August 03, 2022 06:06 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The global cosmetics market size is expected to gain momentum by reaching USD 415.29 billion by 2028 from USD 287.94 billion in 2021 while exhibiting a CAGR of 5% between 2021 to 2028. In its report titled, “Cosmetics Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 277.67 billion in 2020.
In recent times, demand for makeup and skincare products has surged dramatically. Both men and women use it to enhance their overall appearance. The cosmetics industry offers a wide variety of products, such as hair care, face care, lip care, and others. Additionally, the increasing demand for anti-aging creams and serums and the development of advanced tools and innovative packaging is attracting consumers. Besides, the new trend of personalized products for a specific person, based on their hair type, skin tone & texture, eye color, is generating traction. The manufacturers are also trying to grab consumers' attraction by coming up with sustainable packaging and chemical-free products to cater to the demand for every individual.
The cosmetic industry was negatively impacted by the COVID-19 pandemic. The manufacturers witnessed a decline in their sales, and the consumers' purchasing patterns also witnessed a change. For instance, Estee Lauder's report published in April 2020 stated that most of the retail stores had to be closed since mid-March 2020 across its operating regions, including The Americas and Europe, and the Middle East & Africa. Moreover, the company production unit in Whitman, the U.K., started manufacturing hand sanitizers under the company’s brands Jo Malone London.
Further, a rapid shift towards online channels was seen, as the retail stores were closed. According to L'Oréal's 2020-annual-results published in February 2021, the company’s sales increased by 62% for e-commerce across all divisions and all regions, accounting for about 26.6% of the total company’s sales for 2020.
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Cosmetics Market Report Scope & Segmentation:
Fortune Business Insights™ lists out all the cosmetics market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
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Availability of Customized Beauty & Skincare Products to Drive Market Growth
In recent times, demand for personalized skincare, hair care is promoting manufacturers on introducing personalization and digitalization in cosmetic products to increase customers. For instance, in February 2020, L’Occitane Group announced the launch of its new range of personalized range called Duolab. The range has a countertop device that functions artificial intelligence (AI) technology. This device helps in finding out one’s skin condition to provide it a face care solution in the form of freshly blended cream. Therefore, increased awareness regarding grooming coupled with technological advancements is expected to support the cosmetics market growth in upcoming years.
By Category, the global market is segmented into:
By Gender, the market is bifurcated into:
By Distribution Channel, the market is divided into:
By Region, the global market is categorized into:
Asia Pacific to Dominate the Market Backed by Increasing Urbanization and Standard of Living
Asia Pacific is expected to dominate with market size of USD 102.55 billion in 2020. Increasing urbanization & standard of living, growing number of working women, and rising middle-class population are the key contributing factors for the growth of the market in this region.
North America on the other hand is expected to witness positive growth owing to the rising disposable income and high spending power of the population in the region. Additionally, an increasing number of beauty product stores in the region is also one of the major flourishing factors for the growth of the market during the forecast period. For instance, in February 2020, one of the largest cosmetics retail store Sephora announced its expansion plans, that included the opening of around 100 new stores across the North America region by 2020.
Key Players to Focus on Partnerships and New Launches to Strengthen Market Growth
The cosmetics industry is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects.
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Have a Look at Related Research Insights:
Makeup Market Size, Share & COVID-19 Impact Analysis, and Regional Forecast, 2021-2028
Skincare Market Size, Share, Trend and Geography Forecast till 2021-2028
Cosmetics & Personal Care Products Direct Selling Market Size, Share & COVID-19 Impact Analysis, and Regional Forecast, 2022-2029
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