Global Cosmetics Market – Industry Trends and Forecast to 2031

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Cosmetics Market Analysis and Size

New formulations and technologies continually reshape the cosmetic industry, offering benefits such as enhanced efficacy, sustainability, and safety. Advancement drives consumer satisfaction through improved products, while benefiting companies with increased market share and brand loyalty. This dynamic cycle propels the cosmetics market forward, catering to evolving consumer preferences and societal demands.

The global cosmetics market size was valued at USD 268.97 billion in 2023, is projected to reach USD 422.27 billion by 2031, with a CAGR of 5.80% during the forecast period 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.

Report Scope and Market Segmentation

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Market Definition

Cosmetics are products used to enhance or alter one's appearance, primarily focusing on skin, hair, and overall aesthetic appeal. They encompass a wide range of items such as makeup, skincare, hair care, and fragrances. Cosmetics are often used for personal grooming, self-expression, and to boost confidence. They can come in various forms including creams, powders, lotions, and sprays, catering to diverse beauty needs.

Cosmetics Market Dynamics

Drivers

• Social Media Influence in Promoting Beauty Standards and Trends

Social media significantly impacts the cosmetics market by shaping beauty ideals and trends. Platforms showcase diverse beauty standards, while influencers wield considerable influence over consumer preferences. For instance, a makeup tutorial video featuring a popular beauty influencer can spark a surge in demand for specific products, illustrating how social media seamlessly links trends and consumer preferences, shaping the dynamic landscape of the beauty industry.

• Demographic Shifts Demand for Anti-Aging and Skincare Products

The cosmetics market experiences a surge in demand for anti-aging and skincare products due to aging populations seeking specialized solutions. Concurrently, Millennials and Gen Z, emphasizing self-expression, redefine beauty standards, propelling innovation. This trend leads to a diverse range of inclusive products tailored to varying age groups' evolving preferences, fostering a dynamic market. For instance, specialized anti-aging serums and makeup lines catering to diverse skin tones exemplify this industry response to demographic shifts.

Opportunities

• Customization and Personalization Engage Consumers

The cosmetic market benefits from the trend of customization and personalization, offering brands a chance to connect with consumers through tailored products. Utilizing technology, companies can create personalized skincare regimens or makeup shades, enhancing the consumer experience and building brand loyalty. Through catering to individual preferences, brands stand out in a crowded market, meeting the rising demand for unique beauty solutions. For instance, offering custom foundation shades to match diverse skin tones fosters inclusivity and customer satisfaction.

• Growing Demand for Sustainable and Eco-Friendly Beauty Products

The cosmetics sector witnesses a surge in the desire for sustainable and eco-conscious beauty items, presenting a substantial opportunity for environmentally mindful brands. Consumers are actively seeking products that align with ethical and eco-friendly principles, paving the way for companies that prioritize sustainability. Through crafting innovative solutions such as biodegradable packaging, responsibly sourced ingredients, and eco-conscious manufacturing, brands can cater to this burgeoning demand for sustainable beauty choices, securing their place in the market.

Restraints/Challenges

• Price Sensitivity Among Consumers in Economic Downturns

During economic downturns, consumers prioritize essentials over non-essentials such as cosmetics, leading to decreased beauty product purchases. This heightened price sensitivity reduces market growth, posing challenges for cosmetic companies. Declining demand results in slower market expansion, highlighting consumer price sensitivity as a key restraint in the cosmetics industry during times of financial uncertainty.

