by The cosmetics industry manufactures a wide range of beauty and personal care products including skin care, hair care, color cosmetics, fragrances, and personal hygiene products. Growing health and beauty consciousness among the population coupled with increasing spending capacity is fueling the demand for premium cosmetic products. Companies in this industry focus on developing natural and organic ingredients based products to cater the demand from health-conscious consumers. The global cosmetics industry is dominated by large multinational corporations that have established international brand recognition and supply chains.
The global cosmetics Market is estimated to be valued at US$ 438.5 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing male grooming segment is driving the growth of the industry. The increasing adoption of male grooming habits among younger population and rising social acceptance of male cosmetic products is creating lucrative opportunities for industry players. According to recent survey, the male grooming market is expected to reach $166 billion by 2026, growing at a CAGR of 6%. Major companies are launching premium male grooming product lines catering to the changing preferences of male customers. For instance, Procter & Gamble launched its high-end “grooming” brand “King C. Gillette” targeted towards millennial men. Additionally, the rising demand for natural and organic personal care products is prompting companies to develop green chemistry-based formulations using organic ingredients. This is expected to boost the sales of high-margin premium cosmetic brands and drive the market growth over the forecast period.
Segment Analysis
The cosmetics market is segmented into skin and sun care products, hair care products, deodorants, fragrances, and makeup and color cosmetics. The makeup and color cosmetics segment dominates the market with around 35% share as women are increasingly using various makeup products such as foundations, lipsticks, eyeliners, mascara, powders, and others. This segment is dominating due to rising popularity of fashion cosmetics among working women and men.
PEST Analysis
- Political: The changes in regulations around ingredients used in cosmetics production impacts the market.
- Economic: Rising per capita incomes in developing countries boosts demand for premium cosmetic products.
- Social: Changing social norms encourage both men and women to invest more on personal care.
- Technological: Technology enables product customization as customers demand innovative formulas tailored to their specific needs.
Key Takeaways
The global cosmetics market is expected to witness high growth during the forecast period of 2023 to 2030. The global Cosmetics Market is estimated to be valued at US$ 438.5 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
The Asia Pacific region dominated the market with around 40% share and is projected to remain the fastest growing region due to changing lifestyles and increasing demand from emerging economies like China and India.
Key players operating in the cosmetics market are L’Oreal S.A, Unilever plc., The Procter & Gamble Company, The Estee Lauder Companies Inc., Shiseido Company, Limited, LVMH Moët Hennessy, Kao Corporation., Oriflame Holding AG, Avon Products Inc., Revlon, Inc. The key players are focused on expanding their regional presence through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
