Global Cosmetics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $488 billion by 2025 from $364 billion in 2017; growing at a CAGR of 3.7% from 2017 to 2025. By geography, Asia-Pacific, and RoW are expected to grow at a CAGR of 4.3% and 3.8%, respectively, during the forecast period. Cosmetics are widely used products for enhancement of appearance as well as fragrance of the body. Skin & sun care, makeup & color, deodorants, hair care, & fragrances are commonly used types of cosmetics. High popularity of online shopping and growing disposable income are the factors boosting the cosmetics market growth over the forecasted period. Change in consumer lifestyle has also moved consumers towards the acceptance of various cosmetics products.
Cosmetics Market (By Category:Skin and Sun Care, Hair Care, Deodorants, Makeup and Color, and Fragrances; By Mode of Sale: Retail, and Online; By Gender: Men, and Women; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Growing demand of natural elements in cosmetics, change in consumer lifestyle, growing disposable income of several countries, growing aging population, and increasing requirement for skin care products are the factors driving the growth of the cosmetics market. However, innovative beauty treatments as well as growing consciousness about adverse effects of cosmetics may hinder the growth of the market. Moreover, growing demand for organic cosmetics might provide with several growth opportunities in the forecasted years.
High demand for skincare products to drive the growth of the market
The factors supporting growth of the global cosmetics market are changing consumers standard of living, rise in disposable income of consumers in many countries across the globe, and high demand for skincare products. However, rising consciousness about adverse effects of cosmetics may act as a restraint for the growth of the market. Though, possible emerging market for cosmetics would provide several growth opportunities for the market in the future years.
Category, mode of sale, gender, and geography are the major segments considered in the global cosmetics market. By category, the market is bifurcated into skin and sun care, hair care, deodorants, makeup and color, and fragrances. By mode of sale, the market is categorized into retail, and online. Gender includes men, and women. By geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America covers the U.S. and Rest of North America. Germany, France, and Rest of Europe are analyzed under the European market. India, China, Japan, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific Market While RoW is bifurcated into South America, Middle East, and Africa.
Skin and Sun care accounted for the largest market share in thecategory segment
Skin and Sun careaccounted for the largest market share in 2017, in the category segment, and is expected to continue its dominance during the forecast period 2017 – 2025. The growth is attributed to the consistent & widespread use of these products across the globe.
Retail accounted for the largest market share in themode of salesegment
Retail accounted for the largest market share in 2017, in the mode of sale segment, and is expected to continue its dominance during the forecast period 2017 – 2025. The growth is attributed to the fact that many customers still give preference to retail stores for buying cosmetic products. Also, lack of consumer satisfaction and unhappy review towards the delivery and quality of online cosmetic products have increased the acceptance of retail shopping across various geographies.
Women accounted for the largest market share in thegender segment
Women accounted for the largest market share in 2017, in the gender segment, and are expected to continue its dominance during the forecast period 2017 – 2025. The growth is attributed to the high usage of cosmetics by women around the world.
Europe dominated the global market with highest market share over the forecast period
Europe dominated the global market with largest market share of 33.6% in 2017 and expected to continue its dominance during the forecasted period. The growth is attributed to the factors such as relatively high disposable income, inclination towards spending on appearance, and high penetration rate in the region.
The major players operating in the market are Revlon Inc., L’Oreal Group, Oriflame Cosmetics AG, Avon Products, Inc., The Estée Lauder Companies, Inc., Alticor Inc., Kao Corp., Procter & Gamble Co., Skinfood, and Shiseido Co. Ltd., among others.