• Regulatory Compliance for Ingredient Safety and Testing

Stringent regulatory standards necessitate extensive ingredient testing and safety protocols, elongating product development timelines and raising costs. This hampers market growth by slowing new product introductions. Compliance hurdles delay in cosmetics marketing initiatives, curtailing the industry's agility in addressing changing consumer preferences and trends, thus obstructing market expansion.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In June 2023, Vellvette Lifestyle Private Limited, trading as Sugar Cosmetics, expanded by opening its first offline stores in Bengaluru, located in Orion Mall. Spanning 400 square feet, the move signifies the brand's strategic foray into offline retail, aiming to engage customers in a brick-and-mortar setting and broaden its market reach
• In January 2023, Maybelline New York launched the Fit Me Fresh Tint foundation, a versatile 2-in-1 product blending makeup and skincare benefits. Enriched with pigments, vitamin C, and SPF 50, the foundation caters to consumer preferences for multifunctional and protective beauty solutions suitable for everyday wear
• In June 2022, L'Oreal reintroduced Lancôme, its luxury beauty brand, in India to meet the escalating demand for high-end personal care products. Capitalizing on the country's growing market trend for premium beauty offerings, the relaunch targets consumers seeking luxurious experiences within India's beauty and personal care segments
• In November 2021, The Estée Lauder Companies Inc. and Florida A&M University launched a collaborative talent and development program focused on nurturing the next generation of black beauty professionals in travel retail. Through an exclusive internship and scholarship initiative, the program underscores their commitment to diversity and inclusion within the beauty industry
• In September 2021, Coty Inc. announced a partnership with Perfect Corp. to integrate AI and AR technologies into its cosmetics brands digital marketing toolkits. By leveraging advanced technologies for virtual try-on experiences and innovative marketing strategies, the collaboration aims to elevate the consumer experience within Coty's cosmetic product lines

Cosmetics Market Scope

The market is segmented on the basis of product type, nature, category, packaging type, distribution channel, form and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Skin Care
  • Masks
  • Moisturizers
  • Body Lotions
  • Toner
  • Cleansing Cream
  • Facial Remover
  • Sunscreens
  • Body Wash
  • Night Serum
  • Day Cream
  • Hand and Foot Creams
  • Others
• Hair Care
  • Shampoo
  • Conditioners
  • Hair Color
  • Type
  • Hair Dyes And Colors
  • Hair Bleaches
  • Hair Tints
  • Others
  • Hair Type
  • Normal
  • Oily
  • Dry
  • Serums
  • Oil
  • Sprays
  • Others
• Make Up
  • Lipstick
  • Eye Shadows
  • Mascara
  • Foundation
  • Bronzer
  • Blush
  • Others
    • Deodorants and Fragrances
    • Others
• Nature
  • Inorganic
  • Organic

Form

• Creams and Gels
• Lotions
• Sprays
• Solid
• Others

Category

• Mass Product
• Premium Product
• Professional Product

Packaging Type

• Bottles And Jars
• Tubes
• Containers
• Pumps and  Dispensers
• Sticks
• Aerosol Cans
• Pouches
• Blisters And Strip Packs
• Others

Distribution Channel

• Offline
  • Specialty Stores
  • Supermarkets/Hypermarkets
  • Pharmacies
  • Salons
  • Others
• Online

End-User

• Women
• Men
• Unisex
• Kids

Cosmetics Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by product type, nature, category, packaging type, distribution channel, form and application as referenced above.

The countries covered in the market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

Europe is expected to dominate the cosmetics market, led by Germany's stronghold in the sector. Heightened consumer interest in organic products propels this dominance, reflecting a trend towards eco-conscious choices. The market responds with natural and sustainable beauty solutions, aligning with German consumers' preferences.

North America is expected to grow in the cosmetics market, with the U.S. securing the second-largest share, propelled by a multitude of influential players. This dominance stems from robust consumer demand, innovation, and strategic market penetration, solidifying the region's position as a key hub for cosmetic industry growth.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Cosmetics Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are:

• Procter & Gamble (U.S.)
•  L'Oréal Paris (France)
•  Estée Lauder (U.S.)
•  Coty Inc. (U.S.)
•  Shiseido Company, Limited (Japan)
•  Colgate-Palmolive Company (U.S.)
•  Kao Corporation (Japan)
• Unilever (U.K.)
•  AMOREPACIFIC US, INC. (South Korea)
•  Johnson & Johnson Services, Inc. (U.S.)
•  Revlon (U.S.)
•  LMVH (France)
•  Oriflame Cosmetics Global SA (Switzerland)
•  Henkel AG & Co. KGaA (Germany)
•  Mary Kay (U.S.)
•  Natura&Co (Brazil)
•  CHANEL (France)
•  KOSÉCorporation(Japan)

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