The global cosmetics market size was valued at USD 374.18 billion in 2023 and is expected to be worth USD 393.75 billion in 2024. The market is projected to be valued at USD 758.05 billion by 2032, recording a CAGR of 9.8% during the forecast period.
The global cosmetics market share is expected to grow substantially in the coming years as an increasing percentage of the global population is becoming conscious of their physical appearance. These beauty and personal care products can enhance a person’s overall appearance and offer a variety of haircare, skincare, and lip care products. Additionally, the growing demand for anti-aging products among the elderly population will contribute to high product sales.
Fortune Business Insights™ presents this information in a report titled, "Global Cosmetics Market, 2024-2032."
Information Source: https://www.fortunebusinessinsights.com/cosmetics-market-102614
L’Oréal S.A. (France)
Unilever plc. (U.K.)
Procter & Gamble Co. (U.S.)
The Estée Lauder Companies Inc. (U.S.)
Beiersdorf AG (Germany)
Shiseido Co., Ltd. (Japan)
Coty Inc. (U.S.)
Natura & Co. (Brazil)
Kao Corporation (Japan)
Johnson & Johnson Services, Inc. (U.S.)
Growing Awareness about Skincare Routines will Improve Sales of Skincare Products
Based on category, the market is divided into skincare, hair care, makeup, and others. The skincare segment is predicted to hold a sizable share of the market during the forecast period as a growing percentage of people across the world use skincare products on a daily basis as compared to hair care products.
Working Women to Increase Usage of Cosmetics to Improve Appearance
Based on gender, the market is divided into men and women. The women segment is anticipated to hold the larger market share as the percentage of working women is growing across the world and they need these products to help them look presentable at their workplace.
Buyers to Increase Preference for Hypermarkets/Supermarkets to Gain Access to Different Brands
In terms of distribution channel, the market is divided into specialty stores, hypermarkets/supermarkets, online channels, and others. The hypermarkets/supermarkets segment is projected to account for the largest market share during the forecast timeframe as can access these stores to gain access to several brands and their products.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides a detailed industry analysis and highlights key aspects such as leading product categories, companies, and distribution channels. The report also offers valuable insights into the latest market trends and covers vital industry developments. In addition to the abovementioned factors, the report encompasses several factors that have contributed to the market’s growth in recent years.
Rising Awareness of Importance of Health, Hygiene, and Grooming to Boost Market Growth
The self-care and grooming trend has increased tremendously in recent years as people are becoming more aware of the significance of maintaining good health and hygiene. The importance of grooming has skyrocketed among men and women, consequently boosting the sales of these products. Since more people are following an erratic lifestyle, concerns regarding overall health and wellbeing are rising, further enhancing the demand for cosmetic products.
However, more people are becoming aware of the side-effects of using cosmetics for a long time and have access to surgical options, which can hamper the market progress.
Cosmetics Sales to Increase Across Asia Pacific Due to Region’s Growing Geriatric Population
Asia Pacific is predicted to dominate the cosmetics market share as the region is witnessing a strong growth in the percentage of the geriatric population in countries such as Japan and China. This factor has increased the demand for anti-aging, dark-spot treatment, and anti-wrinkle products in these countries, thereby fueling the regional market growth.
Europe held a considerable market share as there are a large number of on-street salons that use cosmetic products on a large scale.
Companies to Develop Organic Products to Expand their Market Presence
The leading players are focusing on making organic and natural products to expand their customer base and increase their market presence. Many companies are formulating various growth strategies, such as partnerships and collaborations, to extend their business operations.
April 2023: L’Oréal S.A. acquired Aēsop, a Natura & Co.-owned luxury products brand, to expand its portfolio of luxury products in Australia.