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The global cosmetic products market is projected to reach a value of over USD 467.98 billion in 2027 at a CAGR of 5.84% between 2023 and 2027, showing a YOY growth of 5%. Our report examines historical data from 2017 - 2021, besides analyzing the current market scenario.The rise of e-commerce has led to significant growth in online sales of cosmetic products. Skincare products dominate the cosmetic industry, accounting for the largest market share. Asia-Pacific region is the largest consumer of cosmetic products worldwide. Natural and organic cosmetics are gaining popularity due to increasing consumer awareness about sustainability and health.
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Cosmetic items encompass a diverse range of products designed for skincare, makeup, fragrance, hair care, personal hygiene, nail care, and grooming. Skincare products like cleansers, moisturizers, and masks aim to improve skin health, while makeup items such as foundations, eyeshadows, eye makeup, lipsticks, powder, brushes help enhance facial features and create different looks
The surge in the aging population remains a pivotal driver propelling growth within the industry, particularly in the realm of anti-ageing and skin products. Factors like appearance enhancement, focusing on eyebrows and eye cosmetics, and the allure of mascara contribute significantly to this evolution. Additionally, the market thrives on innovative treatments and advanced cosmetic ingredients like probiotics, catering to skincare demands. The beauty products market, including the skincare products market, is experiencing a surge in demand. This growth is evident in the escalating focus on beauty products marketing, with companies leveraging market insights from sources like Zion Market research to tap into market trends and consumer preferences.
The presence of counterfeit products is a major challenge to the growth of the global cosmetic skincare market. There are some fake premium products in the global cosmetics market that are hindering the growth of the market. As the sale of these counterfeit products increases, customers may no longer be able to distinguish between counterfeit and genuine products. These reproductions are available at low prices because they are made with inferior raw materials and low production costs. In addition, counterfeit products damage original brand products and brand image and affect original brand sales and profit margins. Therefore, these factors will adversely affect the sales and pricing strategies of major vendors selling premium cosmetics during the forecast period.
The primary trend driving the growth of the global market is the escalating preference for organic cosmetics and cosmeceuticals. Consumers are increasingly concerned about the potential adverse effects of certain chemicals found in traditional cosmetics, like parabens and phthalates, which can cause irritation, allergies, and serious health issues, including cancer and diabetes. This concern has led to a significant shift towards chemical-free cosmetics and organic skincare.
Natural raw materials, such as neem extract, soybean, fish oil, aloe, and guar gum, play a pivotal role in crafting organic skin products. They're preferred for their therapeutic effects and are free from harmful chemicals. Moreover, organic use of natural fragrances, avoids toxic effects often linked with chemical fragrances, such as cancer and nervous system disorders. Additionally, they contain essential nutrients and natural moisturizers like cocoa butter, neem, and aloe, guarding the skin against premature ageing.
For instance, products like LOTION LIGHT DAY LAVENDER by Forest Essentials and CACAU SOFT BODY CREAM - EKOS, by NATURA BRASIL, Estée Lauder, Sephora, Creams and new product launches with excellent product branding exemplify this trend belonging to premium cosmetic industry. These offerings leverage natural extracts and ingredients like Ashwagandha, Gokharu, almonds, wheat germ, olive oil, and cocoa butter, aiming to nourish the skin, combat free radicals, and provide intense hydration surging growth of the natural cosmetic market. As consumers prioritize healthier choices, the trend towards organic is anticipated to drive the demand for chemical-free skincare products, thereby fueling the global market growth.
The future outlook for the cosmetic market presents an array of opportunities propelled by evolving beauty trends and consumer preferences. Brands are innovating with diverse ingredients, curating collections that cater to varying skin types and preferences. From lip gloss to foundation, offering a vast array of colors and finishes becomes crucial. Countries like Spain, Italy, Mexico, and Australia are offer promising opportunities, each with its unique market statistics and sales figures. Additionally, brands are tapping into the growing demand for hair care products, expanding their makeup products line to include hair care items.
