February 24, 2024
Cosmetology Market

Surging Demand for Skin Care Products to Bolster Growth of the Global Cosmetology Market

The Global Cosmetology Market is estimated to be valued at US$ 118.62 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cosmetology refers to the science and art of beauty. It involves application of cosmetics like facial cleansers, moisturizers, anti-aging creams, shampoos, conditioners, hair oils, gels, and colors. The demand for cosmetic products is growing due to rising aesthetic awareness among customers. With increasing disposable incomes, people are willing to spend more on personal care and related products.

Advancements in anti-aging creams, skin whitening and lightening creams are further fueling the demand. Cosmetology also includes hair treatment products like serums, oils, and masks that help enhance hair quality and address issues like hair fall and dandruff. Routine use of cosmetic products is essential for maintaining youthful appearance and boosting self-confidence.

Market key trends:

One of the key trends in the global cosmetology market is the rising adoption of natural and organic cosmetic products. Consumers are increasingly becoming aware of harmful chemicals present in synthetic cosmetics and shifting towards herbal alternatives. Plant-based ingredients like aloe vera, coconut oil, fruit extracts etc. are popular choices. Natural skin care market is growing at over 8% annually.

Another trend is multi-functional cosmetic formulations. Products with additional skin healing or hair strengthening properties are gaining traction. They deliver targeted solutions like reducing acne marks, fine lines or strengthening roots. Innovation is also taking place in delivery forms like roll-ons, gel-creams and mists for enhanced absorption and convenience. Such customized solutions catering to specific needs are augmenting market revenues.

Porter’s Analysis

Threat of new entrants: Low- moderate. High capital requirements and economies of scale create barriers for new companies.

Bargaining power of buyers: High. Buyers have numerous options and brands to choose from with minimal switching costs.

Bargaining power of suppliers: Moderate. Access to raw materials is relatively easy but specialized cosmetic ingredients suppliers wield some power.

Threat of new substitutes: Low. Cosmetics have well-established brand loyalties with customers and no close substitutes exist.

Competitive rivalry: High. Market dominated by few major players. Intense competition on basis of pricing, product differentiation, promotions.

Key Takeaways

The Global Cosmetology Market Size is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing disposable income and growing consciousness about physical appearance.

The market size for 2023 is US$ 118.62 Bn. Asia Pacific dominates the global cosmetology market currently. China represents the most lucrative market in Asia owing to improving living standards and increasing per capita expenditure on personal care and beauty products in the region. Western Europe is the second largest market attributed to high cosmetic spending and well-established brands.

Key players operating in the cosmetology market are L’Oréal, Estée Lauder Companies Inc., Coty Inc., and Shiseido Company, Limited. L’Oréal maintains its leading position with a wide portfolio of skin care, hair care and color cosmetic brands. Estée Lauder has a significant share in premium cosmetics segment worldwide.

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