New York, USA, Feb. 10, 2021 (GLOBE NEWSWIRE) -- As per a report published by Research Dive, the global cosmetics market is anticipated to surpass $493,258.5 million by 2027, from a considerable market size of $323,857.8 million in 2019, at a healthy CAGR of 5.4% during the forecast period, 2020-2027. The all-inclusive report cites numerous facets such as market dynamics, present scenario of the market, growth factors, hindrances, obstacles, and forthcoming opportunities in the analyzed period.
Effect of Covid-19 Pandemic on the Market
The global cosmetics market is expected to grow during the Covid-19 pandemic due to increase in the manufacturing of cleaning products and hand sanitizers by the leading market players. The market players have switched their strategies by developing sanitizers in order to maintain their position in the global market during the pandemic phase.
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Factors Impacting the Market Growth
The cosmetics market is anticipated to be one of the lucrative industries in today’s time due to the increase in the importance of skincare products and growing disposal income of the people. Apart from this, augmented awareness about waterless beauty and zero wastage of beauty components amongst the manufacturers is expected to fuel the market growth in the forecast period. These all aspects are predicted to drive the market forward in the forecast years.
However, availability of several beauty treatments such as skin rejuvenation, age prevention, and blackheads & whiteheads elimination methods is expected to hinder the market growth in the forecast period. On the other hand, implementation of nanotechnology in the development of effective cosmetics products is likely to create opportunities for the market in the forecast period.
Skincare Product Segment to be Most Profitable
The skincare sub-segment accounted for $127,681.9 million in 2019 and is estimated to grow enormously during the forecast period. A steady growth in the skin care goods along with the demand for new premium products such as anti-aging lotions & creams and skin brighteners is projected to boost the market growth in the forecast period.
Mass Sub-Segment to be Most Lucrative
Mass Sub-segment held a market size of $190,574.6 million in 2019 and is expected to surge at a CAGR of 5.1% during the analyzed timeframe. The growth of the mass sub-segment is attributed to the increase in the demand for mass cosmetics products due to internet penetration worldwide.
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Hypermarket/Supermarket Sub-Segment to Generate Maximum Revenue
This sub-segment accounted for the biggest market share in the year 2019 and is predicted to gain a significant revenue of $204,836.9 million by 2027. The supermarkets & hypermarkets affect the retail sector substantially as most of the buyers often stick to certain supermarkets for purchasing cosmetics. Furthermore, supermarkets such as Fred Meyer and Walmart provide a range of cosmetic products for the customers, thus this aspect is anticipated to bolster the market growth.
Regional Analysis
The Asia-Pacific region was accounted for a revenue of $128,253.4 million in 2019 and is predicted to enhance in the estimated timeframe. An increase in premium on beauty and personal grooming and changes in consumption & lifestyle patterns is expected to fuel the market growth in the Asia-Pacific region.
Major Players and Business Strategies
The major cosmetics market players include -
- BEIERSDORF GLOBAL
- Unilever
- L'Oréal
- ESTEE LAUDER
- Coty Inc.
- Procter & Gamble
- Shiseido Co.,Ltd.
- Johnson & Johnson Services, Inc.
- Avon
- Kao Corporation
These market players are concentrating on both organic & inorganic growth tactics such as joint ventures and new technology introductions to fortify their presence in the global market. For instance, in January 2020, Pure Nutrition, an Indian-based cosmeceutical & nutraceutical company, has introduced a range of cosmetic products and will capitalize on the country’s $8 billion beauty market.
Apart from this, the report summarizes numerous faucets of all the prominent players functioning in the market along with recent strategic moves, financial performance, developments and portfolio of the product, and SWOT (Strengths, Weaknesses, Opportunities, and Threats) scrutiny.
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