The latest report by IMARC Group, titled “Cosmetics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global cosmetics market exhibited moderate growth during 2015-2020. Cosmetics are applied to enhance the beauty and physical appearance of individuals. They are manufactured from natural and artificial sources to clean, improve, and change the appearance of the skin, hair, nail, and teeth. Cosmetics products include makeup, perfume, skin cream, nail polish, soap, shampoo, shaving cream, and deodorants. Nowadays, cosmetics have become an indispensable part of the modern lifestyle with the growing prevalence of skin-related complications among the masses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cosmetics Market Trends:
The global cosmetics market is primarily driven by the rising consumer consciousness about grooming and personal appearance. The increasing interest in maintaining personal hygiene and a youthful appearance is also encouraging consumers to opt for cosmetics. As a result, they are willing to spend on innovative and premium products. Moreover, rapid urbanization and the inflating disposable incomes of consumers have also prompted them to use customized cosmetic products. Besides this, key manufacturers are collaborating with e-commerce platforms to reach a larger customer base, making cosmetics products easily available in the comfort of their houses. They are also introducing innovative marketing strategies, such as endorsements by celebrities and social media influencers, to improve consumer awareness about new products. Furthermore, the demand for organic, vegan, and plant-based variants due to the adverse effects of synthetic ingredients is also positively influencing the market growth. Looking forward, the market is expected to grow at a CAGR of around 6% during the forecast period (2021-2026).
- Based on the product type, the market has been segmented into skin and sun care products, hair care products, deodorants and fragrances, makeup and color cosmetics, and others.
- On the basis of the category, the market has been classified into conventional and organic products.
- The market has been categorized based on gender into men, women, and unisex.
- On the basis of the distribution channel, the market has been segregated into supermarkets and hypermarkets, specialty stores, pharmacies, online stores, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Amway Corp, The Avon Company, Beiersdorf AG, Henkel AG & Co. KGaA, Kao Corporation, L'Oréal S.A., Oriflame Cosmetics AG, Procter & Gamble Company, Revlon Inc. (MacAndrews & Forbes Incorporated), Shiseido Company Limited, Skinfood Co. Limited, The Estée Lauder Companies Inc. and Unilever plc.
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