Cosmetics Market Size is Projected to Generate a Revenue of $371.9 Billion by 2031Download Sample Reports Overview
The Global Cosmetics Market Size is predicted to be valued at $ 371.9 billion by 2031, surging from $ 202.7 billion in 2021, at a noteworthy CAGR of 6.3%.
Impact Analysis of COVID-19 on the Cosmetics Market
The COVID-19 pandemic led to severe disruptions that affected the demand, supply, import-export, and availability of cosmetics across end-use industries. The novel coronavirus pandemic had a severe effect on various businesses, including the cosmetics industry, which suffered from a total lockdown scenario that resulted in complete store closures and a significant drop in demand for cosmetics worldwide. People are less likely to apply cosmetics as a result of work-from-home policies, social distancing techniques, and a compulsion to wear masks. Furthermore, interruptions in supply and demand, as well as workforce shortage had a detrimental impact on the market. All of these reasons have had a detrimental influence on the cosmetics industry.
However, several initiatives launched by the L'Oréal S.A. company are helping the market to recover from the pandemic. . However, the global cosmetics industry is expected to rebound and increase significantly in the future as a result of renewed activities, sales, commerce, and manufacturing throughout the world.
Global Cosmetics Market Analysis
The rapidly changing lifestyle of people all over the world is a primary element driving the global cosmetics industry. Furthermore, changing climatic conditions in diverse regions such as North America, Europe, Asia-Pacific, and LAMEA have altered the demand for cosmetics and skin care products. Furthermore, global per capita income has increased significantly in recent years, particularly in developing markets. The rise in urbanization and the surge in number of middle-class consumers in developed and emerging countries have fostered the adoption of convenience-oriented lifestyles, making cosmetics more attractive to customers of all ages, particularly youngsters.
Cosmetics can enhance consumer appearance, however the chemicals used in their production can damage consumer skin and other body parts. In addition, using cosmetics on a regular basis can harm your skin. The use of chemical-rich shampoos and conditioners over a lengthy period of time can cause problems with hair fall. Compared to natural products, chemical-based cosmetics might not be appropriate for everyone. During the forecast period, these factors are expected to restrain the expansion of the cosmetics market.
Surge in product development and innovation by cosmetic companies is anticipated to create further market opportunity in the future. in addition, the increased awareness of skincare cosmetics products and their favorable effect on the skin is also functioning as a motivator. Increased beauty awareness among males and monetary autonomy among women are anticipated to be the significant driving factors of cosmetics product demand during the projection period. Furthermore, customers are focused on products with the highest efficiency to treat their unique hair and skin issues, which has raised the number of people searching for retinol and vitamin C serum. These changes are creating new chances for innovation and R&D, as well as profitable prospects for significant enterprises to grow their product ranges and consumer base globally.
Global Cosmetics Market, Segmentation
The cosmetics market is segmented into customer orientation, price range, type, and region.
By customer orientation, the market is bifurcated into men and women. The women segment accounted for a dominant market share in 2021. Women spend more on cosmetics and beauty items than men, which contributes to high market share. Owing to women's growing awareness of beauty products, the global cosmetics market has grown rapidly. In addition, a rise in the number of young and female workers is anticipated to drive market expansion.
By price range, the market is classified into premium and economy. The economy segment had a dominant market share in 2021. Some cosmetics companies have a wide selection of reasonably priced skincare and haircare products. The cosmetic goods that are offered at a low cost are produced by new companies that are entering into the cosmetic industry. In addition, cosmetics products with low prices may be placed on shop shelves more quickly since they do not need to be introduced to the public through advertising or marketing strategies.
By type, the market is further divided into skin & sun care and hair care. The skin and sun care segment accounted for the dominant market share in 2021. Skin care is an umbrella term that includes sun care, face care, body care, and hand care items. Women are more likely to use skin care products than males as they are more conscious about their skin. Manufacturers are now developing new skin care products utilizing innovative technologies such as nanosome technology, nanogold, or nano particles. These nanoparticles help to keep the skin younger by protecting it from damaging UV light.
Skin and Sun Care:
The skin and sun care segment is further classified into dry skin, oily & pore skin, acne skin, sensitive skin, anti-aging, skin lightning, and makeup. Among these, anti-aging segment accounted for a dominant market share in 2021. Consumer preference for organic and natural products has quickly switched due to a rising preference for plant-based alternatives. In addition, numerous businesses provide anti-aging solutions that are devoid of chemicals. For example, Alpyn Beauty, a skincare product producer, provides a chemical-free Plant Genuismelt moisturizer with bakuchiol that brightens skin and protects it from wrinkles and free radicals.
Hair Care Cosmetics:
The hair care cosmetics segment is further classified into anti-hair fall & loss care, nourishment, repair, and density. Among these, the anti-hair fall and loss care segment accounted for a dominant market share in 2021. Hair loss, dry & itchy scalp, and damaged hair are all serious issues for an individual. According to the American Academy of Dermatology, over 30 million women in the U.S. suffer from genetic hair loss and spend a growing amount of money on hair and scalp care products. In addition, owing to the harmful effects of pollution, lots of people face anti-hair fall and loss care problem ,and excessive use of hair straighteners and curlers, greater exposure to UV sun rays, and frequent use of shampoos containing harsh chemicals have raised demand for nourishing treatments, including masks.
The cosmetics market in Asia-Pacific accounted for a dominant market share in 2021. Consumer spending on beauty and personal care products is growing and celebrities are increasingly preferring high-end cosmetics brands. These are the primary drivers of industrial growth. The considerable increase in per capita income in emerging economies such as China and India drives the industry growth.
Key Players in the Global Cosmetics Market
Some of the leading cosmetics market players are
- Avon Products Inc.
- L’ORÉAL S.A.
- Kao Corporation
- Revlon Inc.
- Oriflame Cosmetics S.A.
- Shiseido Company
- Skin Food Co. Ltd.
- The Estée Lauder Companies Inc.
- Procter & Gamble Company
- Unilever Plc
In March 2022, Triller, which is an AI-powered open garden technology platform for artists, announced a partnership with cosmetics company Renee Cosmetics to introduce the Glam Guru, its latest beauty and makeup IP. Glam Guru is a hybrid make-up model that is expected to give a forum for exceptional makeup artists to demonstrate their expertise.