Global Cosmetics Market

Cosmetics Market Size, Share, Growth Analysis, By Category(Skin, Sun Care Products), By Gender(Men, Women), By Distribution channel(Specialty stores, hypermarket/supermarkets) - Industry Forecast 2024-2031


Report ID: SQMIG30L2220 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 94 | Figures: 78

Cosmetics Market Insights

Cosmetics Market size was valued at USD 251.73 billion in 2019 and is poised to grow from USD 262.21 billion in 2023 to USD 363.8 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

Cosmetics have become an essential part of an individual’s life as they not only enhance one’s external appearance but are directly linked with the grooming of the overall personality and confidence. The emphasis on taking care of skin, hair, and overall external grooming along with an individual’s awareness has been some of the major drivers of the Global Cosmetics Market. Increased awareness of major important ingredients like vitamin C, retinol, hyaluronic acid, etc. along with the launches and development of innovative formulations like anti-aging products, eye creams, serums, sunscreens, and hair color, etc has been instrumental in the growth of the cosmetics market. The emphasis of the manufacturers on the packaging of the product according to the utility and convenience has also been an added attraction for customers. For instance, specialized pumps for facewash are used as a brush to give a massage-like experience while washing the face or roll-on eye creams.

Moreover, social media platforms have given brands increased visibility and recognition which has further propelled the cosmetics market growth. There has been a significant rise in the use of natural products or products with natural ingredients in them as a result of consumers’ inclination towards natural products which have minimum harm to the skin and the environment. Additionally, the growth in the organic products market is projected to give an additional boost to the overall cosmetics market. This has compelled mainstream manufacturers to launch natural variants of their products in the market. The rising skin care and hair care awareness among men and increased purchasing power among women are regarded as the substantial factors contributing to the increased demand for cosmetic products.

US Cosmetics Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 251.73 billion

Largest Segment

Women

Fastest Growth

Women

Growth Rate

4.2% CAGR

Global Cosmetics Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Cosmetics Market Size by Gender 2021-2028 ($ Mn)
Global Cosmetics Market Size by Gender 2021-2028 (%)

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Cosmetics Market Segmental Analysis

The Global Cosmetics Market is segmented on the basis of category, distribution channel, gender, and region. On the basis of category, the market is segmented into skin and sun care products, hair care products, deodorants & fragrances, and makeup & color cosmetics. By distribution channel, it is divided into hypermarkets/supermarkets, specialty stores, pharmacies, online sales channels, and others. By gender, it is categorized into men, women, and unisex.By distribution channel, the market is segmented into Specialty stores, hypermarket/supermarkets, online channels, and others (drug store, brand outlets). As per region, the market is studied across North America, Europe, Asia-Pacific, Latin America, and MEA.

Cosmetics Market Analysis by Category

In 2021, the skin and sun care products sector held the greatest share of the cosmetics market; however, the deodorants and fragrances market is predicted to grow at the fastest CAGR over the forecast period. A substantial amount of skin care products are included in people's everyday healthcare regimens; which encourages its adoption and continues to contribute to the segmental growth of the cosmetics market. An increase in beauty awareness and consciousness is further driving the demand for skin care products. Hence, such aforementioned factors are likely to drive the growth of the market in the upcoming years.

Cosmetics Market Analysis by Gender

In terms of gender, the women segment led the market in 2021 and is predicted to continue to rise at the fastest CAGR during the forecast period. The segmental growth of the market is fueled by the convergence of technology, beauty, and lifestyle. Increased consciousness of women toward well-being and looks is one of the key aspects that contributes to the segmental growth of the market. Furthermore, the global cosmetics industry has experienced consistent and sustained growth over the years, owing to an increase in the number of beauty-conscious females.

Cosmetics Market Analysis by Distribution

In terms of distribution channels, hypermarkets/supermarkets dominated the market in 2021, and this trend is likely to continue throughout the projection period. Hypermarkets/supermarkets are gaining popularity due to the availability of a large assortment of consumer goods under one roof, ample parking space, and convenient working hours. Furthermore, urbanization, an increase in the working-class population, and competitive pricing have increased the attraction of hypermarkets in both developed and emerging nations.

