New York, USA, Aug. 03, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global cosmetics market is expected to generate a revenue of $457.8 billion by 2027, growing exponentially at a CAGR of 5.1% during the forecast period (2020-2027). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures, making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Increase in the number of beauty and skincare companies around the world is expected to drive the growth of the market during the forecast period. In addition, increase in the number of beauty conscious people, adoption of cosmetics containing natural ingredients, and extensive applications of Korean cosmetics in western countries are further expected to accelerate the growth of the market during the forecast period.
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Restrains: Detrimental side-effects of excess application of cosmetics due to the existence of harmful chemicals in them is expected to impede the growth of the market during the forecast period.
Opportunities: Persistent technological advancements done by the companies and adoption of AR and AI in mirrors of various cosmetic company stores are anticipated to create vital opportunities in the growth of the market during the forecast period.
Key Segments of the Market
The report has divided the market into different segments based on category, gender, distribution channel, and region.
Category: Skin & Sun Care Sub-segment to be Most Profitable
The skin & sun care sub-segment is expected to generate a revenue of $164.2 billion during the forecast period. The skin & sun care products do not only enhance skin tone but also substantially protect our skin from harmful UV rays. These factors are expected to drive the growth of the sub-segment during the forecast period.
Gender: Women Sub-segment to be Most Lucrative
The women sub-segment is expected to generate a revenue of $233.4 billion during the forecast period. Intrinsic variety of beauty products for females like haircare, nail, makeup, skincare, and so is expected to drive the growth of the sub-segment. In addition, increasing awareness about effective skincare routines among women is further expected to surge the growth of the sub-segment during the forecast period.
Distribution Channel: Supermarket Sub-segment to Have the Highest Market Share
The supermarket sub-segment is expected to generate a revenue of $171.4 billion during the forecast period. Persistent captivating discounts, try-on options, and wide variety of products in supermarkets are expected to accelerate the growth of the sub-segment during the forecast period.
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Region: Asia-Pacific Region Anticipated to Dominate the Market
The Asia-Pacific region is expected to generate a revenue of $181.3 billion during the forecast period. Extensive application of skincare products like hair gel, moisturizers, eye shadow, sunscreen lotions, and so is expected to drive the growth of the market in the region. In addition, rapid adoption of organic cosmetics and increased standard of living among people are expected to surge the growth of the market in this region.
COVID-19 Impact on the Market
The outbreak of COVID-19 has adversely impacted the global cosmetics market in a negative way, owing to the nation-wide lockdowns which led to the large-scale closure of cosmetic stores around the world. In addition, pandemic made it necessary for people to stay at home in order to curb the spread of the novel virus, which in turn led to the reduction in the use of beauty products among females around the world.
Key Players of the Cosmetics Market
The report contains a list of notable market players who have been ensuring the constant growth of the market. They are as listed below:
- Revlon
- Kao Corporation
- Unilever Plc
- Avon Products Inc.
- L’OREAL S.A
- Oriflame Cosmetics S.A
- Procter & Gamble Company
- Skin Food Company Ltd.
- The Estee Lauder Companies Inc.
- Shiseido Company Ltd
These players are working on developing strategies such as product development, merger and acquisition, and partnerships and collaborations to sustain the market growth.
For instance, in May 2020, Givaudan, a Swiss multinational manufacturing company of flavors, fragrances, and active cosmetics, acquired cosmetic business of Indena, a dominant Italian company focused on developing organic products in pharmaceutical, food, and personal care industry, so as to expand Active Beauty’s global potential in botanical active cosmetic ingredients.
Further, the report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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