June 17, 2024

Cosmetology Market is Estimated to Witness High Growth Owing to Technological Advancements in Skin and Hair Care Products

The cosmetology market primarily includes products used for skin and hair care. Advanced cosmetic products containing moisturizers, antioxidants, SPF ingredients helps rejuvenate and nourish the skin while repairing sun damage. Hair care products featuring natural extracts, vitamins, and proteins help treat hair fall, dandruff, and split ends, providing smooth and silky hair texture. The growing working female population and increasing consumer awareness about personal care is augmenting the demand for such cosmetic products.

The Global cosmetology Market is estimated to be valued at US$ 136.66 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in The Cosmetology Market are 3M, Aditya Birla Management Corp. Pvt. Ltd., Atul Ltd., BASF SE, Solvay, Huntsman International LLC, Kukdo Chemical Co., Ltd., Olin Corporation, Sika AG, Nan Ya Plastics Corp., Jiangsu Sanmu Group Co., Ltd., Jubail Chemical Industries LLC, China Petrochemical & Chemical Corporation (SINOPEC), Hexion, Kolon Industries, Inc., Techstorm, and Nagase & Co., Ltd.

Some of the key opportunities in the market include rising disposable income, increasing online retail of beauty products, and growing men’s grooming industry. Technological advancements such as development of organic and natural ingredients, multifunctional products, and smart packaging solutions are fueling the market growth.

Market Drivers
The key driver for the cosmetology market is the increasing spending on personal care and appearance among both men and women. There is growing consumer awareness about grooming and styling products. Rising working population and busy lifestyles have augmented the demand for versatile multi-benefit cosmetic products. Changing fashion trends and growing fashion consciousness is also propelling the cosmetology market.

Challenges in Cosmetology Market

The cosmetology market faces several challenges mainly due to evolving consumer preferences and rising regulations. As customers are increasingly demanding natural and organic products with less harmful chemicals, manufacturers are required to invest heavily in research and development of eco-friendly formulations. Strict norms around ingredients and product quality set by regulatory bodies globally have raised compliance costs for players. Supply chain disruptions amid the ongoing pandemic and geopolitical issues have led to raw material price volatility as well. Skilled labor shortage is another pertinent issue as trained professionals are required for services like skincare, hair care, and beauty treatments. Changing consumer lifestyles with reduced spending due to economic slowdown also act as a hindrance for market growth.

SWOT Analysis
Strength: Wide scope of products from skincare to makeup along with focus on beauty services. Established distribution channels in major markets.

Weakness: Vulnerability to raw material price fluctuations in a globalized supply chain environment. High dependence on discretionary consumer spending patterns.

Opportunity: Growing demand for natural and organic options presents an opening. Expanding middle class in developing nations will augment the customer base.

Threats:Stringent environmental regulations raise compliance costs. Intense competition from local and global brands influences pricing strategy.

Geographical regions
North America holds the largest share in cosmetology market currently in terms of value attributed to heavy spending on personal grooming products and treatments in the US and Canada. Asia Pacific is anticipated to witness the fastest growth over the coming years supported by rising disposable incomes, increasing brand exposure, and westernizing lifestyles in countries such as India, China, and South Korea.

The fastest growing region for cosmetology market is expected to be Asia Pacific on account of rapidly urbanizing population, exposure to global trends, rising health and beauty consciousness along with economic development in major nations. The youth demographic will prove highly lucrative as brands promote influencer marketing to engage new customers in the region. Internationalization of Asian brands is further positioning the market for sustained high expansion through 2031.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it