Artificial Intelligence
Cosmetics Market Size to Reach $415.29 Billion by 2028 | Industry to Generate 5.0% CAGR during (2021-2028)
Pune, India, Jan. 17, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the global cosmetics market size is expected to gain momentum by reaching USD 415.29 billion by 2028 from USD 287.94 billion in 2021 while exhibiting a CAGR of 5.0% between 2021 to 2028. In its report titled, “Cosmetics Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 277.67 billion in 2020.
In recent times, the demand for makeup and skincare products has surged dramatically. Both men and women use it to enhance their overall appearance. The industry offers a wide variety of products, such as hair care, face care, lip care, and others. Additionally, the increasing demand for anti-aging creams and serums and the development of advanced tools and innovative packaging is attracting consumers. Besides, the new trend of personalized products for a specific person, based on their hair type, skin tone & texture, and eye color, is generating traction. The manufacturers are also trying to grab consumers’ attraction by coming up with sustainable packaging and chemical-free products to cater to the demand of every individual.
Further, a rapid shift towards online channels was seen, as the retail stores were closed. According to L’Oréal’s 2020 annual results published in February 2021, the company’s sales increased by 62% for e-commerce across all divisions and all regions, accounting for about 26.6% of the total company’s sales for 2020.
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Cosmetics Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.0% |
| 2028 Value Projection | USD 415.29 Billion |
| Base Year | 2020 |
| Cosmetics Market Size in 2020 | USD 277.67 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 125 |
| Segments Covered | By Category, By Gender, By Distribution Channel, By Region |
| Cosmetics Market Growth Drivers | Rising Awareness Regarding Health, Hygiene, and Grooming to Fuel Demand |
| Adoption of Sustainable Cosmetics to Drive Market Growth |
Fortune Business Insights™ lists out all the cosmetics market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- L’Oréal S.A. (Paris, France)
- Unilever (London, U.K.)
- Procter & Gamble Co. (Ohio, US)
- The Estée Lauder Companies Inc. (New York, U.S.)
- Beiersdorf AG (Hamburg, Germany)
- Shiseido Co., Ltd. (Tokyo, Japan)
- Coty Inc. (New York, U.S.)
- Natura & Co. (São Paulo, Brazil)
- Kao Corporation (Tokyo, Japan)
- Johnson & Johnson Services, Inc. (New Jersey, U.S.)
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
Driving Factors
Availability of Customized Beauty & Skincare Products to Drive Market Growth
In recent times, demand for personalized skincare, hair care is promoting manufacturers on introducing personalization and digitalization in cosmetic products to increase customers. For instance, in February 2020, L’Occitane Group announced the launch of its new range of personalized range called Duolab. The range has a countertop device that functions artificial intelligence (AI) technology. This device helps in finding out one’s skin condition to provide it a face care solution in the form of freshly blended cream. Therefore, increased awareness regarding grooming coupled with technological advancements is expected to support the cosmetics market growth in upcoming years.
Market Segmentation:
By category, the market is segmented into hair care, skincare, makeup, and others. By gender, it is bifurcated into men and women. By distribution channel, it is divided into specialty stores, hypermarkets/supermarkets, online channels, and others. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.
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https://www.fortunebusinessinsights.com/cosmetics-market-102614
Regional Insights
Asia Pacific to Dominate the Market Backed by Increasing Urbanization and Standard of Living
Asia Pacific is expected to dominate with market size of USD 102.55 billion in 2020. Increasing urbanization & standard of living, growing number of working women, and rising middle-class population are the key contributing factors for the growth of the market in this region.
North America on the other hand is expected to witness positive growth owing to the rising disposable income and high spending power of the population in the region. Additionally, an increasing number of beauty product stores in the region is also one of the major flourishing factors for the growth of the market during the forecast period. For instance, in February 2020, one of the largest cosmetics retail store Sephora announced its expansion plans, that included the opening of around 100 new stores across the North America region by 2020.
COVID-19 Impact
The cosmetic industry was negatively impacted by the COVID-19 pandemic. The manufacturers witnessed a decline in their sales, and the consumers’ purchasing patterns also witnessed a change. For instance, Estee Lauder’s report published in April 2020 stated that most of the retail stores had to be closed since mid-March 2020 across its operating regions, including The Americas and Europe, and the Middle East & Africa. Moreover, the company production unit in Whitman, the U.K., started manufacturing hand sanitizers under the company’s brands Jo Malone London.
Competitive Landscape
Key Players to Focus on Partnerships and New Launches to Strengthen Market Growth
This market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players’ market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Cosmetics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Category (Value)
- Hair Care
- Skin Care
- Makeup
- Others
- By Gender (Value)
- By Distribution Channel (Value)
- Specialty Stores
- Supermarkets/Hypermarkets
- Online/e-commerce Channels
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Category (Value)
TOC Continued…!
Below are the industry developments:
- January 2020: Natura &Co announced the acquisition of Avon Products, Inc. Avon offers beauty and personal care products. Through this acquisition, Natura aims to expand its product portfolio.
- February 2021: Revlon made a partnership with MDR Brand Management to come up with new cosmetics products and increased consumer engagement across the EMEA, APAC, and America.
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Frequently Asked Questions (FAQs):
1. Is the Cosmetics Industry growing?
Answer: Fortune Business Insights says that the global market size was USD 277.67 billion in 2020 and is projected to reach USD 415.29 billion by 2028.
2. Who are the key players in the Cosmetics Market?
Answer: LOreal Professional, Unilever, Procter & Gamble, and Estée Lauder Inc. are the leading players in the market.
3. What are Key Factors Raising the Market?
Answer: The rising awareness regarding health, hygiene, and grooming is the key driving factor.
Check out more Related Insights by Fortune Business Insights:
Anti-aging Cosmetics Market Size Assessment (2019-2026) | 5.8% CAGR to Garner USD 60.26 Billion by 2026
Skincare Market Size to Surpass USD 145.82 Billion by 2028 | At 5.52% CAGR
Hair Care Market Size to Hit USD 112.97 Billion by 2028 | Industry to Generate 5.6% CAGR during (2021-2028)
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