Increase in aggressive advertisements and promotions through social media platforms by manufacturers plays a crucial role in growth of the market
According to a new report published by Allied Market Research, titled, “cosmetics market by category, gender and distribution channel: opportunity analysis and industry forecast, 2021–2027,” the global cosmetics market size was valued at $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.
Global Industry Trends, Demand and Growth Analysis to 2021–2027 :-
Convergence of advancements, beauty, and lifestyle propels growth of the cosmetics market. Moreover, the cosmetics market across the globe has witnessed continuous and sustained growth over years, owing to rise in beauty-conscious female population. Several other factors such as increase in female labor force, rise in awareness regarding maintaining prolonged beauty, and change in lifestyle have significantly contributed toward growth of the cosmetics market trends.
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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Cosmetics market is growing with strategies and demand in industry 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.
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.
A wide range of cosmetics products are available in the market for deeply nourishing skin such as lotions, creams, deodorants, hair care, and essential oils. In addition, rise in consciousness about personal well-being and appearance has increased among men, which drives sales of cosmetics products. Moreover, owing to hectic lifestyle and varying climatic conditions, men are also adopting skin care, sun care, and hair care products. Thus, cosmetics products help in treating and provides prevention from rack and dry & dull skin, which boosts their demand globally.
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Outbreak of the COVID-19 pandemic
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.
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%.
TABLE OF CONTENT :-
CHAPTER 1:INTRODUCTION
1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segment
1.4.Research methodology
1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.Key findings of the study
2.1.1.Top impacting factors
2.1.2.Top investment pockets
2.1.3.Parent market analysis
2.2.Top player positioning
2.3.CXO perspective
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Porter’s five forces analysis
3.3.Market dynamics
3.3.1.Drivers
3.3.1.1.Change in lifestyle
3.3.1.2.Rise in need for skin care products
3.3.1.3.Increase in demand for natural ingredients in cosmetic products
3.3.1.4.Change in packaging styles and attractive marketing strategies
3.3.1.5.Rise in disposable income
3.3.2.Restraint
3.3.2.1.Rise in awareness regarding side effects of chemical-based cosmetics
3.3.3.Opportunities
3.3.3.1.Growth in demand for organic cosmetics
3.3.3.2.Social media marketing
3.4.COVID-19 impact on cosmetics market
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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