Rockville, MD , Dec. 09, 2024 (GLOBE NEWSWIRE) -- According to a new industry report compiled by Fact.MR, a market research and competitive intelligence provider, worldwide revenue from the Cosmetic Manufacturing Market is projected to reach US$ 473.38 billion in 2024 and thereafter increase at a CAGR of 6.4% from 2024 to 2034. Because social media platforms, such as Instagram, YouTube, and others have the power to influence consumer purchasing decisions and define beauty trends, they are having a positive impact on the demand.
Due to their large and engaged fan bases, beauty influencers are a key factor in the growing demand for cosmetic manufacturing. Through product demonstrations, evaluations, training, and other means, influencers help businesses in selling cosmetics. Demand is rising because of their ability to generate viral content and provide personalized suggestions, especially for well-known brands. Consumers are increasingly searching for items on social media, and engaging with influencers directly builds trust and authenticity, which ends up increasing sales.
North America holds a sizable portion of the global market revenue share because of its large consumer base and strong affinity for high-end and natural beauty products. The market in the region is expanding due to the growing demand for clean and organic cosmetics.
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Key Takeaways from Market Study:
- Valuation of the worldwide market for cosmetic manufacturing is forecasted to reach US$ 878.88 billion by 2034-end.
- Western and Eastern Europe is estimated to register a turnover of US$ 171.52 billion in 2024.
- Revenue of the market in North America is approximated to reach US$ 193.05 billion by 2034-end.
- The market in East Asia is evaluated to expand at a 6.9% CAGR from 2024 to 2034.
- China is analyzed to achieve a value of US$ 71.34 billion by the end of 2034.
- The market in South Korea is projected to rise at a remarkable CAGR of 7.8% through 2034.
- Sales of cosmetics from grocery stores & supermarket is projected at US$ 127.39 billion in 2024.
“To satisfy shifting consumer preferences, prominent cosmetic manufacturing companies are constantly introducing unique and innovative products, such as customized beauty solutions, clean beauty, organic skincare, and several others,” says a Fact.MR analyst
Leading Players Driving Innovation in the Cosmetic Manufacturing Market:
Key industry participants like Estée Lauder Companies Inc.; Procter & Gamble Co.; Unilever PLC; Coty Inc.; Shiseido Company, Limited; Revlon Inc.; Johnson & Johnson; Amway Corporation; Avon Products, Inc.; Mary Kay Inc.; Natura & Co.; Henkel AG & Co. KGaA; Kao Corporation; Beiersdorf AG; Colgate-Palmolive Company; Charlotte Tilbury Beauty Ltd.; Kylie Cosmetics; Fenty Beauty by Rihanna; Glossier, Inc., etc. are driving the cosmetic manufacturing industry.
Growing Purchasing Rate of Skincare Products worldwide for Maintaining Youthfulness
Demand for skincare products continues to be higher in comparison with other products in the market due to their function in preserving the health and beauty of the skin. Skincare products are seen as essential to maintaining youthful, healthy skin as wellness and self-care are becoming more significant to people. The rising number of social media and beauty influencers are further leading to a wider acceptance of skincare procedures and beauty standards, pushing consumers to spend money on different types of skin-specific products.
Advancements in skincare technology and the availability of personalized treatments for a range of skin types and concerns, such as hydration and anti-aging, are also driving the demand for skincare products.
Cosmetic Manufacturing Industry News:
- The popular luxury brand Armani Beauty, which is renowned for its high-performing products, is making a big debut in India in November 2024. To offer an unmatched high-end beauty experience, Armani Beauty has partnered with Shoppers Stop's distribution subsidiary, Global SS Beauty Brands, to open its first store in New Delhi's DLF Promenade. This strategic move marks a significant turning point for the brand in India and establishes the foundation for future expansion across the nation.
- In the mass-market beauty sector, Trent, under the direction of Noel Tata, unveiled a brand-new store concept in October 2024 called "Zudio Beauty." According to the Economic Times, Colorbar, Sugar Cosmetics, Health & Glow, and Hindustan Unilever's Elle18 will compete with this new company.
- Body Cupid, the parent business of the personal care brand Wow Skin Science, launched Color Cupid in July 2024 in an attempt to enter the cosmetics sector.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the cosmetic manufacturing market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product & service (skincare, hair care, makeup, fragrances) and major market (grocery stores & supermarkets, specialty stores, pharmacies, department stores), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Segmentation of Cosmetic Manufacturing Market Research:
- By Product & Service :
- Skincare
- Hair Care
- Makeup
- Fragrances
- Others
- By Major Market :
- Grocery Stores & Supermarkets
- Specialty Stores
- Pharmacies
- Department Stores
- Others
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