Cosmetics Market Anticipated to Garner $429.8 Billion By 2024 at a CAGR of 4.3%
The rapid growth of cosmetics industry is driven by digital communications, the vitality of high-end marketing channels, and the swift rise of the middle classes in the new markets such as in Asia-Pacific, where most of the consumers demand natural and high-quality cosmetic products. Extensive use of cosmetics including soap, deodorant, shampoo to luxury beauty products such as makeup and perfume drives this market as it is supported by the increasing beauty consciousness and purchasing power of consumers leading to increased demand for cosmetic products. In addition, attractive packaging and innovative marketing strategies are prime factors, which boost market growth. Moreover, prominent players consistently launch new products, thereby, further facilitating the market growth.
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Cosmetics products have witnessed prominent adoption in developed regions owing to swift change in consumer lifestyle and increase in disposable income. Europe is presently the highest revenue-generating region and is expected to lead throughout the forecast period (2016-2022). However, Asia-Pacific is the most lucrative market for cosmetics providers due to the favorable growth factors which include increasing disposable income and rising consciousness about personal appearance among consumers, mainly in countries such as India, China, and Japan.
Improvement in the current lifestyles of the individuals is majorly affecting the cosmetics market. Consumers have now become more conscious regarding the usage of cosmetics in their daily life in an effort to step up their style quotient and overall personality. Cosmetics play an important role in enhancing one’s inherent beauty and physical features. Men are also increasingly using cosmetics in their daily routine including various types of fragrances and deodorants. This growing demand of cosmetic products has in turn led to the growth of cosmetics market across the world.
•Rising GDPs of all the regions
During recession 2007-2009, there was an overall global rise in GDP and economies across various regions. Presently, increasing GDPs of various countries is positively affecting the global cosmetics market. Continuous rise in GDP has improved the economies of various countries and has raised the spending capabilities of individuals. Rising disposable income levels of the individuals across various regions is driving them to buy personal luxury goods, which, in turn, is positively influencing the global market growth.
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•Use of natural ingredients
Rising trend of the use of natural ingredients in cosmetic products is observed among various manufacturers. This trend caters to the ever increasing demand for natural or organic cosmetic products among customers. Use of herbal cosmetic products minimizes the chances of any possible side effects of the product. This ultimately increases the usage of cosmetics among individuals.
•Top winning strategies
Presently, manufacturers are focusing on developing new products and innovating on the use of different ingredients in cosmetic products. In order to sustain and maintain their market position, manufacturers are adopting various strategies. Different strategies adopted by leading companies operating in the cosmetics industry are tracked from recent developments of the past two-three years. Product launch, acquisition, expansion and agreement are the prominent strategies adopted by the market players.
COSMETICS MARKET KEY BENEFITS:
• The report includes an in-depth analysis of the cosmetics market, including information about current market trends, changing market dynamics, expected trends and market intelligence
• Porter’s Five Forces illustrates the potency of buyers and sellers operating in the market, and would help in developing effective strategies
• Value chain analysis of the industry provide a clear view of key intermediaries involved and highlights their roles including their value-addition at every stage in the chain
• Insights regarding latent opportunities present in the market would help stakeholders in implementing strategic business plans
• Key market players are profiled in the report in order to gain an understanding of the strategies adopted by them
COSMETICS MARKET SEGMENT:
The Global cosmetics market is segmented as:
• Skin and Sun care products
• Hair care products
• Makeup and Color cosmetics
By Distribution Channel
• Retail Sales
o General departmental store
o Drug stores
o Brand outlets
• Online Sales
• North America
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