Global Cosmetics Market Set to Reach $663.5 Billion by 2031: Driven by Self-Care Trend, Active Ingredients, and Asia Pacific Expansion - TMR Report

Wilmington, Delaware, United States, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global cosmetics market is projected to flourish at a CAGR of 5.0% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 663.0 billion is anticipated for the market in 2031. As of 2023, the market for cosmetics is expected to close at US$ 451.0 billion.

The growing consumer desire to enhance one's appearance and express individuality is a fundamental driver of the cosmetics market. Consumers use cosmetics to highlight their features, boost self-confidence, and create unique looks.

The rising influence of Social media platforms, especially Instagram, YouTube, is expected to drive the demand for cosmetics. Consumers are increasingly concerned about skincare, and sun protection, and using products that contribute to overall well-being, and boost market growth.

The growing emphasis on overall wellness and self-care has led to the integration of cosmetics into holistic health routines, boosting demand for products that promote self-esteem and relaxation likely to boost the market for cosmetics market

With an aging population and increased awareness about skincare, anti-aging products, and those that promote skin health and radiance, the demand for cosmetics is part of the daily routine among the consumer, supporting the growth of the cosmetics market.

The growing trend of purchasing cosmetics products through e-commerce platforms, and growing digital marketing aids to increase brand awareness is expected to support the market growth

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Market Snapshot:

Key Takeaways from the Market Study

• As of 2022, the cosmetics market was valued at US$ 432.3 billion
• The face care segment remains prominent in terms of product type, accumulating a high revenue share during the forecast period
• Based on category, the organic/ natural segment accounts for the highest market share
• Based on the consumer group, the women contribute to the largest share of the cosmetics market, due to the increased use of skincare, body care, and hair care among the women.

Cosmetics Market: Key Trends and Opportunistic Frontiers

• Increased application of innovative technologies like augmented reality (AR) and virtual reality (VR) is being used to enhance the consumer shopping experience, allowing them to virtually try on products before purchasing, driving the cosmetics market growth
• Market players are introducing new and advanced skincare formulations that address specific skin concerns such as anti-aging, hydration, and brightening. These products may include innovative ingredients and technologies.

Cosmetics Market – Regional Analysis

• North America is expected to dominate the cosmetics market during the forecast period owing to high disposable incomes and a strong emphasis on beauty and personal care. The growing demand for natural and organic products, as well as a focus on anti-aging solutions, drives innovation in this region. Influencer marketing and e-commerce play a significant role in shaping consumer choices and boosting market demand.
• Asia Pacific accounts for the largest market share of the cosmetics market during the forecast period with strong demand for color cosmetics, hair care products, and fragrances. Rising incomes and changing consumer lifestyles in countries like China and India drive the market demand in the region.

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Competitive Landscape

The leading players in the cosmetics market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global cosmetics market report:

• Beiersdorf AG
• Clinique Laboratories, LLC
• Colgate-Palmolive Company
• Galderma Laboratories, L.P.
• INGLOT SP. Z O.O.
• L'Oréal S.A.
• Procter & Gamble
• Shiseido Company
• The Estée Lauder Companies Inc.
• The Ordinary

Key Developments in the Cosmetics Market

• In April 2023 – L’Oréal announced that it has signed an agreement with Natura &Co to acquire Aēsop, the Australian luxury beauty brand.
• Shiseido offers a wide range of skincare products, including cleansers, moisturizers, serums, toners, masks, and more. They cater to different skin types and concerns, such as anti-aging, hydration, brightening, and more Their makeup line includes products like foundation, concealer, blush, eyeshadow, lipstick, mascara, and more. They often focus on innovative formulations and trendy colours.

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Cosmetics Market – Key Segments
Product Type

• Face Care
  • Moisturizers & Creams
  • Serums & Essence
  • Face Wash & Cleansers
  • Face Masks
  • Face Oil
  • Under-eye Creams
  • Lip Balms
  • Others (Toners, Face Scrubs & Exfoliators, etc.)
• Body Care
  • Lotions & Creams
  • Body Oil
  • Hand Creams
  • Foot Creams        
  • Others (Foot Masks, Neck Cream, etc.)
• Hair Care

• Shampoo
• Conditioner
• Others (Hair Mask, Hair Serum, etc.)

• Bath Products
  • Shower Gel
  • Bath Soap
  • Others (Bath Salt, Loofah, etc.)
  • Color Cosmetic
• Eye Products
  • Eye Shadow
  • Eye Liner
  • Kohl Pencil
  • Others (Eye Primer, Mascara, etc.)
• Facial Products
  • Primer
  • Foundation
  • Concealer
  • Face Powder
  • Others (Blush, Highlighter, etc.)
• Lip Products
  • Lipstick
  • Lip Gloss
  • Lip Liner
  • Others (Primer, Tints, etc.)
• Others (Body Shimmer, Brushes & Applicators, etc.)
• Others (Oral Care, Fragrance, etc.)

By Category

• Organic/ Natural
• Synthetic

By Age Group

• Below 20 years
• 20 to 40 years
• 40 to 60 years
• More than 60 years

By Consumer Group

• Men
• Women
• Unisex
  

By Price

• Low
• Medium
• High
  

End-user

• Individual Consumer
• Commercial
  • Hotels & Resorts
  • Spas
  • Beauty Salons
  • Others (Hospitals, Homestays, etc.)

Distribution Channel

• Online

• Company Owned Website
• E-commerce Websites

• Offline

• Supermarkets / Hypermarkets
• Specialty Stores
• Drug Stores
• Beauty Salons
• Other Retail Stores
• Direct Sales

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