Cosmetic Products Market Size to grow by USD 115.4 billion between 2024-2028
According to a research report “ Cosmetic Products Market” by Product (Skincare products, Haircare products, Color cosmetics, Fragrances and deodorants) Distribution Channel (Offline, Online) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 115.4 billion, at a CAGR of 5.58% during the forecast period. The global aging population, which currently stands at 761 million and is projected to double to 1.6 billion by 2050 according to UN data, presents a significant market opportunity for the cosmetics industry. With aging comes various skin concerns such as thinning, loss of fat, firmness, and texture, increased visibility of veins, and prolonged healing time for injuries. Consequently, the demand for anti-aging cosmetic products is on the rise, as consumers seek solutions to mitigate the adverse effects of aging on their skin.
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By Product, the Skincare products segment is projected to dominate the market size in 2024
In the cosmetics industry, offline distribution channels represent a significant market share, contributing substantially to the global revenue. This segment comprises various retail formats, including specialty stores, hypermarkets, warehouse clubs, and department stores. Among these, specialty stores, specifically multi-brand and brand-specific ones, are preferred by consumers due to their extensive product offerings. These establishments provide a unique selling proposition through their knowledgeable sales personnel, who offer expert advice and product demonstrations, enhancing the customer experience and enabling informed purchasing decisions regarding the benefits, such as chemical-free and eco-friendly attributes, of cosmetic offerings.
By Distribution Channel, Offline segment is expected to hold the largest market size for the year 2024
The skincare segment of the cosmetics industry is experiencing significant growth due to increasing demand from both female and male consumers. Women continue to be the primary market, but men are also becoming more conscious of their grooming and wellness needs. To expand their customer base, vendors are introducing innovative skincare products tailored to men. For instance, Unilever's Glow & Handsome brand in India offers a facewash and face cream for men, utilizing Rapid Action Technology to effectively cleanse and improve skin appearance. This trend underscores the expanding market potential for skincare cosmetics, as consumers seek high-quality products to enhance their personal care routines.
APAC is forecasted to hold the largest market size by region in 2024
The cosmetic industry market represents a significant business opportunity, with increasing consumer demand for innovative and high-quality products. Brands must stay abreast of trends, ensure regulatory compliance, and deliver on consumer expectations for efficacy and safety. Effective marketing strategies, including digital engagement and influencer partnerships, are essential for capturing market share and maintaining brand loyalty. Collaborations with dermatologists and scientists can also enhance product credibility and differentiation.
The Cosmetic Products Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The cosmetics market is experiencing significant growth and transformation, driven by various factors including social platforms, fashion trends, and economic growth. Brands are leveraging social media marketing to increase brand recognition and reach consumers directly. Product innovation and technological developments are also key drivers, with an emphasis on natural formulations and addressing the needs of the global aging population. However, concerns over adverse side effects and dangerous chemicals in cosmetics, particularly in hair color and skincare, are becoming more prominent. Companies like Beiersdorf and Shiseido are leading the way with innovative formulations and a focus on consumer wellness and self-care. The rise of social commerce and internet penetration has also disrupted traditional sales channels, making it easier for personal care brands to connect with consumers directly. Despite these challenges, the cosmetics industry remains a vibrant and dynamic sector, with continued opportunities for growth and innovation.
Market Research Overview
The cosmetics market is a thriving industry that caters to the mental health and self-care needs of consumers worldwide. Brands like Rare Beauty are leading the charge in normalizing mental health conversations and offering inclusive, organic cosmetics. The online distribution channel, including e-commerce platforms and social commerce, has become a popular choice for millennials and Gen Z consumers. Product development in makeup, haircare, fragrance products, and consumer beauty items continues to innovate, with celebrities like Huda Kattan (Huda Beauty), Kylie Jenner (Kylie Cosmetics), and Rihanna (Fenty Beauty) driving trends. Organic and natural products, free from dangerous chemicals, have gained popularity. Social platforms, such as TikTok and Instagram, have become essential marketing tools for personal care brands. Skincare formulas, unisex hair care products, and deodorants & fragrances are in high demand. Technological developments, including personalization software, try-on apps, and beauty tech, are revolutionizing the industry. Brands like Glossier, J-beauty, K-beauty, Bondi Sands, and Beiersdorf (Nivea) are leading the way in product innovation and consumer satisfaction. Economic growth, internet penetration, and increasing awareness of adverse side effects of chemicals have fueled the global aging population's demand for cosmetics and skincare. The net sales of these products continue to rise, with pharmacies, specialty stores, hypermarkets/supermarkets, and online sales channels contributing to the industry's growth. Overall, the cosmetics market is a dynamic and ever-evolving sector that caters to the wellness and self-care needs of women, men, and the global population.
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