Cosmetics Market Size to be Worth $363.80 Billion by 2028: Grand View Research, Inc.
SAN FRANCISCO, Oct. 17, 2022 /PRNewswire/ -- The global cosmetics market size was estimated to reach USD 363.80 Billion by 2028 and is expected to expand at a CAGR of 5.3% from 2022 to 2028, according to a new report by Grand View Research, Inc. The key growth factors in the market include the rising expenditure on beauty products such as skin cream, lotions, hair colour, and others owing to the aging population across the globe.
Key Industry Insights & Findings from the report:
- North America is estimated to contribute around 25% in 2021 to the global cosmetics market revenue. The presence of well-established and premium cosmetic product manufacturers is one of the supportive factors for the significant market share.
- The haircare segment is forecast to expand with the highest CAGR of 6.2% from 2022 to 2028. The growing demand for hair care solutions owing to the hair fall and hair scalp problems across the globe contributes to the segmental growth.
- The online distribution channel is forecast to register a faster expansion of a 6.1% CAGR from 2022 to 2028. The growing preference for online shopping portals for purchasing beauty care products among the young population across the globe is the key factor that propels the market growth.
Read full market research report for more Insights, "Cosmetics Market Size, Share & Trends Analysis Report By Product (Skin Care, Hair Care, Makeup, Fragrance), By End-use, By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2028", published by Grand View Research.
Cosmetics Market Growth & Trends
Additionally, the significant product innovation by the major players is further projected to provide significant opportunities to the market. For instance, L'Oréal SA is one major player in the cosmetics industry that launched various cosmetic products, such as skin creams, lotions, and hair colors that are long-lasting and available with natural ingredients in the market.
Governments around the world have imposed restrictions and lockdowns in response to the COVID-19 pandemic. Many public events, fashion shows, and unnecessary travel were revoked. This also impacted the sales of cosmetics products through the offline channel as most retail stores were shut down during the lockdown. Moreover, the major players in the market experienced a decline in the sales revenue of Cosmetics products during the COVID-19 pandemic, which further impacted the market. However, the global cosmetics market is projected to recover in the future and witness significant growth due to resumed activities, offline retail, sales, and the opening of retail stores across the globe.
Based on the product, the haircare segment is forecast to expand with the highest CAGR of 6.2% from 2022 to 2028. The market is growing due to the growing adoption of hair care products owing to the rising hair fall and hair scalp problems among men and women across the globe. Moreover, the rising trend toward organic haircare products such as organic hair colors and shampoo further contributes to the growth of the market during the forecast period. Moreover, the availability of safer, advanced, and more effective hair care products has led to the increase in the adoption of hair care products across the globe.
The women segment is estimated to contribute over 60% to the global cosmetics market in 2021 and is forecast to grow with a significant CAGR of 5.0% from 2022 to 2028. The significant demand for personal beauty products such as skincare and hair care cosmetics among the women population across the globe is one of the major factors that contributed to the growth of the market. In addition, the high expenditure of women on personal and beauty products as compared to men further supports the market during the forecast period.
The online distribution channel is forecast to register a faster growth of a CAGR of 6.1% from 2022 to 2028. The rising partnerships between cosmetic product manufacturers and e-commerce companies are one of the major factors that contribute to the growth of the market. Moreover, the rising trend of using online portals for personal care product shopping among the young population across the globe further drives market growth. Increasing preference from the consumers due to the ease, convenience, fast, and price comparison are credited for the segment growth. Furthermore, the COVID-19 pandemic has led to many vendors and manufacturers adopting an online sales model that is expected to drive the growth of this sector over the next few years.
North America is estimated to contribute around 25% in 2021 to the global cosmetics market revenue. The U.S. is significantly backing the growth of market revenue. The presence of well-established brands such as Coty Inc, Estée Lauder Companies Inc., Revlon, Inc., Avon Products Inc, and other manufacturers is one of the driving factors for market growth. Additionally, the presence of various celebrities and the growing trend toward celebrity endorsement for cosmetics products is another factor that driving the market in the region. Moreover, the significant trend of personalizing skincare and hair care products further contributes to the market growth.
Cosmetics Market Segmentation
Grand View Research has segmented the Cosmetics market based on product, end-use, distribution channel, and region:
Cosmetics Market - Product Outlook (Revenue, USD Million, 2017 - 2028)
- Skin Care
- Hair Care
- Makeup
- Fragrance
- Others
Cosmetics Market - End-use Outlook (Revenue, USD Million, 2017 - 2028)
- Men
- Women
Cosmetics Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
- Offline
- Online
Cosmetics Market - Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Europe
- Germany
- France
- U.K.
- Asia Pacific
- China
- India
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
List of Key Players of Cosmetics Market
- Coty Inc.
- L'Oréal S.A.
- Estée Lauder Companies Inc.
- Revlon, Inc.
- Avon Products Inc.
- Unilever PLC
- Shiseido Company, Limited
- Godrej
- Procter & Gamble
- Beiersdorf AG
- Henkel AG & Co. KGaA
- Kao Corp.
- Hoyu Co., Ltd.
Check out more related studies published by Grand View Research:
- Nail Care Products Market - The global nail care products market size is expected to reach USD 30.08 billion by 2030 and is expected to expand at a CAGR of 5.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increasing number of product launches in categories such as nail accessories, nail polish, and artificial press-on nails is the key factor driving the overall market.
- Dermocosmetics Skin Care Products Market - The global dermocosmetics skin care products market size is expected to reach USD 92.83 billion by 2030, registering a CAGR of 7.5% over the forecast period, according to a new report by Grand View Research, Inc. The overall industry growth is attributed to the rising demand for skin care products with active ingredients.
- DNA-based Skin Care Products Market - The global DNA-based skin care products market size is expected to reach USD 9.87 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.6% from 2021 to 2028. Consumer awareness of the dangers of using skincare products containing synthetic chemicals is pushing the demand for natural and organic products.
Browse through Grand View Research's Beauty & Personal Care Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc
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