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Online Cosmetics Market Trends, Top Companies, Share, Growth And Forecast 2033
Online Cosmetics Market Trends
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According to The Business Research Company's, The online cosmetics market size has grown strongly in recent years. It will grow from $12.27 billion in 2023 to $13.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to a rise in smartphone adoption, rise in home delivery services, increasing popularity of at-home beauty treatments, growth in awareness of product ingredients and benefits, and rise in the number of online beauty tutorials
The online cosmetics market size is expected to see strong growth in the next few years. It will grow to $18.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing consumer preference for online shopping, increasing demand for personalized beauty products, increasing adoption of e-commerce platforms, increasing investment in digital marketing by beauty brands, and increasing internet penetration. Major trends in the forecast period include technological advancements, virtual try-on technology, AI and machine learning, anti-aging products, and digital payments.
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Market Drivers and Trends:
The rising internet penetration is expected to propel the growth of the online cosmetics market going forward. Internet penetration refers to the extent to which internet access is available to a population within a particular geographic area, typically expressed as a percentage. The internet penetration is due to expanded broadband and mobile networks, government initiatives, affordability of services and devices, technological advancements, public-private partnerships, digital literacy programs, relevant content and services, and overall economic development. The increasing use of the internet revolutionized the cosmetics industry by making it more accessible, informative, and convenient for consumers worldwide. For instance, in February 2024, according to the International Telecommunication Union, a Switzerland-based specialized agency, the number of people utilizing the Internet grew from 5.1 billion in 2022 to 5.4 billion in 2023. Therefore, the rising internet penetration is driving the growth of the online cosmetics market.
Major companies operating in the online cosmetics market are focusing on developing innovative products, such as cosmetics for Gen Z men, to cater to evolving consumer preferences and demographic trends. Cosmetics for Gen Z men are beauty and grooming products specifically designed to meet the skincare, grooming, and self-expression needs of younger male consumers born between 1997 and 2012. For instance, in December 2022, Kao Corporation, a Japan-based chemical and cosmetics company, launched UNLICS, a cosmetics brand for Gen Z men who aspire to a beauty deeper than personal grooming and UNLICS online retail site. The launch of the official UNLICS online retail site enhances accessibility and fosters direct engagement, inviting consumers to explore and redefine their care routines with confidence and purpose. Designed to empower young men on their journey of self-expression, the brand emphasizes inclusivity and authenticity by offering a range of versatile products that cater to diverse skin types and needs.
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Major Key Players of the Market:
LVMH Moët Hennessy Louis Vuitton SE, Johnson & Johnson, Parfums Christian Dior, L'Oréal S.A., Chanel S.A., Hermès International S.A., Kao Corporation, Shiseido Company Limited, Avon Products Inc., Clinique Laboratories LLC, Amorepacific Corporation, Clarins Group, Kosé Corporation, MAC Cosmetics, L'Occitane Groupe S.A., Elizabeth Arden Inc., Fenty Beauty by Rihanna, e.l.f. Cosmetics, Anastasia Beverly Hills LLC, Kiehl's LLC, Charlotte Tilbury Beauty Ltd., Bobbi Brown Professional Cosmetics Inc., NARS Cosmetics, SK-II, Kylie Cosmetics LLC
Online Cosmetics Market 2024 Key Insights:
• The online cosmetics market size is expected to see strong growth in the next few years. It will grow to $18.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• The Rising Internet Penetration Fueling Growth Of The Online Cosmetics Market.
• Kao Corporation's UNLICS Redefines Men's Beauty Standards For Gen Z
• North America was the largest region in the online cosmetics market in 2023
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