Published Date : 10 Jun 2022
The global cosmetics market size was valued at US$ 357.71 billion in 2021 and it is anticipated to reach around US$ 560.50 billion by 2030, poised to grow at a CAGR of 5.1% over the forecast period 2021 to 2030.
Some sales insight revealing the strong growth of cosmetics during the past few years are listed below:
Leading Regions Market Review
Approximately 45% of the Global Cosmetics Market Captured by Asia Pacific
Asia Pacific is the home to the world’s largest population. The huge presence of youth and millennials population has significantly contributed towards the growth of the cosmetics market. The rising levels of income, growing penetration of social media, rising consumer expenditure on personal grooming, desire to look presentable at all times, increased focus on aesthetic appearances among the youth, and growing penetration of the e-commerce are some of the prominent factors that have significantly boosted the growth of the Asia Pacific cosmetics market. The rapidly changing lifestyle, rising women employment in corporates, rise of middle class, and rapid urbanization are the major factors that are expected to further fuel the growth of the cosmetics market in Asia Pacific region. The countries like India, China, and South Korea are experiencing a huge demand for the personal care and the cosmetics among the women population. The improving gender ratio in the countries like India is expected to fuel the demand for the cosmetics among. The rising popularity of the startups like Nykaa, Mama Earth, and Sugar Cosmetics are contributing significantly towards the market growth.
Scope of the Report
|Market Size in 2021||USD 357.71 Billion|
|Revenue Forecast by 2030||USD 560.50 Billion|
|CAGR||5.1% from 2022 to 2030|
|Asia Pacific Revenue in 2020||USD 164 Billion|
What are the key trends in the Global Cosmetics Market?
The subscription services in the cosmetics industry is an emerging trend in the market. The subscription startups like Ipsy and Birchbox have gained a rapid popularity among the customers in the past few years. The recurring revenue streams generated by these subscription startups are a major attraction among the investors. These subscription startups offer a personalized cosmetics and beauty products to the customers and focuses on providing customer delight and convenience. Moreover, the consumers are more focusing on the chemical free products. The increased awareness among the consumers regarding the harmful effects of the chemical based cosmetics is significantly augmenting the demand for the organic cosmetics.
What are the key challenges in the Global Cosmetics Market?
Most of the cosmetics products are manufactured using synthetic chemicals like pigment molecules, preservatives and various additives that may have a serious side-effect on the skin like acne, black patches, discoloration, and allergic reactions. The prolonged usage of the chemically processed cosmetics may result in the deposition of toxic chemicals on the skin. This may decline the demand for the cosmetics. Furthermore, the growing preferences for cosmetics surgery are a threat to the cosmetics products industry. The permanent appearance alteration through cosmetics surgery may reduce the usage of the cosmetics among the consumers. Therefore, the rising adoption of cosmetics surgery and the increasing awareness regarding the harmful effects of chemicals is expected to hamper the growth of the global cosmetics market during the forecast period.
North America Forecast the Strongest Growth Rate during the Forecast Year (2021-2030)
North America is currently experiencing a burgeoning demand for the organic and natural products. According to the US Organic Trade Association, in 2020, US witnessed all-time high sales of organic food and non-food products. The increased health awareness and declining demand for the chemical based products in US is significantly driving the demand for the organic cosmetics. Moreover, the increased disposable income and the growing adoption of high quality personal care and skin care products among the consumers is fueling the growth of the cosmetics industry in North America. The improved access to the cosmetics through specialty stores, supermarkets, e-commerce, and direct-to-consumer channels is significantly boosting the sales of the cosmetics in North America market.
Top Cosmetics Manufacturers in 2020
The global cosmetics industry is consolidated due to the presence of few leading manufacturers. The majority of the market share is captured by the top four market players. The major market player includes Avon Products Inc., Kao Corporation, L’Oreal S.A., Oriflame Cosmetics S.A., Revlon, Inc., Shiseido Company Limited, Skin Food Co., Ltd., The Estee Lauder Companies Inc., The Procter & Gamble Company and Unilever Plc.
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