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Cosmetics Industry to Worth USD 415.29 Billion by 2028 | With a 5% CAGR

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Pune, India, May 25, 2023 (GLOBE NEWSWIRE) — The global cosmetics industry was valued at USD 277.67 billion in 2020 and is projected to grow from USD 287.94 billion in 2021 to USD 415.29 billion in 2028, exhibiting a CAGR of  5% during the 2021-2028 period.

In recent times, 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.

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List of Key Players Profiled in the Cosmetics Industry Report:

  • 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.)
  • L’Oréal S.A. (Paris, France)
  • Unilever (London, U.K.)
  • Procter & Gamble Co. (Ohio, US)

Report Scope & Segmentation:

Report Attributes Details
Forecast Period 2021-2028
Forecast CAGR 5.0%
2028 Value Projection USD 415.29 Billion
Market Size in 2020 USD 277.67 Billion
Historical Data 2017-2019
No. of Pages 125
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered
  • By Category
  • By Gender
  • By Distribution Channel
  • By Region
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Cosmetics Industry Growth Drivers Adoption of Sustainable Cosmetics to Drive Market Growth
Rising Awareness Regarding Health, Hygiene, and Grooming to Fuel Demand

Browse Detailed Summary of Research Report with TOC:

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

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. 

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.

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.

Factors Affecting the Growth of the Cosmetics Market:

There are several factors that can affect the growth of the Cosmetics Market. Some of these factors include:

  • Increasing Disposable Income: Rising disposable income levels among consumers, particularly in developing countries, have contributed to the growth of the cosmetics market. As people have more money to spend on non-essential items, they are willing to invest in cosmetics and personal care products.
  • Changing Consumer Preferences: Consumer preferences have shifted towards a greater focus on personal grooming, beauty, and self-care. There is a growing demand for cosmetics that enhance physical appearance and cater to specific skin types or concerns. This change in preferences has fueled the growth of the cosmetics industry.
  • Influence of Social Media and Influencers: The advent of social media platforms and the rise of beauty influencers have had a significant impact on the cosmetics market. Consumers now have access to a wide range of beauty-related content, product reviews, and tutorials. Social media platforms provide a platform for cosmetic brands to engage with their target audience and promote their products, leading to increased sales.
  • Technological Advancements: Advancements in technology have revolutionized the cosmetics industry. Innovations such as improved formulations, advanced manufacturing processes, and product customization options have expanded the product offerings and improved the quality of cosmetics. Technological advancements also enable companies to market their products more effectively, reach a wider audience, and provide personalized recommendations.
  • Growing Men’s Grooming Segment: The men’s grooming segment has witnessed substantial growth in recent years. Men are increasingly conscious of their appearance and are willing to invest in grooming products. Cosmetic companies have recognized this trend and have launched specific product lines targeting the male demographic, contributing to the overall growth of the cosmetics market.
  • Increasing Awareness of Health and Wellness: There is a growing awareness among consumers about the importance of maintaining healthy skin and overall well-being. This has led to an increased demand for cosmetics that contain natural and organic ingredients, are free from harmful chemicals, and offer skincare benefits. The focus on wellness and sustainability has prompted cosmetic companies to develop and promote products that align with these values.
  • Expansion of E-commerce: The rise of e-commerce has significantly impacted the cosmetics industry. Online platforms provide consumers with convenience, a wider product selection, and the ability to compare prices and reviews. E-commerce has opened up new market opportunities for cosmetic brands, especially small and niche players, enabling them to reach global consumers and compete with established brands.
  • Urbanization and Globalization: Rapid urbanization and globalization have influenced the growth of the cosmetics market. As more people move to urban areas and experience exposure to global beauty trends, their demand for cosmetics increases. Cosmetics brands are expanding their presence in urban centers and leveraging global marketing strategies to cater to this growing consumer base.

These factors collectively contribute to the growth and evolution of the cosmetics market, making it a dynamic and competitive industry.

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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 industry statistics 2020 growth in upcoming years.

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, which included the opening of around 100 new stores across the North America region by 2020.

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.

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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

TOC Continued…!

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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.

Read Related Insights:

Makeup Market to Hit USD 58.15 Billion by 2030 | With a CAGR 4.9%

Skincare Industry to Worth USD 145.82 Billion by 2028 | With a 5.52% CAGR

Hair Care Market to Hit USD 112.97 Billion by 2028 | With a CAGR 5.6%

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AUTOCANADA ANNOUNCES PROMOTIONS AND EXPANDS LEADERSHIP TEAM

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AutoCanada Inc. (“AutoCanada” or the “Company”) (TSX: ACQ), a multi-location North American automobile dealership group, announced key promotions and additions to its leadership team.

Jeff Thorpe, who joined the Company as President, Canadian Operations in April 2022, will have responsibility for all operations in North America as President, North American Operations.  Brian Feldman, who joined as Senior Vice President, Canadian Operations and Disruptive Technologies in April 2022, has been appointed as Chief Operating Officer of the Company.

