The Canada cosmetic product market was valued at USD 1.26 billion in 2022 and is expected to surpass USD 1.43 billion by 2031, expanding at a CAGR of 1.45% during the forecast period, 2023–2031. The growth of the market is attributed to the growing fashion and film industry in the country.
Cosmetics are products that are commonly used to maintain or enhance the external appearance of the human body. Cosmetic products include make-up, skincare, fragrance, hair and manicure products.
The market was negatively impacted by the COVID-19 in 2020 and is expected to decline by around 3% during the forecast period. The restriction to step out of the house for socializing declining the sales of cosmetics products. Moreover, the closure of non-essential stores had decreased the demand for cosmetic products in the country.
Market Drivers, Restraints, Trends, and Opportunities
Increasing demand for natural and organic and cruelty free cosmetic products and innovative and eco-friendly packaging designs are expected to drive the market during the forecast period.
The COVID-19 pandemic had mitigated the movement of people outside the house owing to closedown of restaurants or resorts. This, in turn, had tanked the sales of cosmetic products in the country. However, the relaxation in the restrictions is expected to boost the market growth.
Rising disposable income has increased the purchase of premium functional products in the country, which is projected to drive the market during the forecast period.
Scope of the Report
The report on the Canada Cosmetic Products Market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
Cosmetic Products Market - Canada Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Face Cosmetics, Eye Cosmetics, Lip Cosmetics, and Nail Cosmetics), Categories (Mass and Premium) and Distribution Channels (Supermarkets/Hypermarkets, Specialist Retailers, Online Retail, and Others)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
L'Oréal S.A., The Estée Lauder Companies, Coty Inc., Groupe Marcelle Inc., and Revlon, Inc.
Canadian Cosmetic Products Market Segment Insights
Face cosmetics segment to account a major market share
Based on products, the market is classified as face cosmetics, eye cosmetics, lip cosmetics, and nail cosmetics. The face cosmetics segment is projected to account for a major market share during the forecasted period. This is owing to the rising use of a wide range of face cosmetics products in the fashion, movie, and show industries. On the other hand, the rising purchasing power is further boosting the growth of the market segment.
Premium cosmetics segment to grow at a significant Rate
Based on category, the market is divided as mass and premium. The premium cosmetics segment is projected to grow at a significant rate during the forecast period. The per capita disposable income of the population has increased over the past five years, which in turn, has increased the consumer spending.
This has led to an increased demand for premium cosmetics. This trend is attributed to rising consumer concern over the health effects due to the usage of low-quality cosmetic products, which has grown the demand for premium products.
Specialist Retailers segment to account a considerable market share
Based on distribution channels, the market is segregated as supermarkets/hypermarkets, specialist retailers, online retail, and others. The specialist retailers segment is projected to account for a considerable market share during the forecast period. The segment growth is attributed to the high demand for cosmetic products from brand specific specialist retailers.
The online retail segment is anticipated to exhibit a high CAGR during the forecast period. Rising e-commerce activity owing to close down of retail stores due to the government norms, easy availability of preferred brand online, and discounts offered is driving the growth of the market segment.
The Canada cosmetic products market has been segmented on the basis of:
- Face Cosmetics
- Eye Cosmetics
- Lip Cosmetics
- Nail Cosmetics
- Specialist Retailers
- Online Retail
- L'Oréal S.A.
- The Estée Lauder Companies
- Coty Inc.
- Groupe Marcelle Inc.
- Revlon, Inc.
Some of the major players in the market are L'Oréal S.A., The Estée Lauder Companies, Coty Inc., Groupe Marcelle Inc., Revlon, Inc.
The major industry players are making strategic acquisitions of the emerging leaders to expand their market share. Acquiring these brands enables diversification and gives these players access to stable cash flows and further growth opportunities.
The cosmetic products market is highly competitive with major global players dominating it. Many different players are entering the market to tap the untapped potential of the cosmetic products market in the country. Thus, they’re providing bio-based cosmetic products to leverage their market position.