Key Takeaways.
Skincare segment, by product, will have a market share of 41% in 2021.
Hair care segment to grow at a CAGR of 6.4% from 2022 to 2030.
Fragrance segment to grow at a CAGR of 4.6% from 2022 to 2030.
By end-use, the female segment will have the largest revenue share of about 61% in 2021.
The male segment is expected to grow at a CAGR of 5.9% from 2022 to 2030.
The offline segment, by distribution channel, generates 76% of the revenue share in 2021.
The online segment is projected to grow at a CAGR of 6.3% during the forecast period of 2022 to 2030.
Growth Factors
Rapid changes in global lifestyle are the major factors driving the global cosmetics market. Moreover, changing climatic conditions in diverse regions such as North America, Europe and Asia Pacific, and LAMEA are influencing the demand for cosmetics and skin care products. Moreover, global per capita income has grown significantly over the past few years, especially in emerging countries. Increasing urbanization and growth of middle class consumers in developed and developing regions have encouraged the adoption of convenience-oriented lifestyles and made cosmetics more popular among consumers of all ages, especially the youth.
Moreover, increasing demand for natural cosmetic products is the current trend in the market. manufacturers such as Patanjali, Emami, Loreal, Procter & Gamble Company, The Estee Lauder Companies Inc. continue to indulge in the production of cosmetic products with herbal and natural ingredients. Moreover, rising awareness among men regarding personal grooming and hygiene is further driving the growth of the market. Increased regressive promotions and advertisements by manufacturers through social media platforms such as Instagram, Facebook, and YouTube have played an important role in the market growth. However, Covid-19 has negatively impacted the global cosmetic market as embargoes and curfews are imposed across the globe. Moreover.
In addition, social commerce is booming in the context of e-commerce growth. Social commerce helps consumers interact with brands or purchase products and services. In addition, live streaming has become an important social commerce tool for the cosmetics community, increasing significantly with the Covid-19 crisis. According to Google, during the Covid-19 crisis, nearly 70 percent of millennials watched online tutorials on YouTube. In addition, online advertising has increased significantly as it helps to better reach customers during renter time.
Cosmetic Market Report Scope
Based on category, the cosmetics market is segmented into skin care and sun care products, hair care products, deodorants and fragrances, and makeup and color cosmetics. Skin and sun care products hold the major market share during the forecast period. However, hair care products are expected to grow at the highest CAGR.
Category Insights
Based on category, the cosmetics market is segmented into skin care and sun care products, hair care products, deodorants and fragrances, and makeup and color cosmetics. Skin and sun care products hold the major market share during the forecast period. However, hair care products are expected to grow at the highest CAGR.
Skin care is an umbrella term for sun protection, facial care, body care, and hand care products that fall under the same category. Due to the overall awareness of the skin, women mainly use skin care products compared to men. Manufacturers are now using new technologies such as nanogold and nanobody technology or nanoparticles to produce new skin care products. These nanoparticles help keep the skin more youthful and provide security against harmful UV rays.
In addition, the hair care segment of hair care products has entered a steady growth period. Hair care products continue to be a dynamic factor as both men and women use them regularly. Consumers are increasingly preferring spa and salon hairstyles, which has led to an increase in demand for hair care products.
By Gender
Based on gender, the cosmetics market is segmented into men, women, and unisex. The female segment market share is expected to grow at a significant CAGR during the forecast period. Moreover, the global cosmetics market is growing steadily due to increasing beauty awareness among women. Moreover, the increase in young and female working population is expected to further drive the market growth.
The North American market is a mature market that includes countries such as the U.S., Canada, and Mexico. Increasing population and improving lifestyles are the major factors driving the growth of the cosmetics market. Increasing purchasing power in the region is the major factor contributing to the growth of the cosmetics market. Moreover, increasing awareness among men regarding personal grooming further drives the sales of cosmetic products. Moreover, cosmetic products for both men and women such as deodorants are gaining popularity in the region due to the associated benefits. This, in turn, is further driving the growth of the cosmetics market.
Key Company Profiles
The global cosmetics market is characterized by the presence of various large and small players. The major market players include Avon Products, Kao Corporation, L’Oreal Corporation, Oriflame Cosmetics, Revlon Corporation, Shiseido Limited, Skin Foods Limited, Estee Lauder Companies, Procter & Gamble Company, Inc. and Unilever Plc. Since the market is competitive by nature, players indulge in strategic initiatives such as mergers, new products, and acquisitions to increase their competitive share.
