Global Cosmetics Market By Product (Fragrance, Skin Care, Makeup, Hair Care, and Other Products), By End-Use (Women and Men), By Distribution Channel (Online and Offline), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032
- Published date: Jul 2022
- Report ID: 60956
- Number of Pages: 255
- Format:
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Cosmetics Market Overview:
In 2021, the global cosmetics market size was valued at USD 265,415.6 million. The market is estimated to grow at a 5.4% (CAGR) compound annual growth rate between 2023-2032.
The market’s growth rate will be driven by the widespread acceptance of personal care products and skincare, along with an aging population. The market is also driven by significant product innovation and rising fashion trends in the formulation and format of cosmetic products like hair color and other skincare products. Market growth is expected to be limited by the less harmful effects of the frequent use of color cosmetics products over the forecast period.
Global Cosmetics Market Analysis:
Product Analysis
In 2021, skincare accounted for a greater market share than any other segment. Because they are available in many forms, there is a growing demand for skin care cosmetics such as face creams, sunscreen lotions, body lotions, powders, and other skin care products. This is the key factor driving the largest market share.
This segment has also seen significant growth due to the popularity of personalized skincare products in developed economies like the U.S., U.K., etc. Further, many skin care products contain active healing or nurturing ingredients. This has supported the market’s growth.
From 2023 to 2032, hair care revenue is expected to increase by 6%. One of the key factors driving the market growth is the rise in fashion trends for changing hair colors using proper hair cosmetics worldwide. The ease with which hair color cosmetics can be applied is expected to increase significantly over the next few years. In addition, there will be a significant rise in hair loss and scalp problems worldwide, contributing to the increasing demand for hair care products over the forecast period.
Furthermore, the fragrance market is projected to grow with a 5% CAGR from 2023-2032. Market growth is supported by the growing consumer demand for luxurious and premium personal care products like fragrances. This is due to high-income consumers. Market growth is also expected to be supported by the increasing popularity of fragrance products among men during the forecast period.End-Use Analysis
In 2021, the market share for women was very high. A significant increase in the use of makeup and skincare products by women has contributed to the highest market share. This market’s major share is supported by the large spending on cosmetics and beauty products by women compared with men. The largest share of this segment is because a large portion of women worldwide use cosmetics products that are natural ingredients-based, such as skin and hair products.
The market for men is also expected to expand at a significant CAGR of 5.1% during the forecast period. One of the main factors driving the market growth is the rising popularity of using cosmetics among men all over the world. Market growth is also expected to be boosted by the rising popularity of fragrance, haircare, and skincare products market among men over the forecast period. Celebrities’ endorsements of cosmetic products encourage men to use them, creating significant growth opportunities for the market.
Distribution Channel Analysis
In 2021, the offline segment held significant market shares. The key factor in this segment’s significant share was the customers’ love for offline stores selling cosmetics products. The easy availability of cosmetics & other personal care products in brick-and-mortar retail shops, such as department stores, beauty salons, specialty multi-retailers, and spas, supported the growth of the offline channel segment’s revenue.
Additionally, the market for online sales is projected to grow at a 6.2% CAGR during the forecast period. The growing eCommerce market in emerging countries is the main driver of market growth. The online channel for cosmetics products is growing in India and China. Soon, there will be ample opportunity for the market due to the partnership between major e-commerce platforms and cosmetic manufacturers from emerging economies. A combination of the rising popularity of eCommerce websites, as well as the growing penetration of smartphones all over the world, is expected to offer ample opportunities to the market in near future.
Key Market Segments:
By Product
- Fragrance
- Skin Care
- Makeup
- Hair Care
- Other Products
By End-Use
- Women
- Men
By Distribution Channel
- Online
- Offline
Market Dynamics:
The global cosmetics market was negative impact by the COVID-19 epidemic. This is due to disruptions in the supply chain, manufacturing, and restrictions placed on retail store openings across the globe. The COVID-19 pandemic caused a drop in cosmetic product sales revenue, which further affected the market. The future is bright for the global cosmetics industry, which will see strong growth from the resumption of sales, activities, and manufacturing throughout the world.
the segment growth is also expected to be driven by the substantial increase in brand recognition and influence on social platforms for cosmetic products. The market’s growth is supported by the increasing awareness of natural ingredients-based cosmetics and their effects on the human body. This market is also booming due to the increasing aging female population. The majority of people who are over 55 use hair dye for their hair coloring and other anti-aging products.
Changing consumer lifestyles, increasing awareness regarding skin care products, and growing disposable income of the middle-class population are estimated to fuel the demand for cosmetics in Morocco.
