Newark, Sept. 04, 2024 (GLOBE NEWSWIRE) -- The global cosmetics market is experiencing significant growth due to increasing consumer demand for personal care products. This growth is driven by rising awareness about beauty and skincare, coupled with advancements in product formulations and innovations. In 2023, the global cosmetics market was valued at USD 429.64 billion. It is projected to grow at a compound annual growth rate (CAGR) of 5.93% from 2024 to 2033, with an estimated market value of USD 764.35 billion by 2033.
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Recent Development
Recent developments in the cosmetics industry include the rise of clean and natural beauty products, the adoption of advanced technology in product formulations, and the integration of sustainability practices. Brands are increasingly focusing on transparency and ethical sourcing.
The global cosmetics market has been segmented based o0n product type, end-use, and region. The product type segment is divided into hair care, fragrance, skin care, makeup, and others. Over the projected period, the hair care segment is anticipated to grow at a significant CAGR of 7.01%. The considerable rise in fashion trends that include changing hair colors with proper hair cosmetics is one of the main factors fueling the market development throughout the forecast period. Thus, it is anticipated that the convenience of applying hair color cosmetics will significantly grow in the coming years.
Market Dynamics
Drivers:
1. Rising Disposable Income: Increased disposable income has led to higher spending on premium and luxury cosmetics.
2. Growing Urbanization: Urban lifestyles contribute to higher demand for cosmetic products as consumers seek convenient and effective beauty solutions.
3. Innovation and Technological Advancements: New product innovations and technological advancements in cosmetic formulations attract consumers.
Restraints:
1. Stringent Regulations: Regulatory challenges and stringent standards in different regions can hinder market growth.
2. High Competition: Intense competition among major brands can affect profit margins and market entry for new players.
Opportunities:
1. Expanding Online Retail: The growth of e-commerce platforms offers significant opportunities for cosmetic brands to reach a broader audience.
2. Rising Popularity of Natural and Organic Products: Increased consumer preference for natural and organic cosmetics provides growth opportunities.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 5.93% |
| 2023 Value Projection | USD 429.64 Billion |
| Market Size in 2033 | USD 764.35 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 236 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product Type, End-Use |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Cosmetics Market Growth Drivers | Customized skincare and hair care products |
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Additionally, it is projected that the significant rise in hair loss and scalp-related issues among people worldwide would support the increasing demand for hair care products throughout the projection period. The skin care segment dominated the market, with a market share of 24.1% in 2023. Due to the high-income level, the increased consumer spending on high-end and luxury personal care products like fragrances is one of the significant market drivers. The market is also expected to grow strongly throughout the projected period due to men's fragrance products becoming increasingly popular. The end-use segment is divided into women and men. In 2023, the women segment dominated the market, accounting for 67.5% of global revenue. The growing tendency of men to adopt beauty products globally is one of the major factors driving market development. The market is also predicted to grow throughout the forecast period due to men's increasing preference for modern skincare, haircare, and scent products. The significant celebrity brand endorsement, which provides the market with even more prospects for expansion, further encourages the male population to utilize cosmetic products.
The considerable increase in the usage of skincare and personal care products, along with the global population's aging trend, is one of the main factors fueling the market's expansion over the projection period. The industry is growing due to rising fashion trends and significant product innovation in the makeup and packaging of cosmetics, including hair dye and other skincare items. The detrimental effects of regular cosmetic product usage caused by hazardous chemicals are anticipated to restrain the market growth during the forecast period. The increased public knowledge of skincare cosmetics and their positive benefits on the skin will be a further driving force throughout the forecast period.
Regional Segmentation Analysis:
• North America: Dominates the market due to high disposable income and strong presence of major cosmetic brands.
• Europe: Significant market share driven by strong fashion and beauty trends.
• Asia-Pacific: Rapidly growing due to increasing urbanization and rising beauty consciousness, especially in countries like China and India.
• Latin America & Middle East & Africa: Emerging markets with growing interest in cosmetic products and expanding retail networks.
Some of the Key Market Players:
• L'Oréal S.A.Revlon, Inc.
• Unilever PLC
• Godrej
• Beiersdorf AG
• Kao Corp.
• Coty Inc.
• Hoyu Co., Ltd.
• Avon Products Inc.
• Henkel AG & Co. KGaA
• Estée Lauder Companies Inc.
• Procter & Gamble
• Shiseido Company, Limited
This summary should provide a comprehensive overview of the Cosmetics Market according to Brainy Insights. For detailed statistics and in-depth analysis, consulting their full report would be beneficial.
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