“Jeff and Brian have proven themselves over the last year and have been instrumental in driving our strong performance through their focus on operational initiatives in Canada.  We are very pleased to provide Jeff with the increased responsibility of oversight over our U.S. operations, in addition to Canadian operations, and to appoint Brian as the Chief Operating Officer of the Company,” said Paul Antony, Executive Chairman of the Company.

In addition, Drew Forret will be appointed as Chief Administrative and Transformation Officer and Michael Fera will join as Vice President, Financial Planning and Analysis, each effective in the fourth quarter of 2023.  These new roles will support the Company’s renewed focus on fiscal discipline.

“We are very excited to welcome Drew and Michael to the AutoCanada team.  Drew and Michael’s significant and proven experience in driving high-performance business cultures with scalable best practices and fiscal discipline will be invaluable for AutoCanada as we continue on the next leg of our journey,” said Mr. Antony.

Drew has over 20 years of experience focusing on the leadership and scaling of growth-based organizations.  He most recently held the position of Chief Operating Officer and Chief Financial Officer of Voices, a platform that connects businesses with professional voice talent.  Prior to Voices, Drew was the Chief Operating Officer and Chief Financial Officer of CarProof, a provider of vehicle history reports, and President of Activplant, an originator of manufacturing intelligence software.  Michael has over a decade of experience in financial planning and analysis.  He joins us from Tim HortonsCanada’s leading quick-service restaurant chain, where he served as Head of Finance for the Canadian business.  In addition, Michael held several operational roles spanning development, franchising, non-traditional business and real estate during his tenure with Tim Hortons.

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Huawei’s Brand-New Digital and Intelligent Foundation Upgrades Aviation and Rail Industries

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SHANGHAI, Sept. 25, 2023 /PRNewswire/ — In parallel with HUAWEI CONNECT 2023, Huawei’s Aviation & Rail BU held three global summits specifically oriented to the BU’s niche.

Using an upgraded digital and intelligent foundation, Huawei dives deep into a wide variety of industry scenarios and expedites the intelligent development of aviation and rail through multi-dimensional awareness, ubiquitous connectivity, and open platforms.
China West Airport Group (CWAG) chose Huawei to jointly develop a comprehensive intelligent transformation strategy.
According to Lin Bin, CWAG’s Deputy General Manager, his company has created 35 intelligent solutions for security, operations, services, and other scenarios using Huawei’s high-performance computing power and open intelligent platforms, as well as advanced algorithms for the industry.
For airport operations, digital and intelligent ground handling solutions forecast the real-time status of flights, passengers, and resources, as well as promptly generating warnings. They also intelligently dispatch ground handlers as needed. The solutions increase ground support efficiency by 20% and shorten the time support takes by 17%. In addition, smart airport operation solutions have introduced the optimal flight plan result model to achieve best supply-demand matching and AI-assisted operation command.
Ever-evolving technologies have brought both challenges and opportunities to enterprise digital transformation and intelligent upgrade. Li Junfeng, Vice President of Huawei and CEO of Huawei’s Aviation & Rail BU, delivered an opening speech at the global railway summit. He explained that as GSM-R gradually exits the market, the railway industry requires a next-generation mobile communications system to ensure efficiency and benefits, as well as maintain high-quality development. In response, Huawei is thinking about how it can leverage AI to better serve the railway industry, and have built practices and made remarkable achievements during its journey.
Huawei teamed up with Huitie Technology to develop the Smart Railway TFDS Solution, which uses the Pangu Railway Model with 3 billion parameters. The solution covers all TFDS scenarios and effectively identifies over 430 types of faults on 67 vehicle models with a comprehensive fault identification rate exceeding 99.3%. It ensures near-zero missed inspections for critical faults and triples the operational efficiency.”
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Hexagon’s Sixth Sense Announces Nine Startups to Transform Manufacturing Sustainability and Digital Reality

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Selected innovators leading the charge in reshaping manufacturing for a sustainable future
COBHAM, England, Sept. 25, 2023 /PRNewswire/ — Today, Hexagon’s Manufacturing Intelligence division announced the nine manufacturing startups chosen for its third Sixth Sense cohort. The selected companies were chosen from a highly competitive pool of hundreds of applicants, distinguishing themselves with groundbreaking solutions addressing critical manufacturing challenges, with a focus on sustainability and digital reality.

