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Cosmetics Market Achieved USD 430.0 billion in 2029, Expanding at a CAGR of 4.8% during 2022 - 2029 | Size, Share & Growth Analysis
Cosmetics Market
Cosmetics Market size was valued at USD 295.5 billion in 2021 and is forecast to touch USD 430.0 billion in 2029, registering a CAGR 4.8% over the upcoming years
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/cosmetics-market/
The factors driving the growth of Cosmetics Market includes growing demand for skincare and personal care products across the globe, rising consciousness amongst consumers about maintaining external beauty and increasing preference for organic cosmetic products. According to the report published by Statista, the Global Skin Care Market was estimated around USD 136.4 billion in 2020 and is expected to reach USD 187.68 billion by the end of 2026, which will accelerate the Cosmetics Market share in the approaching years. Moreover, availability of wide range of cosmetic products at e-commerce platform, rising concerns related to health and hygiene, increasing geriatric population and growing influence of social media platforms, are some of the additional factors supplementing the Cosmetics Market Growth. In addition, rise in the launch of innovative products, growing adoption of advanced technologies by manufacturers, increasing investments by leading players on research and development, rapid urbanization, and improvements in the living standards, are further accelerating the Cosmetics Market share.
However, the growth of Cosmetics Market is hindered due to increasing concerns related to pigment molecules and chemical present in cosmetic products.
The leading players operating in the market are OriflameCosmetics S.A., The Estee Lauder Companies Inc., Revlon Inc, Kao Corporation, New Avon Company, The Procter & Gamble Company, Unilever Group, L'Oréal S.A., Shiseido Company, Ltd. and SkinFood among others.
Based on Category, the Skin and Sun care products segment is predicted capture the largest market share during the forecast period
Increasing consumer awareness about the benefits of skin care products and rising preference for organic products, are some of the factors responsible for the segment's growth.
Based on Distribution Channel, the Online Sales Channel segment is projected to grow at a remarkable CAGR over the forecast period
Online stores provide variety of cosmetic products, offers attractive discounts and are open 24*7, are propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
As per the Cosmetics Market Analysis, growing demand for skin care products, easy availability of cosmetic products at e-commerce platforms, increasing investments by major companies for promoting their products on social media platforms, rising disposable incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Developments
In 2021, Coty Inc. partnered with Perfect Corp. to incorporate Artificial Intelligence and Augmented Reality practices into its digital marketing toolkits.
In 2021, MDR Brand management merged with Revlon, to enhance its customer engagement across APAC, EMEA and America.
In 2021, Kao Corporation introduced SOFNIA iP INTERLINK SERUM, which is ideal for women with visible pores on the nose and cheeks
Market Segmentation
Global Cosmetics Market by Category
Skin and Sun care products
Hair care products
Deodorants
Makeup and Color cosmetics
Fragrances
Others
Global Cosmetics Market by Distribution Channel
Retail Sales Channel
General departmental store
Supermarkets
Drug stores
Brand outlets
Others
Online Sales Channel
Global Cosmetics Market by Gender
Men
Women
Global Cosmetics Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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