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Global Cosmetics Market to Reach USD 417.24 Billion by 2030; Growing Demand for Sustainable Cosmetics to Boost Market ProgressCosmetics Market to Exhibit 5.0% CAGR from 2021 to 2028; Increasing Expenditure on Beauty & Personal Care Products to Augment Market Growth

August 23, 2023 | Consumer Goods

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.


Competitive Landscape


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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/cosmetics-market-102614


List of the Companies Profiled in the Report:



  • L’Oréal S.A. (France)

  • Unilever plc. (U.K.)

  • Procter & Gamble Co. (U.S.)

  • The Estée Lauder Companies Inc. (U.S.)

  • Beiersdorf AG (Germany)

  • Shiseido Co., Ltd. (Japan)

  • Coty Inc. (U.S.)

  • Natura & Co. (Brazil)

  • Kao Corporation (Japan)

  • Johnson & Johnson Services, Inc. (U.S.)


Further Report Findings



  • The North America market has grown at a strong rate in recent years due to the higher spending power of the regional population and high demand for luxury products. Also, skin problems, such as rashes, cancers, and wrinkles in the U.S. and Mexico are driving the sales of dermatologically proven skincare products in the region.

  • Europe accounts for a considerable market share due to an expanding network of on-street salons that extensively use skincare & haircare products. The growing chain of beauty salons and rising percentage of millennials and generation Z in the region are expected to fuel the demand for various cosmetic products.

  • The skincare segment is expected to capture a significant share of the global market during the forecast period as numerous people are using skincare products more than hair care products on a daily basis.

  • The hair care segment is predicted to hold a large market share as these products can resolve hair-related problems such as dull hair, split ends, dry hair, and hair loss.


Table of Segmentation









































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 4.2% from 2023 to 2030



Unit



Value (USD billion)



Segmentation



By Category



  • Hair Care

  • Skin Care

  • Makeup

  • Others


By Gender



  • Men

  • Women


By Distribution Channel



  • Specialty Stores

  • Hypermarket/Supermarkets

  • Online Channels

  • Others (Drug Stores, Brand Outlets)



By Geography



  • North America (By Category, Gender, Distribution Channel, and Country)

    • U.S. (By Category)

    • Canada (By Category)

    • Mexico (By Category)



  • Europe (By Category, Gender, Distribution Channel, and Country)

    • U.K. (By Category)

    • Germany (By Category)

    • France (By Category)

    • Italy (By Category)

    • Spain (By Category)

    • Rest of Europe (By Category)



  • Asia Pacific (By Category, Gender, Distribution Channel, and Country)

    • China (By Category)

    • India (By Category)

    • Japan (By Category)

    • South Korea (By Category)

    • Australia (By Category)

    • Rest of Asia Pacific (By Category)



  • South America (By Category, Gender, Distribution Channel, and Country)

    • Brazil (By Category)

    • Argentina (By Category)

    • Rest of South America (By Category)



  • Middle East & Africa (By Category, Gender, Distribution Channel, and Country)

    • South Africa (By Category)

    • UAE (By Category)

    • Saudi Arabia (By Category)

    • Rest of the Middle East & Africa (By Category)




Cosmetics Market
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  • 2022
  • 2019-2021
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