The selected startups, which hail from seven countries, bring unique approaches to some of today’s most critical manufacturing challenges, such as improving product sustainability, eliminating waste, capturing real-time data, automating design, and incorporating cobots into production lines. As part of the Sixth Sense program, they will gain access to Hexagon’s invaluable market insights, accumulated over decades of collaboration with industry-leading technology giants, which will accelerate their journey to commercial success.
Hexagon, the industrial software leader that plays a pivotal role in manufacturing 90% of aircraft, 75% of smartphones, and 95% of all automobiles worldwide, launched Sixth Sense in January 2022. This initiative is designed to nurture startups within the manufacturing industry by supporting them with Hexagon’s extensive resources.
The nine startups are:
Acerta Analytics, Canada: Acerta Analytics provides advanced analytics solutions that leverage machine learning and artificial intelligence (ML/AI) to turn complex product data into actionable insights. The solution enables automakers and suppliers of complex vehicle parts to improve quality in manufacturing processes and supports early defect detection.Circularise, Netherlands: Circularise offers digital product passports for end-to-end traceability and secure data exchange in industrial supply chains. Its technology helps companies achieve transparency and sustainability by tracking the lifecycle of products and materials.Dessia, France: Dessia offers a platform featuring virtual “bots” that serve as companions to assist engineers in designing mechanical systems. These virtual assistants provide support and insights throughout the design process.Flexxbotics, Boston, US: Flexxbotics specialises in enabling high-mix automation-intensive manufacturers to create flexible next-generation machining environments. It utilises breakthrough FlexxCORE™ technology to seamlessly connect and coordinate collaborative robots with existing automation equipment, IT systems, and personnel to deliver autonomous process control.Launchpad, Los Angeles, US: Launchpad utilises AI and advanced simulation technologies to automate aspects of the design, procurement, and manufacturing process. Its focus is on concepts like mass customization, micro-factories, and software-defined robotics to create shorter supply chains, reduce waste, and deliver new features faster in the manufacturing industry.Rafinex, Luxembourg: Rafinex’s stochastic AI topology optimization for safe, lightweight designs. This technology actively manages uncertainty and risks of real-life variability to create uniquely robust designs that remain safe even in off-design load conditions for application in safety-critical performance sectors such as aerospace, automotive, and tooling.RV Magnetics, Slovakia: RV Magnetics has developed the world’s smallest passive sensor based on MicroWire technology. This sensor combines unique capabilities from electromechanics, electronics, chemistry, physics, applied magnetism, and industrial design, offering diverse applications.ToffeeAM, London, UK: ToffeeAM provides state-of-the-art multi-physics generative design software for engineering. Its mission is to empower engineers to optimise engineering components and systems efficiently, enabling them to go further and faster in design processes.Zaptic, Manchester, UK: Zaptic provides job instruction and collaboration tools for frontline teams, along with a no-code toolkit designed to accelerate the digital transformation of daily operations. The solutions help organizations streamline processes and improve communication among frontline workers.These startups will embark on an intensive 16-week journey as part of the Sixth Sense program, collaborating closely with Hexagon to refine their offerings. Ultimately, up to three winners will be selected from the cohort, granting them access to Hexagon’s extensive resources for global expansion, including potential funding, worldwide office space, and Hexagon’s comprehensive suite of products and services. Additionally, they will be showcased on Hexagon’s open digital reality platform for manufacturing, Nexus, providing them access to world-class companies.
“For this third cohort, we’ve been on the hunt for new innovations that enable manufacturing leaders to lead the net-zero transition – especially with sustainable product design – and we’re thrilled with the caliber of the startups we’ve found to participate,” said Josh Weiss, president of Hexagon’s Manufacturing Intelligence division. “Sixth Sense is designed to pinpoint emerging opportunities for greater innovation, and we’re thrilled to give these companies that are poised for high-growth access to resources and customers that they typically wouldn’t have at this stage in their lifecycle.”
“Hexagon’s commitment to nurturing innovation and driving sustainable manufacturing practices continues to shine through,” said Milan Kocić, head of Sixth Sense, Hexagon. “Each of these startups has demonstrated their capacity to address pressing manufacturing challenges with creativity and determination. Much like our previous cohorts have addressed critical industry challenges, we believe these innovators will play a crucial role in shaping a sustainable future for the manufacturing industry.”
About Sixth SenseHexagon technologies are used to manufacture 90% of aircraft, 75% of smartphones, and 95% of every automobile produced worldwide. It has the scale, the network, and the ambition to make a difference. As we enter the era of Industry 4.0, Sixth Sense was launched to discover smart and efficient solutions that will boost performance and benefit people and the planet. By inviting the next generation of innovators to the table, Hexagon aims to share its resources and make connections that accelerate progress – pushing the boundaries of design, manufacturing, and engineering and starting to imagine a better future for the benefit of everyone. To follow Sixth Sense, and learn about the ecosystem and opportunities for participation, visit https://sixthsense.hexagon.com/.
About HexagonHexagon is the global leader in digital reality solutions, combining sensor, software and autonomous technologies. We are putting data to work to boost efficiency, productivity, quality and safety across industrial, manufacturing, infrastructure, public sector, and mobility applications.
Our technologies are shaping production and people related ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future. Hexagon’s Manufacturing Intelligence division provides solutions that use data from design and engineering, production and metrology to make manufacturing smarter. For more information, visit hexagon.com/mi.
Hexagon (Nasdaq Stockholm: HEXA B) has approximately 24,000 employees in 50 countries and net sales of approximately 5.2bn EUR. Learn more at hexagon.com and follow us @HexagonAB.

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