Increasing Global Demand For Cosmetics Market With Rising CAGR Forecast Till 2028|Grand View Research, Inc.Posted by Mrudula Karmarkar on November 3rd, 2022 The global cosmetics market size was estimated to reach USD 363.80 Billion by 2028 and is expected to expand at a CAGR of 5.3% from 2022 to 2028, according to a new report by Grand View Research, Inc. The key growth factors in the market include the rising expenditure on beauty products such as skin cream, lotions, hair color, and others owing to the aging population across the globe. Additionally, the significant product innovation by the major players is further projected to provide significant opportunities to the market. For instance, L’Oréal SA is one major player in the cosmetics industry that launched various cosmetic products, such as skin creams, lotions, and hair colors that are long-lasting and available with natural ingredients in the market. Governments around the world have imposed restrictions and lockdowns in response to the COVID-19 pandemic. Many public events, fashion shows, and unnecessary travel were revoked. This also impacted the sales of cosmetics products through the offline channel as most retail stores were shut down during the lockdown. Moreover, the major players in the market experienced a decline in the sales revenue of Cosmetics products during the COVID-19 pandemic, which further impacted the market. However, the global cosmetics market is projected to recover in the future and witness significant growth due to resumed activities, offline retail, sales, and the opening of retail stores across the globe. Based on the product, the haircare segment is forecast to expand with the highest CAGR of 6.2% from 2022 to 2028. The market is growing due to the growing adoption of hair care products owing to the rising hair fall and hair scalp problems among men and women across the globe. Moreover, the rising trend toward organic haircare products such as organic hair colors and shampoo further contributes to the growth of the market during the forecast period. Moreover, the availability of safer, advanced, and more effective hair care products has led to the increase in the adoption of hair care products across the globe. The women segment is estimated to contribute over 60% to the global cosmetics market in 2021 and is forecast to grow with a significant CAGR of 5.0% from 2022 to 2028. The significant demand for personal beauty products such as skincare and hair care cosmetics among the women population across the globe is one of the major factors that contributed to the growth of the market. In addition, the high expenditure of women on personal and beauty products as compared to men further supports the market during the forecast period. The online distribution channel is forecast to register a faster growth of a CAGR of 6.1% from 2022 to 2028. The rising partnerships between cosmetic product manufacturers and e-commerce companies are one of the major factors that contribute to the growth of the market. Moreover, the rising trend of using online portals for personal care product shopping among the young population across the globe further drives market growth. Increasing preference from the consumers due to the ease, convenience, fast, and price comparison are credited for the segment growth. Furthermore, the COVID-19 pandemic has led to many vendors and manufacturers adopting an online sales model that is expected to drive the growth of this sector over the next few years. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/cosmetics-market/request/rs1 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. Cosmetics Market Report Highlights
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. List of Key Players of Cosmetics Market
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