IMARC Group, a leading market research company, has recently released a report titled “Cosmetics Market Report by Product Type (Skin and Sun Care Products, Hair Care Products, Deodorants and Fragrances, Makeup and Color Cosmetics, and Others), Category (Conventional, Organic), Gender (Men, Women, Unisex), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Pharmacies, Online Stores, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the cosmetics market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global cosmetics market size reached US$ 400.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 618.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
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Factors Affecting the Growth of the Cosmetics Industry:
- Increasing Consumer Awareness and Demand for Natural and Organic Products:
The rising consumer awareness regarding the potential adverse effects of synthetic ingredients and chemicals is one of the major factors boosting the market growth. Moreover, the ongoing shift in consumer preference towards natural and organic alternatives, bolstered by an increasing number of reports and studies that highlight the long-term benefits of using products with natural ingredients, is contributing to the market growth. Additionally, the growing demand for products that are free from harmful chemicals such as parabens, sulfates, and phthalates as consumers become more conscious of the ingredients in their cosmetics is positively impacting the market growth.
- Rapid Technological Advancements and Innovation in Product Development:
The burgeoning integration of cutting-edge technology in the formulation and manufacturing processes that enable brands to create highly effective and targeted products is creating a positive outlook for the market. In line with this, rapid advancements in biotechnology and dermatology, leading to the development of cosmeceuticals, which blend cosmetic and pharmaceutical benefits that offer enhanced efficacy and therapeutic properties, are catalyzing the market growth. Besides this, the growing consumer demand for products that provide tangible results and address specific skin concerns, such as aging, acne, and hyperpigmentation, is contributing to the market growth.
- Expansion of E-commerce and Digital Marketing Strategies:
The widespread expansion of e-commerce and the implementation of sophisticated digital marketing strategies are crucial factors driving the market growth. In line with this, the ongoing shift towards online shopping, owing to the convenience of shopping from home, coupled with the availability of a vast array of products, is fueling the market growth. E-commerce platforms provide consumers with easy access to product information, reviews, and comparisons, enabling informed purchasing decisions. Moreover, the rising popularity of influencer marketing, brand collaborations, and user-generated content on social media platforms to engage with target audiences is enhancing the market growth. These platforms allow brands to reach a broader audience, create buzz around new product launches, and build a strong online presence.
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Cosmetics Market Report Segmentation:
By Product Type:
- Skin and Sun Care Products
- Hair Care Products
- Deodorants and Fragrances
- Makeup and Color Cosmetics
- Others
Skin and sun care products represented the largest segment due to increasing consumer focus on skincare routines and sun protection.
By Category:
- Conventional
- Organic
Conventional products accounted for the largest market share as they offer a wide range of affordable and readily available options.
By Gender:
- Men
- Women
- Unisex
Women represented the largest segment as they traditionally have higher spending on beauty and personal care products.
By Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Pharmacies
- Online Stores
- Others
Supermarkets and hypermarkets accounted the market share as they provide convenient access to a broad variety of products in a single location.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America's dominance in the cosmetics market is attributed to high consumer spending power and advanced retail infrastructure.
Global Cosmetics Market Trends:
The growing demand for multifunctional products that offer multiple benefits in a single application, such as skincare, makeup, and sun protection, is catalyzing the market growth. Besides this, the rise of gender-neutral and inclusive beauty products, recognizing the importance of catering to a diverse customer base by offering products that transcend traditional gender norms and celebrate inclusivity, is acting as a growth-inducing factor. Additionally, the growing interest in beauty devices and tools that enhance the efficacy of cosmetic products, such as facial rollers, light-emitting diode (LED) masks, and microcurrent tools, is enhancing the market growth.
Top Companies Operated in Cosmetics Industry:
- Amway Corp
- Avon Products Inc.
- Beiersdorf AG
- Henkel AG & Co. KGaA
- Kao Corporation
- L'Oréal S.A.
- Oriflame Cosmetics AG
- Procter & Gamble Company
- Revlon Inc. (MacAndrews & Forbes Incorporated)
- Shiseido Company Limited
- Skinfood Co. Ltd.
- The Estée Lauder Companies Inc
- Unilever plc
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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