Report Code: A00529 | Pages: 338 | Feb 2021 | 687260 Views | ||
Author(s) : Nitesh C, Himanshu V , Roshan D | Tables: 98 | Charts: 76 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Cosmetics Market
Request Now !The global cosmetics market size was valued at $380.2 billion in 2019, and is projected to reach $463.5 billion by 2027, registering a CAGR of 5.3% from 2021 to 2027. Presently, cosmetics have become an indispensable feature of modern lifestyle of individuals. In addition, growth in consciousness about external beauty along with individual’s internal intellect has become one of the major driving factors for use of cosmetics in the global market. Presently, along with women, there is a rise in use of cosmetics among men in their daily routine, which complements growth of the global cosmetics market demand. Hence, such changing lifestyles, have led to growth of the global cosmetics market.
Manufacturers are changing their product branding and advertising strategies to accelerate their sales across various countries. Innovative strategies such as new product launches with natural ingredients and appealing packaging have been adopted by manufacturing companies to increase sales of their cosmetics products. As cosmetics have become an integral part of individual’s lives, consumers, especially women, prefer to use cosmetics products, which are handy and easy to use while travelling or attending social meetings. Moreover, use of natural ingredients for manufacturing of cosmetics products, which does not have any adverse effect on skin, is a popular strategy of manufacturers to attract more customers. This also helps in increasing revenue of companies operating in this industry. Collectively, all strategies adopted by manufacturers drive the global cosmetics market. However, chemicals used in manufacturing of cosmetic products can harm an individual’s skin or other parts of the body. In addition, application of cosmetic products on a daily basis could be dangerous for skin. Chemicals used as ingredients in cosmetic products can have many adverse side effects on skin. Long-term and extensive use of chemical rich shampoos, serums, and conditioners lead to heavy hair fall problems. Moreover, extensive use of color cosmetic products for eyes and lips can also cause many skin diseases and consequential health hazards. Therefore, increase in awareness of probable side effects of cosmetics and skin concerns among customers is an important factor that limits growth of the market as a whole.
The cosmetics industry has been segmented on the basis of category, gender, distribution channel, and region. On the basis of category, the market is divided into skin and sun care products, hair care products, deodorants & fragrances and makeup & color cosmetics. By gender, it is divided into men, women, and unisex. On the basis of distribution channel, it is categorized into hypermarkets/supermarkets, specialty stores, pharmacies, online sales channels, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of category, the skin and sun care products segment constituted a major cosmetics market share in 2019; however, the deodorants & fragrances segment is projected to experience growth at the highest CAGR during the forecast period. Skin care products play a major role in daily healthcare regimen of individuals. Presently, rise in awareness about beauty and consciousness are the prominent factors that drive demand for skin care products.
On the basis of gender, the women segment led, in terms of the cosmetics market size in 2019, and is expected to continue to grow with robust CAGR during the cosmetics market forecast period. Convergence of advancements, beauty, and lifestyle propels growth of the market. Moreover, the cosmetics market across the globe has witnessed continues and sustained growth over years, owing to rise in beauty-conscious female population.
On the basis of distribution channel, the hypermarkets/supermarkets segment held a major share in the market in 2019, and is projected to remain dominant during the forecast period. Hypermarkets/supermarkets are gaining popularity, owing to availability of a broad range of consumer goods under a single roof, ample parking space, and convenient operation timings. Moreover, increase in urbanization, rise in working class population, and competitive pricing boosts popularity of hypermarkets in developed and the developing region.
The key players profiled in the cosmetics market report are Avon Products Inc., Kao Corporation, L’Oreal S.A., Oriflame Cosmetics S.A., Revlon, Inc., Shiseido Company Limited, Skin Food Co., Ltd., The Estee Lauder Companies Inc., and The Procter & Gamble Company and Unilever Plc.
Covid-19 Impact Analysis
Key Benefits For Stakeholders
Cosmetics Market Report Highlights
Aspects | Details |
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By CATEGORY |
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By Gender |
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By Distribution Channel |
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By Region |
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Key Market Players | REVLON, INC., THE ESTEE LAUDER COMPANIES INC, L’ORÉAL S.A., UNILEVER PLC, THE PROCTER& GAMBLE COMPANY, ORIFLAME COSMETICS S.A., KAO CORPORATION, AVON PRODUCTS, INC, SKIN FOOD CO., LTD., SHISEIDO COMPANY, LIMITED |
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According to perspective of top-level CXOs, innovation is the key for growth of the cosmetics market, in terms of value sales. Rise in demand for various cosmetics products among customers makes way for manufacturers to come up with herbal or organic skin care products along with affordable prices and eco-friendly packaging.
CXOs further added that rise in consciousness regarding physical appearance among individuals as well as working class professionals propels growth of the cosmetics market. Use of natural ingredients such as aloe vera, tea, and black sugar in cosmetics products reduce harmful effects of products, which drives growth of the cosmetics market globally. The industry has recently observed an emerging trend of men using cosmetic products in their daily lives. Use of cosmetics by men is expected to eventually increase and in turn supplement growth of the global cosmetics market. Moreover, cosmetics products have witnessed prominent adoption in the developing countries such as India, owing to swift change in consumer lifestyle, increase in disposable income, and surge in need for cosmetics products derived from natural extracts. Furthermore, increase in penetration of various online portals globally and rise in number of offers or discounts attract large consumer base to purchase skin care cosmetics products through online channels. Moreover, online sales channel has increased consumer reach, making it key source of revenue for many companies.
A. The cosmetics market size from 2021 to 2027 is $463.5 billion.
A. The CAGR of cosmetics market is 5.3%.
A. The base year calculated in the cosmetics market report is 2019.
A. The top companies in the cosmetics market are Avon Products Inc., Kao Corporation, L’Oreal S.A., Oriflame Cosmetics S.A., Revlon, Inc., Shiseido Company Limited, Skin Food Co., Ltd., The Estee Lauder Companies Inc., and The Procter & Gamble Company and Unilever Plc.
A. The segments of cosmetics market are category, gender, distribution channel, and region.
A. The major currents trends will shape the market in the positive side.
A. Asia-Pacific region holds the maximum market share of the cosmetics market.
A. The cosmetics market effecting factor are changing lifestyle and increasing demand for natural ingredients in cosmetic products.
A. The COVID-19 pandemic negatively impacted the cosmetics market in 2020.
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