Global Cosmetics Market Will Generate Record Revenue by 2028

The global Cosmetics market is anticipated to grow at a CAGR of 5.1 % during the forecast period (2022-2028). Cosmetics refers to the products that are involved in personal care for a healthy body or makeup to enhance the looks of the person. Cosmetics include various products including skin care products, hair care products, deodorants & Perfumes, and Makeup including foundation, mascara, liners, and many others. The major factor attributing to the growth of the global cosmetics market is the increasing interest of people in personal care & grooming across the globe during the forecast period. According to the survey statistics published by Unilever in 2021, around 74% of the total 10,000 respondents from several countries prefer the beauty & personal care industry for making people feel better. The respondents were taken from various countries including the US, India, and China. Thus, increasing the demand for cosmetic products and surging market growth during the forecast period.

The use of cosmetics products is also increasing in beauty salons due to the increasing number of beauty salons across the globe. According to the report published by the Small Business Development Centers (SBDC) in May 2020, there are around 77,000 beauty salons and 4,500 barber shops with combined revenue of around $46.5 billion in 2019. Furthermore, the sale of cosmetics products through online stores is also increasing due to the growing e-commerce industry. According to the E-commerce Industry Report published by the India Brand Equity Foundation (IBEF) in February 2022, E-commerce is one of the fastest growing industries in India transforming the way businesses are done in India. The industry is projected to reach around $74.8 billion in 2022 representing a 21% increase from the previous year. Additionally, the e-commerce industry in India is expected to reach around $188 billion by 2025 and around $350 billion by 2030. Thus, propelling the growth of the global cosmetics market.

Some major players in the market include Avon Products Inc., L’Oreal SA, Kao Corp., Revlon Inc., and Procter & Gamble, among others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in November 2019, Coty Inc., an America-based beauty products company partnered with Kylie Jenner. This partnership is done in order to expand Coty’s geographical presence & its strong foothold in the market.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Category
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Avon Products Inc., L’Oreal SA, Kao Corp., Revlon Inc., and Procter & Gamble, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Cosmetics Market Report by Segment

By Category

• Skin Care
• Hair Care
• Deodrants & Fragrances
• Makeup & Color Cosmetics
• Others

By Application

• Men
• Women

By Distribution Channel

• Online
• Offline