Global Cosmetic Sponges Market Sluggish Growth Rate Foreseen by 2022-2028

The global Cosmetic Sponges market is anticipated to grow at a CAGR of 4.1 % during the forecast period (2022-2028). The cosmetic sponge is a type of foam that is used in makeup for applying or removing cosmetic products including foundation, powder, liners, and others. The major factor attributing to the growth of the global cosmetic sponges market is the increasing use of cosmetic sponges in beauty salons due to the increasing number of beauty salons across the globe. According to the report published by the Small Business Development Centers (SBDC) in May 2020, there are around 77,000 beauty salons and 4,500 barber shops with combined revenue of around $46.5 billion in 2019. Furthermore, the use of cosmetic sponges is also increasing due to several benefits provided by cosmetic sponges. The benefits include deep cleansing of skin, gentle exfoliation of the skin, being suitable for all types of skin, smoother application of makeup, and many others. Thus, benefits associated with the cosmetic sponges are increasing the demand for cosmetic sponges.

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The use of cosmetic sponges is also increasing by people for applying or removing makeup due to the increasing interest of people toward personal care & grooming. According to the survey statistics published by Unilever in 2021, around 74% of the total 10,000 respondents from several countries prefer the beauty & personal care industry for making people feel better. The respondents were taken from various countries including the US, India, and China. Furthermore, the use of cosmetic sponges is also increasing due to increased spending by people due to increasing adjusted net national income per capita resulting in increased purchasing power across the globe. According to the World Bank Data statistics, the adjusted net national income per capita has consistently increased over the last decade. The recorded adjusted net national income per capita increased from $7,246.71 in 2009 to $9,434.42 in 2019. Thus, propelling the growth of the global cosmetic sponges market.

Some major players in the market include L'Oreal SA, Coty Inc., Estee Lauder Co. Inc., Avon Co., and FXI Holdings Inc., among others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in January 2020, Coty Inc. and Kylie Cosmetics signed a long-term strategic partnership agreement. According to this agreement, both the companies will jointly expand the existing beauty business of Kylie Cosmetics to make it a global powerhouse brand.

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Market Coverage

The market number available for - 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
By Material
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape- L'Oreal SA, Coty Inc., Estee Lauder Co. Inc., Avon Co., FXI Holdings Inc., among others.

Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?

Global Cosmetic Sponges Market Report by Segment

By Type

Egg-Shaped Spionges
Cosmetic Wedges
Silicone Sponges
Others

By Material

PU
Polyvinyl Alcohol
Latex
Others

By Distribution Channel

Online
Offline

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This release was published on openPR.