Shortly, there will be a significant opportunity for the market due to the increasing product demand for organic products. Consumers are more aware of organic products‘ positive effects on the skin and have a tendency to prefer organic products over chemical-based cosmetics, which is driving market growth. Market growth was also supported by the large product demand for fragrance products among celebrities as well as millennials. Future growth opportunities are also provided by the increasing product development and innovation of cosmetic manufacturers.
During the forecast period, there will be an increase in awareness about skincare cosmetics and their positive impact on the skin. Other factors influencing the demand for cosmetics products in the forecast period include a growing awareness of the beauty market among men and greater financial independence among women.
Regional Analysis:
The Asia Pacific held a maximum market share of 46.4% in the global cosmetics industry. The market’s growth rate is due to rising consumer spending on cosmetics & personal care products and the rising popularity of premium cosmetics brands by celebrities in the region. In addition, rising per capita incomes in emerging countries like India, China, and other Asian countries have contributed to the industry’s rapid growth. The significant growth in personal care in emerging countries also provides opportunities for market growth factors during the forecast period.
Europe is projected to grow at a significant 4.9% CAGR between 2023-2032. Strong sales of cosmetics products by various brands, including L’Oreal S.A, Coty Inc., Estee Lauder Companies Inc., and Revlon, Inc., are the main drivers of this market. The market is also driven by the presence of an established, offline retail outlet chain that sells cosmetics in Europe.
Key Regions and Countries covered іn thе rероrt:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- GCC
- South Africa
- Israel
- Rest of MEA
Market Share & Key Players Analysis:
The cosmetics industry trend is constantly changing. In order to remain competitive in the market players are more likely to develop new strategies. To increase the awareness of cosmetics in the market, major players focus on increasing investment in social media advertisements. Coty Inc., a partner of Perfect Corp., announced a partnership agreement to integrate a suite of AI and AR practices in the digital marketing toolkits of cosmetics brands. for a different region
Маrkеt Кеу Рlауеrѕ:
- Coty Inc.
- L’Oréal International
- Amorepacific, Johnson & Johnson Services, Inc.
- Estee Lauder Company Inc.
- Unilever PLC
- Revlon Inc.
- Avon Product Inc.
- e.l.f. Cosmetics, Inc.
- Proctor and Gamble Company
- Henkel AG & Co.
- L’Occitane Group
- Shiseido Company
- Beiersdorf AG
- Kosé Corporation
- Natura &Co
- Other Key Players
Frequently Asked Questions (FAQ)
Q: What is the size of the Cosmetics market in 2021?The Cosmetics market size will be US$ 265,415.6 million in 2021.
Q: What is the projected CAGR at which the Cosmetics market is expected to grow?The Cosmetics market is expected to grow at a CAGR of 5.4% (2023-2032).
Q: List the major segments encompassed in this report on the Cosmetics market?Market.us has segmented the Cosmetics market by geography (North America, Europe, APAC, South America, and the Middle East and Africa). The market has been segmented by Product into Fragrance, Skin Care, Makeup, Hair Care, and Other Products. Market Segments By End-Use, the market has been further divided into Women and Men. Distribution Channel has further divided the market into Online and Offline.
Q: List the key industry players in the Cosmetics market?Coty Inc., L'Oréal S.A., Estée Lauder Companies Inc., Unilever PLC, Aveda Corporation, Revlon Inc., Avon Products Inc., Procter & Gamble, Henkel AG & Co., Kao Corporation, and Other Key Players are engaged in the Cosmetics market.
Q: Which region is more appealing for vendors employed in the Cosmetics market?APAC is expected to account for the maximum market share of 46.4%. Therefore, the Cosmetics industry in APAC is expected to garner significant business opportunities over the forecast period.
Q: Name the key areas of business for Cosmetics?The US, India, China, Canada, UK, Japan, & Germany, and North America are key areas of operation for the Cosmetics Market.
Q: Which segment accounts for the greatest market share in the Cosmetics industry?Vendors can expect to leverage greater prospective business opportunities for the online cosmetics sale through the skincare segment, as this area of interest accounts for the largest market share.
- Coty Inc.
- L'Oréal International
- Amorepacific, Johnson & Johnson Services, Inc.
- Estee Lauder Company Inc.
- Unilever Plc Company Profile
- Revlon Inc.
- Avon Product Inc.
- e.l.f. Cosmetics, Inc.
- Proctor and Gamble Company
- Henkel AG & Co.
- L'Occitane Group
- Shiseido Company
- Beiersdorf AG
- Kosé Corporation
- Natura &Co
- Other Key Players
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