USD 251.73 billion
Report ID: SQSG30L2013 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 94 | Figures: 78
Global Cosmetics Market size was valued at USD 251.73 billion in 2021 and is poised to grow from USD 262.21 billion in 2022 to USD 363.8 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).
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.
Global Market Size
USD 251.73 billion
Largest Segment
Women
Fastest Growth
Women
Growth Rate
4.2% CAGR
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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.
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.
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.
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.
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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.
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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.
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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 |
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Market size value in 2021 | USD 251.73 billion |
Market size value in 2030 | USD 363.8 billion |
Growth Rate | 4.2% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
Recent Development
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cosmetics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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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Product ID: SQSG30L2013