New York, USA, March 28, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global cosmetics market. According to the report, the global market is projected to surpass $371.9 billion and grow with a CAGR of 6.3% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the cosmetics market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Cosmetics Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global cosmetics market. During the pandemic, the lockdowns imposed in various nations caused a temporary halt in production processes. Moreover, to avert the spread of coronavirus, specialty shops and brand outlets were shutdown, which had a negative impact on the demand for cosmetics. Furthermore, work-from-home restrictions, mask compulsion, and social distancing rules made applying cosmetics less mandatory. All these factors hindered the market growth during the pandemic.
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Factors Impacting the Cosmetics Market Growth
The key factor boosting the growth of the global cosmetics market is a significant rise in beauty consciousness among individuals and a surge in demand for various cosmetic products such as beauty care items, skin care items, and hair care items. Furthermore, the growing consumer knowledge about the benefits of using natural cosmetics, such as natural skin care items, is estimated to unlock lucrative opportunities for market growth in the forecast period. However, chemical-based cosmetics are not suitable for everyone, which is anticipated to deter the market’s growth.
The report segments the global cosmetics market into customer orientation, price range, type, and region.
Women Sub-Segment to Grab a Foremost Share of the Market
The women sub-segment of the customer orientation segment is foreseen to observe leading growth in the forecast period. This growth is mainly owed to the rise in women's use of skincare and cosmetics.
Economy Sub-Segment to Witness Dominanat Growth
The economy sub-segment of the price range segment is predicted to grow enormously in the forecast period. This growth is mainly because of the rising demand for affordable cosmetics products by a majority of people.
Skin and Sun Care Sub-Segment to Grab a Leading Share of the Market
The skin and sun care sub-segment of the type segment is expected to observe leading growth in the forecast period. This growth is mainly because skin and sun care products are often used to treat a variety of skin disorders, including wrinkles, fine lines, and acne.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global cosmetics market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to the rise in disposable income, the increasing number of people who are beauty conscious, the entry of new companies, and the surge in need for organic & natural cosmetic products in this region.
Key Players of the Market
The report states some of the foremost players operating in the global cosmetics market including
- L’ORÉAL S.A.
- Avon Products Inc.
- Revlon Inc.
- Kao Corporation
- Shiseido Company Limited
- Oriflame Cosmetics S.A.
- Skin Food Co. Ltd.
- Procter & Gamble Company
- The Estée Lauder Companies Inc.
- Unilever Plc
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in January 2023, Mac Cosmetics, a popular cosmetics brand among ladies worldwide, announced to launch a new skincare brand ‘Hyper Real’ in India.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Cosmetics Market:
- Can the New Trends in Cosmetics Products Give a Pristine Perspective to the End-Users Globally?
- Global Cosmetics Market to Experience Noteworthy Growth by 2031 with the Rising Demand for Sustainable Cosmetics Products