Global Cosmetics Market By Gender, 2021 (%), 2023 (%)

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Cosmetics Market Regional Insights

Based on the geography, the global cosmetics market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among these regions, the North American region accounts for the majority of the market share. The region is one of the most well-known hubs for high-profile cosmetics brands. In comparison to the rest of the world, North American countries, among other things, have a high use of various cosmetics items. Europe accounted for a considerable proportion of the cosmetics market due to the introduction of a wide range of products and rapid technological advancement. The United States is the second-largest market in the region, owing to the presence of a large number of dominating companies. Various factors such as the rising usage of anti-aging cosmetics and the rising demand for luxury and clean-label products in Europe have fueled the rise of the cosmetics business in the region. Germany has seen considerable growth in cosmetics as people become more interested in organic products.

Further, the Asia-Pacific is expected to significantly contribute to the market growth, owing to its diversity and dynamic market range, as well as high demand for a wide range of products. Furthermore, cosmetics are in high demand due to a large number of clients and important market participants in countries such as China, India, Japan, and South Korea. China held the greatest share of the cosmetics sector due to increased demand for skincare products such as face masks and anti-wrinkle creams. Hence, such factors contribute to the regional growth of the market.

Global Cosmetics Market By Geography, 2021 - 2028, 2024-2031
  • Largest
  • Fastest

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Cosmetics Market Dynamics

Cosmetics Market Driver

Increasing Beauty Consciousness:

  • cosmetics business is booming owing to the rising awareness and demand for cosmetics like skin care, beauty care, hair care, and other beauty-related products. The expansion of Korean cosmetic companies into Western countries, as well as the introduction of new cosmetic products containing natural components, are expected to greatly drive market growth. Consumer preferences have shifted swiftly away from synthesized commodities and toward eco-friendly items acceptable for all. "Green labeling" refers to the usage of bioengineered substances in cosmetics. Bioengineered components are derived from plants and refined using biotechnology to rethink natural cosmetics.
  • Another primary driver driving market growth is people's growing care about their appearance, which correlates with a growing desire for personalized cosmetic items. As a result of the growing influence of social media, rapid urbanization, and rising purchasing power, people are also eager to spend on new, unique, and premium products. This, together with the burgeoning e-commerce sector, is providing manufacturers with lucrative opportunities to expand their product range and consumer base. The industry is also expanding due to substantial growth in the elderly population and a greater emphasis on maintaining a youthful appearance.
  • Rise in the use of cosmetics among men in their daily routine, such as changing lifestyles: the male population is increasingly adopting cosmetics into their daily routines, contributing to the expansion of the market. As a result, cosmetics have grown in importance in daily life. All of these factors are likely to fuel market expansion and demand over the forecast period.

Cosmetics Market Restraint

  • An increase in awareness of probable side effects of cosmetics and skin concerns among customers and access to surgical options is likely to limit the market growth. Everyday use of cosmetics possesses a harmful impact on the skin. Hair loss can be caused by the long-term use of chemical-rich shampoos and conditioners, for example. Furthermore, chemical-based cosmetics may not be suitable for everyone when compared to natural ones. Such issues are projected to stifle the cosmetics market's expansion during the study period.

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Cosmetics Market Competitive Landscape

The major players operating in the global cosmetics market are Procter & Gamble, L'Oreal S.A., The Estee Lauder Companies Inc., Coty Inc., Shiseido Company, Limited, Colgate-Palmolive Company, Kao Corporation, Beiersdorf Group, Unilever, Amorepacific, Johnson & Johnson Services, Inc., Revlon, Inc., LMVH, Oriflame Cosmetics Global SA, Espa, Henkel AG & Co. KGaA, Mary Kay, Natura&Co, CHANEL, and KOSÉ Corporation among others. These players are adopting various organic and inorganic growth strategies to sustain themselves in the competitive market. For instance, in November 2021, Estée Lauder Companies Inc. partnered with Florida A&M University for a new talent and development program to build the next generation of Black beauty leaders in Travel Retail. This development was in line with the company’s commitment to Racial Equity. This enabled the company to create an exclusive internship and scholarship program with Florida A&M University. Further, in the same month, in November 2021, Procter & Gamble announced the deal to acquire the Indie skincare brand Farmacy Beauty. With this acquisition, the company wishes to double down on the skin care products it offers in the market.

