The global cosmetics market size was valued at USD 313.22 billion in 2023 and is projected to grow to USD 417.24 billion by 2030, exhibiting a CAGR of 4.2% during the forecast period. Asia Pacific dominated the global market with a share of 37.55% in 2022.
Information Source:
https://www.fortunebusinessinsights.com/cosmetics-market-102614
List of Key Players Profiled in the Cosmetics Industry Report:
Market Segmentation:
By category, the market is segmented into hair care, skincare, makeup, and others. By gender, it is bifurcated into men and women. By distribution channel, it is divided into specialty stores, hypermarkets/supermarkets, online channels, and others. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.
COVID-19 Impact
The cosmetic industry was negatively impacted by the COVID-19 pandemic. The manufacturers witnessed a decline in their sales, and the consumers' purchasing patterns also witnessed a change. For instance, Estee Lauder's report published in April 2020 stated that most of the retail stores had to be closed since mid-March 2020 across its operating regions, including The Americas and Europe, and the Middle East & Africa. Moreover, the company production unit in Whitman, the U.K., started manufacturing hand sanitizers under the company’s brand Jo Malone London.
Further, a rapid shift towards online channels was seen, as the retail stores were closed. According to L'Oréal's 2020 annual results published in February 2021, the company’s sales increased by 62% for e-commerce across all divisions and all regions, accounting for about 26.6% of the total company’s sales for 2020.
Factors Affecting the Growth of the Cosmetics Market:
Several factors can affect the growth of the Cosmetics Market. Some of these factors include:
These factors collectively contribute to the growth and evolution of the cosmetics market, making it a dynamic and competitive industry.
What does the Report Provide?
The market report offers a comprehensive examination of various aspects, encompassing key drivers and restraints poised to influence growth. Furthermore, it furnishes insights into regional analysis spanning diverse territories, pivotal in driving market expansion. Additionally, it delves into the competitive landscape featuring prominent entities and their strategic initiatives in product innovation, partnership announcements, and collaborative endeavors aimed at bolstering market progression.
Driving Forces
The surge in demand for personalized beauty and skincare solutions has spurred manufacturers to integrate customization and digitalization into cosmetic offerings, aiming to cater to evolving consumer preferences. For instance, L’Occitane Group unveiled its personalized range, Duolab, in February 2020, leveraging AI technology to assess skin conditions and deliver tailored face care solutions through freshly blended creams. Thus, heightened grooming awareness coupled with technological strides is anticipated to underpin the cosmetics industry's growth trajectory in the foreseeable future.
Regional Perspectives
Asia Pacific is poised to command market dominance, buoyed by escalating urbanization, improved standards of living, a burgeoning working female demographic, and an expanding middle-class populace. Conversely, North America is slated for positive growth, fueled by rising disposable incomes, robust purchasing power among consumers, and the proliferation of beauty product retail outlets. Notably, Sephora, a leading cosmetics retail chain, unveiled plans for expansive growth in February 2020, including the launch of approximately 100 new stores across North America by 2020, further propelling market expansion.
Competitive Dynamics
Market consolidation is evident among major players, as they strive to fortify their market presence through a gamut of strategies encompassing new product launches, collaborative ventures, and strategic acquisitions. These concerted efforts are anticipated to bolster market resilience and enhance competitive standing.
Industry Highlights: