Cosmetics Market Announce Eminent CAGR Growth at (4.3%) until 2022
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There is a considerable rise in disposable incomes over the past decade. The growth in global economies, changing lifestyles, rising demands of skin and sun care products due to varying climatic conditions encourages the growth of the market for cosmetics. A shift of preference towards natural and organic beauty products, particularly in U.S. and European countries, fosters the growth of the cosmetics market. Rising demand for natural, herbal and organic beauty products creates potential opportunities for manufacturers to innovate and develop new products in accordance to consumer preferences.
The global cosmetics market is segmented based on category of cosmetics, mode of sale, gender and geography. The category segment includes skin & sun care products, hair care products, deodorants, makeup & color cosmetics and fragrances. Among these products, skin & sun care, and hair care products are majorly used by individuals and hold considerable amount of percentage share in global cosmetic products category market. The mode of sale comprises retail and online sale, where retail mode of sale is further classified into general departmental store, supermarkets, drug stores and brand outlets. Customers for buying cosmetic products majorly prefer the retail mode of sale. However, online medium for the purchase of cosmetic product is observed as a rising trend among customers. Geographically, the global cosmetics market is bifurcated into North America, Europe, Asia-Pacific and LAMEA.
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• Global cosmetics market is expected to witness steady growth from 2014 to 2022, driven by increasing disposable income and rising beauty consciousness.
• LAMEA is expected to be one of the fastest growing markets, growing at a CAGR of 5.6%.
• The skin & sun care segment is expected to maintain its foothold in the market throughout the forecast period.
• Presently, retail mode of sale dominates the cosmetics market and is expected to gain traction in the developing countries such as Japan, India, and China.
Some of the major players operating in this market include LOreal International, Unilever PLC, The Procter & Gamble Company, and The Estee Lauder Company Inc. These players have adopted various development strategies such as product launch, acquisition, and agreement to expand their market presence. For instance, Aussie, a hair care brand of Procter & Gamble, introduced Miracle 7N1, a hair care product, which offers a remedy for hair fall. The product is designed to make hair healthier, shinier, and lustrous without losing their strength.
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