Cosmetics Market Size to Hit USD 0.4 billion by 2030 at 5.34% CAGR - Report by Market Research Future (MRFR)
Cosmetics Market Research Report Trends and Insights Information By Product Type (Skin Cosmetics, Hair Cosmetics, Nail Cosmetics, Eye Cosmetics And Others), By Category (Organic & Natural And Conventional), By Distribution Channel (Store-Based And Non-Store-Based), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Competitive Market Growth, Size, Share and Forecast to 2030.
/EIN News/ -- New York, US, March 13, 2023 (GLOBE NEWSWIRE) -- Cosmetics Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Cosmetics Market Information By Product Type, Category, Distribution Channel, And Region - Forecast till 2030"; the market will reach USD 0.4 billion by 2030 at a 5.34% CAGR.
Market Synopsis
One of the key reasons driving the market growth during the forecast period is the significant expansion in the acceptance of skincare and personal care products, along with the rise in the aging population worldwide. Because they can improve a person's look and benefit personality, cosmetics products have evolved into necessities in life. Several international businesses have been in charge of producing such things. To meet the end-users’ specific needs, they provide a wide range of goods, such as those for the care of the face, hair, and lips, among others. Also, consumers are drawn to the growing number of anti-aging product launches and the creation of simple packaging and small, portable containers. Each person has a unique hair type, skin color, eye color, and lip shape. As a result, producers are putting more effort into creating and maintaining a broad range of products that may satisfy each person's unique needs.
Rising styles and considerable product innovation in hair color and other skincare products' formulations and packaging all contribute to the market's expansion. Manufacturers are altering their product marketing and advertising techniques to increase sales in numerous nations. Manufacturing companies have introduced new goods with all-natural components and appealing packaging as well as other cutting-edge strategies to increase sales of their skincare products. Because cosmetics have become a necessity in people's lives, consumers, particularly women, desire to use cosmetics that are lightweight and convenient to use while commuting or attending social events. Also, using natural ingredients to make cosmetic products that don't hurt the skin is a typical strategy used by manufacturers to attract more clients. However, it is projected that the negative effects of regular usage of cosmetic products brought on by hazardous chemicals will restrain market growth over the projection period.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 0.4 billion |
| CAGR | 5.34% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Category, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | demand for natural cosmetics |
| rising male awareness of personal grooming and cleanliness |
Market Competitive Landscape:
The illustrious contenders in the cosmetics market are:
- Revlon Inc. (US),
- Kao Corporation (Japan),
- Coty Inc. (US),
- Avon Products Inc. (UK),
- Amway Corporation (US),
- Procter & Gamble Co. (US),
- L'oréal Group (France),
- The Estée Lauder Companies Inc. (US),
- Shiseido Co. Ltd. (Japan),
- Beiersdorf AG (Germany),
- Skinfood (South Korea)
Market U.S.P. Covered:
Market Drivers:
Also, it is anticipated that during the forecast period, there will be a considerable increase in brand awareness and the impact of cosmetic items through social platforms. Consumers' preference for organic cosmetics over chemical-based cosmetics is supported by the growing knowledge of cosmetics products and their beneficial effects on the skin, further driving the market's expansion. Celebrities and millennials have a sizable appetite for fragrance items, contributing to the market's expansion throughout the projection period. The growing consumer preference for natural products, combined with growing knowledge of natural ingredients-based products and their impact on the body, is driving the market's expansion.
Due to the older population's increased usage of anti-aging products, including lotions and hair dye, to change their hair color, the market is also experiencing tremendous growth. With more and more consumers interested in exclusively purchasing chemical-free items, "returning to original nature" is becoming a fashion statement. The demand for organic and natural cosmetics is increasing as people become more aware of the risks to their health and the perils of harmful chemicals in non-organic goods. Because they are safe and non-toxic, products made with naturally derived substances are becoming more and more popular all over the world. Due to public awareness of sustainability development, there will likely be a rise in the demand for eco-friendly items shortly. This is due to growing public knowledge of the harmful impact that synthetic chemicals have on human health and the environment.
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Market Restraints:
Additives, pigment compounds, and other synthetic compounds included in cosmetic items, as well as other additives, can have harmful consequences for the body, including allergic reactions, the development of black spots, acne, or discoloration. This can be ascribed to the body's ongoing accumulation of hazardous substances due to exposure to these goods for an extended period. These concerns are also causing consumers to favor cosmetic procedures that can permanently improve their appearance and enable them to stop using beauty products regularly. In addition, other harmful compounds in hair color may have unintended consequences like mild tingling, burning and itching, allergic reactions, blisters, and rashes. As a result, throughout the forecast period, the adverse effects and reactions brought on by certain chemicals used in cosmetics are projected to restrain the expansion of the worldwide cosmetics market. Thus, it is anticipated that growing consumer knowledge of the negative consequences of cosmetic goods will limit the expansion of the cosmetics business.
COVID 19 Analysis
Due to the disruption of the distribution chain, manufacturing, and governmental restrictions on opening retail stores worldwide, the COVID-19 pandemic has had a detrimental effect on the cosmetics sector worldwide. The COVID-19 scandal shocked the cosmetics sector and caused a sharp fall in the need for cosmetics. However, the rigorous lockdown and extensive store closures have drastically altered customer buying behavior across the personal care and beauty sectors. Also, the COVID-19 pandemic resulted in a drop in cosmetic product sales revenue for the market's leading participants, which had a further negative effect. However, due to renewed operations, sales, commerce, and manufacturing worldwide, the global cosmetics market is anticipated to rebound and grow highly.
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Market Segmentation
By category, the market includes dairy-based and non-dairy-based. By product type, the market includes skin, hair, nail, and eye cosmetics. By flavor type, the market includes organic and natural. By distribution channel, the market includes store-based and non-store based.
Regional Insights
One of the important reasons for developing the cosmetics industry in North America is the leading manufacturers' expansion of their product portfolios for cosmetics. Another important element that is anticipated to benefit the expansion of the North American cosmetics industry is the development of the product line. Asia-Pacific led the revenue share, with about half of the market's revenue coming from this region. The main drivers of market expansion are the rising consumer expenditure on cosmetics and personal care items and the rising popularity of high-end cosmetics brands among local celebrities. Additionally, the expanding industrial growth is further supported by the notable increases in per capita income in rising nations like China, India, and others. Also, during the forecast period, the personal care sector in emerging nations is expected to rise significantly, creating considerable chances for the market to expand.
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Premium Cosmetics Market Research Report: Information by Product Type [Face Products (Foundation, Face Powder, Contouring Products, and Others), Eyes Products (Eyeshadow, Mascara, Eyeliners, and Others), and Lip Products (Lipsticks, Lip balm, and Others)], Distribution Channel [Store-Based (Hypermarkets and Supermarkets, Specialty Stores, and Others) and Non-Store-Based] and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030
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