Cosmetic Products Market Size & Growth Rate:
The global cosmetics market is expected to generate $ 629.8 billion by 2025, with an annualized sales return of 7.3% during the forecast period 2019-2025.
Cosmetic products are manufactured with chemical or organic substances that improve the appearance of the face whereas some of them will enhance or alter fragrance or texture of the body. Most of the products are derived from natural components like oil, and others which have effective outcomes. A person has to choose the product carefully to avoid complications. Some products may not suit the skin tone so it is a must check before using a cosmetic product. Food and Drug Administration (FDA) has regulated the use of cosmetics for cleansing, beautifying and altering the appearance by not affecting the body’s functions.
Rise in the consciousness towards beauty especially among women is major factor driving the demand of the market. Increasing awareness over the utilization of various cosmetic products is also to propel the growth rate of the market. The cosmetic products market is accelerated by growing prevalence for the launch of quality products by using organic substances as raw materials that have effective results among users. Rising disposable income in urban areas is also propelling the growth rate of the market.
However, fluctuations in the availability of raw materials are quietly restricting the demand of the market. Rising prices of final products that are made up of organic substances is also an attribute hampering the growth of the cosmetic product market. The use of the products regularly will lead to side effects such as itching, ache, and pigmentation. This is remained a challenging factor for market developers. Lack of standardization is inhibiting the demand of the market.
Increasing focus on using cosmetic products to look young in aging people is greatly boosting up the cosmetic industry across the world and this is solely to set up growth opportunities for the market. Rise in the investments in the cosmetic industry by private and public organizations is greatly influencing the demand of the market. Also, the growing demand for naturally manufactured products rather than synthetic products is lavishing the growth rate of the cosmetic product market. Furthermore, increasing support from the government by approving new products by analyzing completely in favor of the end-users is broadening the demand of the market.
The Research Report Segment the Cosmetic Products Market into the following Sub Markets:
Cosmetic product market- By Product
- Haircare product
- Skincare product
- Oral care product
- Color cosmetic product
- Soap & Shower gel
- Suncare product
By product, the hair care product segment is leading with highest shares of the market whereas the skincare product segment is growing at a faster rate from the past few years. A rise in the concern to look beautiful among men and women by altering the appearance of the face and fragrances of the body is likely to bolster the demand of the market. Increasing awareness over the products through campaigns and digital advertisements is straightly fueling the demand of the market. Growing incidences of skin and hair issues due to changes in the climate is also to expand the growth rate of the cosmetic product market.
Cosmetic products market- By distribution channel
- Direct selling
- Specialty store
Based on the distribution channel, the market is led by Supermarkets. The increasing scale of supermarkets in every area is leveraging the demand of the market. They provide a convenient way for the customers in selecting the desired product which is boosting up the growth of the market. The specialty store segment is to have inclined growth rate in the coming years with the rising economy in most of the countries. Also, increasing the construction of malls in developed and developing countries is to magnify the demand of the market eventually.
Cosmetic Products Market - By Region
- North America (US and Canada)
- Europe (United Kingdom, Germany, Italy, Spain, France & Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, New Zealand and Rest of APAC)
- Latin America (Mexico, Brazil, Argentina & Rest of Latin America)
- Middle East & Africa
Regionally, APAC was the leader in the cosmetics industry in 2019, with a market share of 45%, followed by Western Europe and North America. The high market share in the Asia-Pacific region is due to the fact that customers are relatively aware of the beauty.
North America will see significant growth in the global cosmetics market during the forecast period. The growth is due to the advanced level of life of people in the USA. In relation to the increasing use of sun protection lotion according to the regional climate. In addition, giant manufacturers such as Maybelline Cosmetics, Avon, Estee Lauder, MAC Cosmetics and Clinique contribute to regional sales.
Some of the Promising Companies Leading the Cosmetic Products Market Profiled in the Report are:
- L’OREAL GROUP
- PROCTER & GAMBLE
- BEIERSDORF AG
- AVON PRODUCTS INC.
- THE ESTÉE LAUDER COMPANIES INC.
- KAO CORP.
- REVLON INC.
- MARY KAY INC.
- YVES ROCHER
- ORIFLAME COSMETICS GLOBAL SA