Cosmetics Market Top Player's Company Profiles

  • L'Oreal
  • Procter & Gamble
  • Unilever
  • Estée Lauder
  • Shiseido
  • Johnson & Johnson
  • Coty Inc.
  • Avon Products Inc.
  • Kao Corporation
  • Colgate-Palmolive Company
  • Amorepacific Corporation
  • Revlon Inc.
  • Beiersdorf AG
  • The Body Shop International Limited
  • LVMH Moët Hennessy Louis Vuitton SE
  • Chanel
  • Mary Kay Inc.
  • Yves Rocher
  • Oriflame Holding AG
  • Clarins SA

Cosmetics Market Recent Development

  • In April 2022, L'Oréal Group unveiled Colorsonic, a portable, lightweight device that uses a novel, mess-free method to mix and apply hair color, delivering consistent hair color results for customers at home, and Coloright, an AI-connected hair color system for salon stylists that use Virtual Try-on to project desired shades and an algorithm that results in an on-demand, customized hair color.
  • In March 2022, Kao Corporation and istyle Inc. announced to use of the sebum RNA monitoring technology developed by Kao and launch a joint initiative to develop a system that enables the efficient selection of cosmetics based on the skin RNA types.

Cosmetics Key Market Trends

  • Increasing trends in the adoption of vegan cosmetics owing to the growing popularity of the vegan diet and rising health concerns about the dangers of petroleum-based ingredients are one of the major trends in the market. Vegan cosmetics are organic beauty products made with plant-based extracts and non-toxic ingredients. As a result, numerous companies are teaming up with dermatologists to manufacture optimal cosmetics, which is predicted to positively influence the industry forward.
  • A number of market participants are starting digital marketing campaigns, creating interactive commercials, and exerting significant effort to promote their products through social media, which is likely to increase consumer demand for the product. Consumers are drawn to e-commerce to purchase personal care items due to the growing influence of social media and expanding internet usage. For instance, Grupo Boticário, a Brazilian manufacturer of cosmetics, bought Beleza na Web, an online store that would enable it to sell its goods. To satisfy consumer demand, producers are concentrating on providing a wide range of items through an online channel.

Cosmetics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, based on the category segment, the skin and sun care segment dominated the global cosmetics market in 2021 and is anticipated to maintain its dominance throughout the forecast period. Whereas, based on geography, in 2021, North America dominated the global cosmetics market owing to the region's highly aware and economically stable population.

Report Metric Details
Market size value in 2023 USD 251.73 billion
Market size value in 2031 USD 363.8 billion
Growth Rate 4.2%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Category
    • Skin, Sun Care Products, Hair Care Products, Deodorants & Fragrances, Makeup & Color Cosmetics
  • Gender
    • Men, Women, Unisex
  • Distribution channel
    • Specialty stores, hypermarket/supermarkets, online channels, and others (drug store, brand outlets)
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • L'Oreal
  • Procter & Gamble
  • Unilever
  • Estée Lauder
  • Shiseido
  • Johnson & Johnson
  • Coty Inc.
  • Avon Products Inc.
  • Kao Corporation
  • Colgate-Palmolive Company
  • Amorepacific Corporation
  • Revlon Inc.
  • Beiersdorf AG
  • The Body Shop International Limited
  • LVMH Moët Hennessy Louis Vuitton SE
  • Chanel
  • Mary Kay Inc.
  • Yves Rocher
  • Oriflame Holding AG
  • Clarins SA

Cosmetics Market Recent Development

  • In April 2022, L'Oréal Group unveiled Colorsonic, a portable, lightweight device that uses a novel, mess-free method to mix and apply hair color, delivering consistent hair color results for customers at home, and Coloright, an AI-connected hair color system for salon stylists that use Virtual Try-on to project desired shades and an algorithm that results in an on-demand, customized hair color.
  • In March 2022, Kao Corporation and istyle Inc. announced to use of the sebum RNA monitoring technology developed by Kao and launch a joint initiative to develop a system that enables the efficient selection of cosmetics based on the skin RNA types.
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Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Cosmetics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Cosmetics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Cosmetics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cosmetics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cosmetics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Cosmetics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Cosmetics Market size was valued at USD 251.73 billion in 2019 and is poised to grow from USD 262.21 billion in 2023 to USD 363.8 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

