London, Oct. 05, 2021 (GLOBE NEWSWIRE) -- The global cosmetics market size was valued at US$ 341.1 billion in 2020 and is expected to be worth US$ 480.4 billion by 2030 with a compound annual growth rate (CAGR) of 5.1% from 2021 to 2030.
Any substance that can be utilized in enhancing the physical appearance of the user is referred to as cosmetics. It includes lipsticks, nail polishes, hair colors, skin moisturizers, concealers, perfumes, shampoos and many others. It also helps in providing wonderful fragrance to the body of the consumer that amplifies their physical appeal. In recent years, the cosmetics products have become essential goods in the day to day life. Furthermore, the continuous innovation in the cosmetics product carried out by the multinational corporations in order to meet the specific requirements of the customers has amplified the cosmetics market across the globe.
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Crucial factors accountable for market growth are:
- The surge in demand for organic cosmetics products.
- Promotion on the ecommerce platforms by the major market players.
- The rapid growth in consumers disposable income.
- Increasing demand for maintaining a presentable appeal.
- Rapid innovation of the cosmetics products by the multinational companies.
- Extensive marketing of the cosmetics products.
Scope of the Cosmetics Market
| Report Coverage | Details |
| Market Size in 2030 | USD 480.4 Billion |
| Growth Rate from 2021 to 2030 | CAGR of 5.1% |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Category Type, Gender Type, Distribution Channel |
| Regional Scope | North America, APAC, Europe, Latin America, MEAN, Rest of the World |
| Companies Profiled | Avon Products Inc., Unilever Plc., The Procter & Gamble Company, L’Oreal S.A., Revlon, Inc., Kao Corporation, Oriflame Cosmetics S.A., Shiseido Company Limited, Skin Food Co., Ltd., The Estee Lauder Companies Inc. |
Regional Snapshots
Europe leads the cosmetics market in 2021 and is projected to grow at a CAGR of 2.8% in the upcoming years. In Europe, the demand for cosmetics products is very high as the consumers firmly believe that it is essential to maintain a healthy and hygienic life. Moreover, the customer demand for a quality life makes Europe an efficient market for innovations in the cosmetics products.
The Asia-Pacific cosmetic market was valued at USD 164 billion in 2020 is estimated to grow at a CAGR of 6% in the coming years. The prime factors that is responsible for the growth of the cosmetics market in the Asia Pacific region includes the desire for an attractable personal appeal, growing concern over health and hygiene, demand for natural and organic beauty products and many others.
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Report Highlights
- The skin care segment, of the cosmetic market holds the largest market share and generates huge revenues. The awareness among the customers regarding a pleasant appeal has boosted the growth in demand for the skin care products.
- On the basis on gender, the women segment in terms of market share and is projected to grow with a significant CAGR during the forecast period.
- The rise in urbanization and surge in customers disposable income has facilitated the growth of cosmetics products.
- By Geography, Europe leads the cosmetics market by revenues share because of rise in use of anti-aging cosmetic products in this region.
Market Dynamics
Driver
The rising consumer demand for various skin care products such as creams, lotions, peels and many others have significantly contributed towards the growth of the cosmetics market. Additionally, the surge in demand for anti-aging products, natural and organic beauty products is expected to drivethe growth of the cosmetics market.Furthermore, the rising consumer awareness and surge in customer disposable income is anticipated to fuel the growth of the cosmetics market.
Restraint
In the recent years, there has been a shift towards the organics and herbal products across the globe owing to the side effects from the use of the cosmetic products and this is expected to act as a major restraining factor that will hamper the growth of the cosmetics market. Moreover, with the evolution of technologies advanced beauty care treatments have been developed and this attribute has the potential to retrain the growth of the cosmetics market.
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Opportunity
In the past decade, there have been a significant development of the ecommerce industry and the majority of sale of the cosmetics products takes place through these ecommerce platforms. Hence, the major players in the cosmetics market can utilize these ecommerce platforms to run an impressive marketing campaign in order to amplify their sales.
Challenges
A large number of customers have become cautious towards the side effects of extensively using the cosmetics products and therefore, desire to shift towards organic and herbal products. The major challenge among the players would be to rebuildthe trust among the customers regarding the safety of their cosmetic products in the long run by eradicating the side effects that may be caused by the extensive use of the cosmetic products.
Recent Developments
- In 17th September, 2021 Shiseido Company, Limited completed the construction of its Osaka Ibaraki Factory and West Japan Distribution Center in Ibaraki City, Osaka. This will help in building the supply chain base for the production and distribution of prestige skincare products.
- In 2nd August, 2021 London - Unilever announced today that, it has completed the acquisition of Paula’s Choice, the digital-led skin care brand. This will help in developing Unilever’s portfolio in the high growth premium skin care segment.
- In 23rd June, 2021 L’Oréal announces the creation of a new Europe Zone to be led by Vianney Derville. This organizational change has been designed to put in place the optimum conditions that will help in driving future growth.
The major market player includes Kao Corporation, Avon Products Inc., Oriflame Cosmetics S.A., Revlon, Inc., Shiseido Company Limited, Skin Food Co., Ltd., L’Oreal S.A., The Estee Lauder Companies Inc., The Procter & Gamble Company and Unilever Plc..
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