Cosmetics Market Estimated to Record Highest CAGR of 5.3% from 2021 to 2027

According to the latest research study, the demand of global Cosmetics Market size & share was valued at approximately $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
The key players profiled in the cosmetics industry report includes

AVON PRODUCTS, INC
KAO CORPORATION
L'ORÉAL S.A.
ORIFLAME COSMETICS S.A.
REVLON, INC.
SHISEIDO COMPANY, LIMITED
SKIN FOOD CO., LTD.
THE ESTEE LAUDER COMPANIES INC
THE PROCTER& GAMBLE COMPANY
UNILEVER PLC

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Key Findings Of The Study

By category, the skin and sun care segment dominated the global market in 2019, and is expected to retain its dominance throughout the cosmetics market forecast period.
By gender, the women segment led the global cosmetics market demand in 2019, and is expected to retain its dominance throughout the forecast period.
By distribution channel, the hypermarket/supermarket segment dominated the global market in 2019, and is expected to retain its dominance throughout the forecast period.
By region, Asia-Pacific accounted for highest cosmetics market share in 2019, and is expected to grow at a CAGR of 6.5%.
Growth and Demand and Opportunities 2021-2027

Furthermore, demand for herbal and natural cosmetics products is anticipated to increase at a substantial rate during the forecast period. In addition, brands such as the Himalaya Drug Company, Patanjali Ayurved Limited, and Hindustan Unilever Limited are indulged in producing herbal and natural cosmetics products. Hence, rise in awareness regarding fashion and natural skin products significantly propel the cosmetics market growth.

Over the next five years, demand for natural cosmetics is expected to grow strongly. Customers prefer to use cosmetic products that are less harmful and have minimum side effects. Further, manufacturers are likely to use natural ingredients in their skin care and hair care products to satisfy consumer needs. Many big players in the market such as L'Oréal, Unilever, Color Bar, and Avon are planning to invest big budgets in an effort to promote natural aspects of their cosmetics products.

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Global per capita income has witnessed a strong growth rate over past few years, particularly in emerging economies. Increase in urbanization, growth of middle class consumers, and surge in rate of female participation in labor force in many developing and developed markets has encouraged adoption of convenience-oriented lifestyles, making cosmetics products more desirable. According to estimates, per capita income in the next decade is expected to increase at a significant rate in developing countries compared to developed countries. This has significant implications for growth of the cosmetics market.

Outbreak of COVID-19

Moreover, owing to the outbreak of the COVID-19 pandemic, manufacturers have increased social media advertisement for using herbal skin care products to reach a large consumer base. However, implementation of lockdown and curfew practices globally has affected domestic as well as international production of skin care products, which, in turn, hampers growth of the overall market. Thus, the outbreak of COVID-19 has negatively impacted the cosmetics market in 2020, as sales of companies have reduced and operations have been halted.

Report Highlights:

Detailed overview of parent market
Changing market dynamics in the industry
In-depth market segmentation
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape
Strategies of key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on market performance
Must-have information for market players to sustain and enhance their market footprint

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FREQUENTLY ASKED QUESTIONS?

Q1. What will be the cosmetics market Size From 2021 to 2027?
Q2. What is the CAGR of cosmetics market?
Q3. Which is the base year calculated in the cosmetics market report?
Q4. Which are the top companies in the cosmetics market?
Q5. What are the segments of cosmetics market?

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