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The cosmetics market size touched USD 299.77 billion in 2022 and is predicted to reach USD 313.22 billion in 2023. The market is anticipated to touch USD 417.24 billion by 2030, recording a CAGR of 4.2% over 2023-2030.
Fortune Business Insights™ displays this information in its latest report titled “Cosmetics Market Size, Share Cosmetics Market Size, Share and 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, 2023-2030”.
Cosmetics refer to skincare, beauty, and personal care products that play a vital role in cleansing and beautifying the skin. Since a growing number of people are becoming conscious of their appearance, they are buying various cosmetic items to reverse early signs of aging. Moreover, many companies are using advanced technologies to make makeup products, which will further increase the market share.
Demand for Cosmetics Slumped During COVID-19
As customers were directing their spending toward purchasing essential items, such as food, the demand for cosmetic products witnessed a major decline during this period. Moreover, most personal care and beauty stores were forced to close down their operations to mitigate the spread of the virus. Many esteemed beauty brands, such as the Estee Lauder Companies, witnessed a notable drop in their revenue margins due to a dramatic decline in customer footfall. These factors were responsible for decelerating the cosmetics market growth.
Growing Demand for Sustainable Cosmetics to Boost Market Progress
The demand for sustainable and eco-friendly cosmetic items has grown significantly in recent years. These products are made from organic formulations that not only improve the skin’s health but also protect the environment. Many reputed beauty brands are making products that contain nature-derived ingredients, which are gaining tremendous popularity among customers due to their non-toxic nature. The demand for sustainable packaging of beauty products is also rising among customers, further expanding the market size.
This industry has a vast presence of leading domestic and international companies. These firms are trying to develop natural and organic products to reduce their carbon emissions and attract more customers. Many market players are also adopting a wide range of growth strategies, such as partnerships and acquisitions, to cement their market positions.
Notable Industry Development:
May 2020 – Unilever Group filed an international patent on its finding that three main types of film-formers, such as acrylic-based, polysaccharide-based, and resin-based, could be used to minimize pollution-related damage to the skin, specifically lipoperoxidation-based damage. This finding helped the firm improve its efficiency in its skincare products.
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List of the Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
CAGR of 4.2% from 2023 to 2030
Value (USD billion)
By Distribution Channel