The market share growth by the skincare products segment will be significant during the forecast period. The segment includes products that remove dirt, sebum, makeup, and dead skin cells to clean the skin. The cosmetic market is witnessing a surge in demand for global probiotic cosmetic products, renowned for their beneficial impact on the skin microbiome. Alongside this trend, the sector is experiencing a rise in premium preferred for their high-quality formulations and efficacy in addressing concerns like anti-aging. The skincare segment segment is growing as both young and older women are looking for products that help their skin look better.
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The segment was valued at USD 127.91 billion in 2017 and continued to grow until 2021. Women form the largest customer segment in the global market. However, men are becoming increasingly aware of their personal care and wellness needs. Therefore, to expand their customer base, suppliers are in the process of launching innovative products tailored specifically for men. Top products in this segment include Chanel's Microfluidic Serum, the new Vichys LiftActiv Supreme, Jurlique Herbal Recovery range, ReVive Skin Tone Serum and Laura Mercier Infusion de Rose Nourishing Oil. Therefore, the products segment is expected to drive the growth of the market during the forecast period.
The Distribution Channel is segmented as Online and Offline sub-segment during the market growth and forecasting.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape market research and growth during the forecast period. The APAC market is projected to be the fastest-growing geographic segment during the forecast period, with Japan, China, India, and South Korea being the largest contributors. The region has several companies that offer cosmetic products, creating high growth potential in the market. For example, South Korea-based Amorepacific offers products such as Time Response Skin Renewal Cream and Time Response Skin Renewal Serum. These products are packed with antioxidants that help protect your skin and reverse the signs of aging. Similarly, India-based Bio Veda Action Research offers skin maintenance products such as BIO MORNING NECTAR Face Lotion, BIO SANDALWOOD Face Cream, and BIO CARROT Face Cream to meet the growing demand for skin care.
The top three countries consuming cosmetic products are China (20%), the United States (18%), and Japan (15%). People in the APAC region are increasingly choosing such as skin lightening cream and lotions as women in the region prefer lighter skin tones. Some companies focus their promotional activities on attracting customers through advertisements and fancy packaging that promote the positive impact of their products. This helps build even more confidence in people using these products. In addition, the growing number of specialty stores offering a variety of skin-lightening and skin-whitening products from different brands has fostered the growth of the regional market.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Coty Inc.: The company offers products under the brand Sulwhasoo, Laneige, and Mamonde.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
Coty Inc., LOreal SA, Natura and Co Holding SA, Revlon Inc., Shiseido Co. Ltd., Amorepacific Corp., Avon Products Inc., Beiersdorf AG, CHANEL Ltd., Johnson and Johnson Services Inc., Kao Corp., Kjaer Weis, Kose Corp., LVMH Moet Hennessy Louis Vuitton SE, Mary Kay Inc., Nu Skin Enterprises Inc., Oriflame Holding AG, The Estee Lauder Companies Inc., The Procter and Gamble Co., and Unilever PLC
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry trends, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In the ever-evolving beauty industry, market trends and analysis, market growth analysis, and market forecasting are paramount for staying ahead. Leading companies like Shiseido Company drive innovation to cater to the dynamic preferences of millennials. Intense competition among cosmetics brands and skincare brands defines the beauty market, with beauty companies and cosmetics companies constantly adapting to market trends. A comprehensive market report and forecast guide the makeup market, ensuring the industry's continuous growth and trends. Additionally, marketing and distribution strategies, along with competitive landscape and market share analysis, shape the dynamic beauty industry.
Cosmetics Industry Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.84% |
Market growth 2023-2027 |
USD 115.57 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.0 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, Japan, Germany, and Brazil |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Coty Inc., LOreal SA, Natura and Co Holding SA, Revlon Inc., Shiseido Co. Ltd., Amorepacific Corp., Avon Products Inc., Beiersdorf AG, CHANEL Ltd., Johnson and Johnson Services Inc., Kao Corp., Kjaer Weis, Kose Corp., LVMH Moet Hennessy Louis Vuitton SE, Mary Kay Inc., Nu Skin Enterprises Inc., Oriflame Holding AG, The Estee Lauder Companies Inc., The Procter and Gamble Co., and Unilever PLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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