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The global cosmetics market size is expected to gain momentum by reaching USD 415.29 billion by 2028, owing to the rising awareness among consumers regarding the use of quality products on their body, and face. Moreover, nowadays consumers are inclined towards using better skincare products, to get a healthier looking skin, and this in turn, is supporting market growth. This information is provided by Fortune Business Insights in its report titled, “Cosmetics Market Size, Share & COVID-19 Impact Analysis, By Category (Hair Care, Skin Care, Makeup, and Others), By Gender (Men and Women), By Distribution Channel (Specialty Stores, Hypermarkets/Supermarkets, Online Channels, and Others), and Regional Forecasts, 2021-2028”. The report further mentions that the market stood at USD 277.67 billion in 2020 and is projected to exhibit a CAGR of 5.0% during the forecast period.
Romer LLC Launches Gender Neutral Skincare Products
In February 2020, Romer LLC announced the launch of new skin care products made using eco-friendly products in the U.S. The company claims that its packaging is made using 50% of recycled materials. The brand includes, daily moisturizer, gel-oil cleanser, and day & night treatment masks which are made using botanical herbs. Romer is marketing its products as gender neutral, and such strategies are expected to boost its sales.
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Sustainable Cosmetic Products to Drive Market Growth
In recent times, people demand for products that are made using natural ingredients and in a sustainable way. Since people have become aware of the climatic crisis, demand for eco-friendly products is expected to grow in the near future, and this is expected to fuel the cosmetics market growth in upcoming years. For instance, a report by Organic Beauty and Wellbeing Market, published by the Soil Association Certification report, stated that in 2018, the U.K, natural and organic market witnessed a growth rate of 7% in 2018. Moreover, preference for vegan skincare and beauty products has also surged, and cosmetics manufactures are coming up with such products, to attract more customers.
Key Players Focus on Product Launch to Brighten Their Market Prospects
The market is experiencing healthy competition among key players focusing on developing and launching personalized cosmetics products, at an affordable range to widen their product portfolio and further boost sales revenues. In addition, the other players are trying to maintain their position in the market by adopting strategies such as merger and acquisition, partnership, and collaboration and new launches that will contribute to the growth of the market during the forecast period.
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD billion)
By Distribution Channel