The major players operating in the cosmetics market are Procter & Gamble, L'Oreal S.A., The Estee Lauder Companies Inc., Coty Inc., Shiseido Company, Limited, Colgate-Palmolive Company, Kao Corporation, Beiersdorf Group, Unilever, Amorepacific, Johnson & Johnson Services, Inc., Revlon, Inc., LMVH, Oriflame Cosmetics SA, Espa, Henkel AG & Co. KGaA, Mary Kay, Natura&Co, CHANEL, and KOSÉ Corporation among others. These players are adopting various organic and inorganic growth strategies to sustain themselves in the competitive market. For instance, in November 2021, Estée Lauder Companies Inc. partnered with Florida A&M University for a new talent and development program to build the next generation of Black beauty leaders in Travel Retail. This development was in line with the company’s commitment to Racial Equity. This enabled the company to create an exclusive internship and scholarship program with Florida A&M University. Further, in the same month, in November 2021, Procter & Gamble announced the deal to acquire the Indie skincare brand Farmacy Beauty. With this acquisition, the company wishes to double down on the skin care products it offers in the market. 'L'Oreal', 'Procter & Gamble', 'Unilever', 'Estée Lauder', 'Shiseido', 'Johnson & Johnson', 'Coty Inc.', 'Avon Products Inc.', 'Kao Corporation', 'Colgate-Palmolive Company', 'Amorepacific Corporation', 'Revlon Inc.', 'Beiersdorf AG', 'The Body Shop International Limited', 'LVMH Moët Hennessy Louis Vuitton SE', 'Chanel', 'Mary Kay Inc.', 'Yves Rocher', 'Oriflame Holding AG', 'Clarins SA', 'In April 2022, L'Oréal Group unveiled Colorsonic, a portable, lightweight device that uses a novel, mess-free method to mix and apply hair color, delivering consistent hair color results for customers at home, and Coloright, an AI-connected hair color system for salon stylists that use Virtual Try-on to project desired shades and an algorithm that results in an on-demand, customized hair color.', 'In March 2022, Kao Corporation and istyle Inc. announced to use of the sebum RNA monitoring technology developed by Kao and launch a joint initiative to develop a system that enables the efficient selection of cosmetics based on the skin RNA types.'

cosmetics business is booming owing to the rising awareness and demand for cosmetics like skin care, beauty care, hair care, and other beauty-related products. The expansion of Korean cosmetic companies into Western countries, as well as the introduction of new cosmetic products containing natural components, are expected to greatly drive market growth. Consumer preferences have shifted swiftly away from synthesized commodities and toward eco-friendly items acceptable for all. "Green labeling" refers to the usage of bioengineered substances in cosmetics. Bioengineered components are derived from plants and refined using biotechnology to rethink natural cosmetics.

Increasing trends in the adoption of vegan cosmetics owing to the growing popularity of the vegan diet and rising health concerns about the dangers of petroleum-based ingredients are one of the major trends in the market. Vegan cosmetics are organic beauty products made with plant-based extracts and non-toxic ingredients. As a result, numerous companies are teaming up with dermatologists to manufacture optimal cosmetics, which is predicted to positively influence the industry forward.

Based on the geography, the cosmetics market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among these regions, the North American region accounts for the majority of the market share. The region is one of the most well-known hubs for high-profile cosmetics brands. In comparison to the rest of the world, North American countries, among other things, have a high use of various cosmetics items. Europe accounted for a considerable proportion of the cosmetics market due to the introduction of a wide range of products and rapid technological advancement. The United States is the second-largest market in the region, owing to the presence of a large number of dominating companies. Various factors such as the rising usage of anti-aging cosmetics and the rising demand for luxury and clean-label products in Europe have fueled the rise of the cosmetics business in the region. Germany has seen considerable growth in cosmetics as people become more interested in organic products.

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Global Cosmetics Market

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