How Much Revenue Cosmetics Market Will Generate Globally Till 2028? |Grand View Research, Inc.Posted by Mrudula Karmarkar on July 13th, 2022 The global cosmetics market size was valued at USD 254.08 billion in 2021 and is anticipated to register a CAGR of 5.3% from 2022 to 2028. The extensive growth in the acceptance of skincare and personal care products coupled with the rise in the aging population across the globe is one of the major factors that propel the market growth during the forecast period. The rising fashion trends and significant product innovation in formulation and formats of cosmetic products such as hair color and other skincare products further contribute to the growth of the market. However, the side effects of regular usage of cosmetic products due to the presence of harmful chemicals are projected to restrain the market growth during the forecast period. The COVID-19 pandemic has negatively impacted the global cosmetics market due to the disruption in the supply chain, manufacturing, and government restrictions on opening retail stores across the globe. Moreover, the major players in the market experienced a decline in the sales revenue of cosmetic products during the COVID-19 pandemic, which further impacted the market. For instance, L'Oréal S.A. reported net sales decreased by around 7.0% in fiscal 2020 due to the challenging environment as a result of the COVID-19 pandemic. However, the global cosmetics market is projected to recover in the future and witness strong growth due to resumed activities, sales, trade, and manufacturing across the globe. In addition, the significant rise in the brand recognition and influence of cosmetic products through social platforms is further projected to propel the market growth during the forecast period. The increasing awareness regarding natural ingredients-based cosmetics and their effects on the human body further supports the inclination of consumers’ toward the natural product propels the market growth. The aging population further creates significant growth in the market as the aged people mostly use the hair dye for recoloring their hair and various anti-aging creams and other products. Additionally, the growing trend towards organic cosmetics products across the globe is further projected to provide substantial opportunity to the market in the near future. The increasing awareness regarding organic cosmetics and their positive effect on skin supports the inclination of consumers toward the organic cosmetics product from chemical-based cosmetic products that further propelling the market growth. Moreover, the significant demand for fragrance products among celebrities and millennials further supported the market growth during the forecast period. Additionally, growing product development and innovation by cosmetic manufacturers further create significant opportunities for the market in the future. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/cosmetics-market/request/rs1 The growing awareness regarding skincare cosmetics products and their positive effect on the skin is further acting as a motivating aspect during the forecast period. In addition, rising beauty awareness among men and monetary autonomy among women are other substantial factors contributing to the cosmetics products demand during the forecast period. Based on the product, the global cosmetics market is further classified into skincare, haircare, makeup, fragrance, and others (hygiene and personal care products). Among these, the skincare segment contributed to a larger market share of over 40% in 2021. There is a significant trend toward skincare cosmetics such as face creams, powders, and sunscreen lotions due to their availability in several varieties. This is the major factor that contributes to the largest market share. Moreover, the significant popularity of personalized skincare products among developed economies such as the U.S., U.K., and others further contributed to the segmental growth. Moreover, the availability of skincare products with active ingredients that have healing and nurturing properties further supported the growth of the market. The cosmetics industry is always changing and updating. To stay head-on in the market, players tend to launch new strategies more frequently. Key players are focusing on increasing investments in advertisements through social sites to increase awareness regarding cosmetics in the market. In September 2021, Coty Inc. announced the partnership agreement with Perfect Corp. for the integration of a suite of AI and AR practices into the digital marketing toolkits of its cosmetics brands. Some of the prominent players in the global cosmetics market include:
Like it? Share it! More by this author |