Newark, Nov. 01, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global cosmetics market is expected to grow from USD 382.88 billion in 2021 to USD 643.03 billion by 2030, at a CAGR of 5.93% during the forecast period 2022-2030.
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Cosmetics can be used to increase a person's physical appeal and attractiveness. The majority of these cosmetic goods are made from synthetic materials. The primary purposes of cosmetic products include external cleansing, fragrance, modifying appearance, decreasing body odor, protecting skin, and conditioning. All stages of a consumer's life need cosmetics and personal care products, including toothpaste, shampoo, soap, sunscreen, and antiperspirants. The primary factors driving the growth of the global cosmetics market include routine awareness, innovative product branding, and successful marketing strategies. The expanding developments in sustainable cosmetics are opening up new opportunities for industry growth. The rising awareness of the harmful effects of synthetic chemicals is severely restricting the market's ability to grow. The increased customer desire for ingredient and product transparency is a crucial barrier to the market's growth.
One of the key reasons driving the market growth during the forecast period is the significant expansion in the adoption of skincare and personal care products, along with the rise in the aging population worldwide. The market is expanding due to escalating fashion trends and considerable product innovation in the composition and packaging of cosmetic products like hair color and other skincare items. During the projected period, the market expansion is expected to be constrained by the adverse consequences of the frequent use of cosmetic items caused by the presence of dangerous chemicals. During the projected period, another driving factor will be the rising awareness of skincare cosmetics products and their beneficial effects on the skin.
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Key players operating in the global cosmetics market are L'Oréal S.A., Revlon, Inc., Unilever PLC, Godrej, Beiersdorf AG, Kao Corp., Coty Inc., Hoyu Co., Ltd., Avon Products Inc., Henkel AG & Co. KGaA, Estée Lauder Companies Inc., Procter & Gamble, Shiseido Company, Limited among others. To enhance their market position in the global cosmetics market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
The hair care segment is anticipated to grow at a significant CAGR of 7.01% over the forecast period.
The product type segment is divided into hair care, fragrance, skin care, makeup, and others. Over the projected period, the hair care segment is anticipated to grow at a significant CAGR of 7.01%. One of the key reasons driving the market expansion during the projection period is the sharp increase in fashion trends that involve altering hair colors with appropriate hair cosmetics. The convenience of applying hair color cosmetics is thus expected to increase significantly in the following years. Additionally, it is anticipated that the considerable increase in hair loss and scalp-related problems among individuals worldwide would support the rising demand for hair care products throughout the projection period.
In addition, a CAGR of 6.14% is predicted for the fragrance segment between 2022 and 2030. One of the key market drivers is the rising consumer expenditure on high-end and luxury personal care items like perfumes due to the high-income level. Additionally, it is anticipated that the market will have good development during the
forecast period due to the rising popularity of fragrance items among males.
The men segment is expected to grow at a substantial CAGR of 6.86% over the forecast period.
The end-use segment is divided into women and men. The men segment is expected to grow at a substantial CAGR of 6.86% during the projection period. One of the key drivers fueling market expansion is the rising trend of males embracing beauty items worldwide. Additionally, it is anticipated that the market will rise during the forecast period due to the increasing tendency among men for contemporary skincare, haircare, and fragrance products. Further encouraging the male population to use cosmetic items is the significant celebrity brand support, which offers the industry even more opportunities for growth.
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Regional Segment Analysis of the Cosmetics Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Over the projected period, Europe is expected to grow significantly among all regions, with a CAGR of 6.45%. Several brands, including Coty Inc., L'Oréal S.A., Estée Lauder Companies Inc., and Revlon, Inc., as well as new product introductions from other brands, like Procter & Gamble, Combe Inc., and Henkel AG & Co. KGaA, are primarily responsible for the market's robust sales of cosmetics goods. Another element influencing the market throughout the region is the existence of a reputable offline retail chain for cosmetics items in Europe.
About the report:
The global cosmetics market is analyzed based on value (USD Billion). All the segments have been analyzed globally, nationally, and country. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, and distribution and marketing channels analysis.
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