Global Cosmetics Market Projected to Surpass $457.8 Billion and Grow at 5.1% CAGR in the 2020 to 2027 Forecast Period [292-Pages] | Research Dive
Global cosmetics market is projected to prosper by 2027 due to rising product launches & strategic alliances among market players. Women sub-segment is expected to be highly lucrative. Market in Asia-Pacific region to be highly progressive by 2027.
NEW YORK, Aug. 22, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Cosmetics Market by Category (Skin & Sun Care Products, Hair Care Products, Deodorants & Fragrances, and Makeup & Color Cosmetics), Gender (Men, Women & Unisex), Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Pharmacies, Online Sales Channel, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027".
According to the report, the global cosmetics market is projected to surpass a revenue of $457.8 billion and grow at 5.1% CAGR during the 2020-2027 forecast period.
Dynamics of the Cosmetics Market
Drivers: The continuous implementation of new technologies and product launches by key market players to attract customers are some factors predicted to drive the growth of the global cosmetics market during the forecast years. Moreover, strategic alliances among market players to strengthen their footprint in the competitive market along with an increase in beauty consciousness among people is estimated to further boost the market growth by 2027.
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Opportunities: The rising demand for skin and hair care products made of natural ingredients and the expansion of Korean cosmetic brands are the two major factors anticipated to offer abundant growth opportunities for the global cosmetics market by 2027. Moreover, the integration of some latest technologies like AI, 3D printing, and augmented reality into the world of beauty is also predicted to augment the market development during the forecast period.
Restraints: Side-effects of chemical-based cosmetics is the prime hindering factor for the market growth.
Covid-19 Impact on the Cosmetics Market
The onset of the covid-19 catastrophe has had an adverse effect on the global cosmetics market due to complete lockdown situations across the globe that led to shutdown of beauty stores. Since governments declared work-from-home rules, social distancing norms, and compulsion on wearing masks, people refrained from wearing makeup that resulted in declined demand for cosmetic products worldwide. Moreover, import-export restrictions also led to disruptions in the supply chains while labor shortage resulted in delayed manufacturing processes. All these factors have negatively impacted the overall market growth.
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Segments of the Cosmetics Market
The report has divided the global cosmetics market into different segments based on category, gender, distribution channel, and regional analysis.
- By category, the skin and sun care product sub-segment is projected to hold a dominant market share and generate a revenue of $164.2 billion during the forecast period due to the several advantages of these products such as anti-ageing properties, enhancing skin tone, protection against UVA and UVB radiations, concealing blemishes, etc. Moreover, initiatives taken by skin and sun care products manufacturers is also estimated to bolster the sub-segment's growth by 2027.
- By gender, the women sub-segment is anticipated to have the highest growth rate and garner a revenue of $233.4 billion by 2027 due to the high adoption rate of beauty and cosmetic products among women. Moreover, a wide range of cosmetic products like ail care products, makeup and hair care products, etc. re available for females. These factors are expected to propel the sub-segment's growth during the analysis timeframe.
- By distribution channel, the online sales channel sub-segment of the global cosmetics market is predicted to have a noteworthy growth rate and gather a revenue of $49.1 billion during the 2020-2027 analysis timeframe due to the increasing popularity of e-commerce platforms. These platforms offer the best way to reach out to both local as well as international clients and also offer exciting discounts that attract many customers. These factors are projected to uplift the sub-segment's growth by 2027.
- By region, the cosmetics market in the Asia-Pacific region is estimated to have the highest growth rate and surpass $181.3 billion by 2027 due to the rapid utilization of sunscreen lotions, hair gels, facial creams, wipes, hair care products, etc. Additionally, growing consciousness among people regarding appearance, high disposable incomes, and surging demand for natural and organic cosmetics are some other factors to augment the market growth in the Asia-Pacific region by 2027.
Key Cosmetics Market Players
Some key cosmetics market players include
- Avon Products, Inc.
- L'ORÉAL S.A.
- Kao Corporation
- Revlon, Inc.
- Oriflame Cosmetics S.A.
- Shiseido Company, Limited
- Skin Food Co., Ltd.
- The Estée Lauder Companies Inc.
- Procter & Gamble Company
- Unilever Plc., and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market enhancement. – Inquire Here Before Buying the Full Report
For instance, in June 2020, L'Oréal, a global cosmetic manufacturer, announced its acquisition of Thayers Natural Remedies, a natural skincare brand, to expand its product portfolio and footprint across North America. Moreover, the strategic acquisition was also aimed to utilize the latter's natural and organic ingredients in making L'Oréal cosmetic products.
The report also summarizes many crucial aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Cosmetics Market:
- Global Cosmetics Market to Witness a Robust Growth by 2027, Owing to Recent Developments by Prominent Industry Players
- Reliance Retail to Partner with Nykaa to Foray into The Cosmetics Industry
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