Cosmetics Market Expected to Grow Exponentially by 2031 Owing to the Increasing Beauty Awareness among People Across the Globe

The global cosmetics market is expected to witness prominent growth by 2031, due to the growing beauty awareness among people worldwide. The Asia-Pacific region accounted for the highest market share in 2021.

As per the report published by Research Dive, the global cosmetics market is anticipated to generate a revenue of $371.9 billion and grow at a CAGR of 6.3% over the estimated timeframe from 2022 to 2031.

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Dynamics of the Market

The increasing demand for different cosmetics goods among individuals including skin care products, hair care products, and beauty care products is predicted to amplify the growth of the cosmetics market over the estimated timeframe. Besides, the increasing popularity of "Green labeling" in cosmetics for safer use is further predicted to boost the growth of the market during the analysis period. However, the use of chemical-based cosmetics and their side effects may hamper the growth of the market throughout the analysis timeframe. Moreover, the rising popularity of natural skin care products among people that have zero side-effects and prevents premature aging skin and makes the skin radiant & glowing is expected to create wide growth opportunities for the market over the estimated timeframe.

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Segments of the Market

The report has divided the cosmetics market into customer orientation, price range, type, and region.

Based on customer orientation, the women sub-segment held the largest market share in 2021.The growing popularity of skincare and makeup among women and the rising number of working women populations are expected to push the growth of this sub-segment further.

Based on price range, the economy sub-segment accounted for the highest market share in 2021. The emerging cosmetics manufacturing companies offer various cosmetics products at an economic price to gain a strong customer base which is expected to boost the market sub-segment forward.

Based on type, the skin and sun care sub-segment accounted for the largest market share in 2021. The increasing demand for sun & skin care products to relieve different skin conditions such as fine lines, wrinkles, and acne, and prevent skin from harmful UV rays of the sun is expected to foster the growth of the market sub-segment in the coming period.

Based on region, the Asia-Pacific cosmetics market held the major market share in 2021. The rising beauty-conscious population, increasing disposable income among individuals, and rising demand for organic & natural cosmetic products are the major factors expected to drive the regional growth of the market in the forecast period.

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Key Players of the Market

The major players of the cosmetics market include Shiseido Company, Limited, Oriflame Cosmetics S.A., Skin Food Co., Ltd., Revlon, Inc., The Estée Lauder Companies Inc., Kao Corporation, Procter & Gamble Company, L'ORÉAL S.A., Unilever Plc., Avon Products, Inc., and many more. These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain a leading position in the global industry.

For instance, in November 2022, Perfect Corp., the world's leading beauty tech solutions, announced its collaboration with Avon Products, Inc., an American-British multinational cosmetics, skincare, fragrance, and personal care company. With this collaboration, the companies aimed to launch a virtual try-on (VTO) online shopping experience in nine initial markets, including the UK.

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