3% from 2021 to 2027.
Major Factors Driving The Growth Of The Cosmetics Market Are:
The cosmetics market is predicted to rise significantly, owing to increased consumer awareness of the need of maintaining long-term beauty and changes in lifestyle, both of which have aided market expansion.
Manufacturers have expanded social media advertising for using herbal skincare products in response to the COVID-19 pandemic, in order to reach a large consumer base. This shift in trend is expected to create a lucrative growth opportunity for the cosmetics market player.
Furthermore, manufacturing businesses have used innovative techniques to promote sales of their cosmetics items, such as new product launches with natural components and appealing packaging.
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Trends Influencing The Growth Of Cosmetics Market
The increased consumer demand for various skin care goods such as creams, lotions, peels, and other similar items has aided the cosmetics market expansion. Increased consumer awareness and an increase in customer disposable income are also expected to propel the cosmetics market forward.
The demand for cosmetics and skincare products has risen considerably in recent years. It is used by both men and women to improve their overall appearance. Haircare, face care, lip care, and other cosmetics are among the products available in the sector. Consumers are also being drawn in by the rising demand for anti-aging creams and serums, as well as the development of enhanced instruments and novel packaging. This in turn is expected to further increase the growth of the cosmetics market.
Aside from that, the emerging trend of tailored cosmetics for a specific person based on hair type, skin tone and texture, and eye color is gaining appeal. Manufacturers are also attempting to capture the attention of consumers by developing sustainable packaging and chemical-free products to meet the needs of each individual.
People will strive to go towards organic and plant-based skincare items during the forecast period, which is another significant trend that drives the cosmetics market. For a variety of reasons, people are attempting to transition to plant-based skincare products. One of the motivations is to have as little impact on the environment as possible. Another key factor is that many wish to avoid harsh chemicals in their skincare routine and instead use naturally occurring components. Many people are researching the advantages of utilizing hemp-based or CBD products. There will be a significant increase in the number of people who try to switch to plant-based skincare products.
The E-commerce Industry’s Growth is expected to create lucrative growth opportunities for the cosmetics industry. Consumers are increasingly turning to e-commerce to purchase personal care products as social media’s influence grows and internet penetration rises.
Excessive use of color cosmetics for the eyes and lips can lead to a variety of skin disorders and health risks. As a result, increasing customer awareness of potential cosmetic side effects and skin issues is a key factor limiting the cosmetic market’s overall growth.
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Cosmetics Market Share Analysis:
The hypermarkets/supermarkets category dominated the market in terms of distribution channel in 2019 and is expected to continue to do so throughout the forecast period. 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.
Based on gender, the women segment held the largest market share during the forecast period. The industry is growing because of the convergence of technology, beauty, and lifestyle. Furthermore, the global cosmetics market has grown steadily over the years, owing to an increase in the number of beauty-conscious women.
Based on category, In 2019, the skin and sun care products sector accounted for the largest proportion of the cosmetics market; however, the deodorants and fragrances segment is expected to grow at the fastest CAGR over the forecast period.
Based on region, the market is dominated by Asia-Pacific, which is predicted to rise at a CAGR of 6.5 percent over the forecast period. The desire for an attractive personal appeal, increased concern about health and hygiene, demand for natural and organic beauty products, and many other reasons are driving the growth of the cosmetics market in the Asia Pacific area.
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The key players profiled in the report 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, Others.
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- The global Cosmetics ODM market size is projected to reach USD 10140 Million by 2027, from USD 6760 Million in 2020, at a CAGR of 5.6% during 2021-2027. Asia-Pacific is the largest market, with a share of over 60%, followed by Europe, and North America, both have a share of over 30%.
- The global Beauty and Personal Care market size is projected to reach USD 599790 Million by 2027, from USD 420140 Million in 2020, at a CAGR of 5.2% during 2021-2027.
- In 2020, the global Online Beauty and Personal Care Products market size was USD 44070 Million and it is expected to reach USD 145450 Million by the end of 2027, with a CAGR of 18.6% during 2021-2027.
- The global Personal Care Products market size is projected to reach USD 529710 Million by 2027, from USD 409300 Million in 2020, at a CAGR of 3.7% during 2021-2027. The North American market for personal care products is expected to grow at a CAGR of 3.42%.
- In 2020, the global Anti Acne Cosmetics market size was USD 2690.5 Million and it is expected to reach USD 3493.2 Million by the end of 2027, with a CAGR of 3.8% during 2021-2027.
- The global cosmetic chemicals market was valued at USD 14.7 Billion in 2019, and is projected to reach USD 24.1 Billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
- In 2020, the global PVP in Cosmetic market size was USD 121 Million and it is expected to reach USD 163.1 Million by the end of 2027, with a CAGR of 4.7% during 2021-2027.
- In 2020, the global Halal Cosmetics and Personal Care Products market size was USD 1934 Million and it is expected to reach USD 2831.6 Million by the end of 2027, with a CAGR of 5.6% during 2021-2027
- In 2020, the global Color Cosmetics market size was USD 51100 Million and it is expected to reach USD 78820 Million by the end of 2027, with a CAGR of 6.2% during 2021-2027.
- The global Cosmetic Surgery and Procedure market size is projected to reach USD 31890 Million by 2027, from USD 25260 Million in 2020, at a CAGR of 3.3% during 2021-2027.
- In 2020, the global HIFU Cosmetic System market size was USD 180.6 Million and it is expected to reach USD 277.4 Million by the end of 2027, with a CAGR of 6.3% during 2021-2027.
- The global Facial Wash & Cleanser market size is projected to reach USD 7282.3 Million by 2027, from USD 5053.7 Million in 2020, at a CAGR of 4.9% during 2021-2027.
- In 2020, the global Liposome in Cosmetics market size was USD 50 Million and it is expected to reach USD 68 Million by the end of 2027, with a CAGR of 4.3% during 2021-2027.
- In 2020, the global Cosmetic Pigments market size was USD 653.4 Million and it is expected to reach USD 909.2 Million by the end of 2027, with a CAGR of 4.6% during 2021-2027
- The Global Skin Care Products Market generated revenue of USD 136,304 Million in 2016, and is expected to grow at a CAGR of 4.5% to reach USD 194,961 Million by 2024.
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