Cosmetics Market Size, Share, Industry & Opportunities 2031

Report Description

The cosmetics market size was valued at USD 253 billion in 2021 and is projected to reach USD 416 billion by 2030, expanding at a CAGR of around 5.2% during the forecast period, 2022 – 2030. The growth of the market is attributed to widespread acceptance of skincare and personal care products.
 

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Consumer awareness of personal health safety and sustainable living is increasing, which is having a significant impact on the cosmetics market. Cosmetics are defined as things that have a mild cleansing effect on the human body and are used for enhancing the beauty, changing the appearance, maintaining the hair in good condition and others.

Men are increasingly using cosmetics in their daily lives, which is driving the global market. Consumers, particularly women, use cosmetics that are convenient and easy to use while attending social meetings or travelling, as cosmetics have become a vital part of their lives.

Furthermore, using natural substances for cosmetics manufacturing, which have no negative effects on the skin, is a common method used by manufacturers to attract customers. The growing awareness of organic ingredients-based products and their effects on the body fuels the market.

The COVID-19 pandemic affected the demand and supply of cosmetics market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production, leading to decline in market growth. Launch of vaccines to combat the COVID-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

• To boost sales in different nations, manufacturers are modifying their product advertising and branding techniques which is projected to drive the market.
• High demand for fragrance items among celebrities and millennials is estimated to boost the market, during the projected period.
• Increasing product innovation and development by cosmetic producers are creating immense opportunities for the market players.
• Excessive use of cosmetics for lips and eyes lead to a variety of health risks and skin disorders, this is projected to hamper the market growth.
• Inclusion of toxic chemicals in cosmetic products is expected to hinder the market growth during the forecast period.
• Daily use of cosmetics is harmful to the skin, which is anticipated to impede the market growth.
• Increasing global trend toward organic cosmetics products is expected to present a significant growth opportunity for the market players in the future.

Scope of Cosmetics Market Report

The report on the global cosmetics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Cosmetics Market Segment Insights

The women segment accounted for a major market share in 2021

Based on gender, the market is segregated into men, women, and unisex.

The women segment accounted for around 61% of the total market share in 2021. Rising trend for skincare and makeup cosmetics among women is estimated to drive the market. Women spend more on cosmetics and beauty items than men, resulting in the major market share. The men segment is estimated to expand at a high CAGR during the forecast period.

One of the primary factors driving the market is the growing trend of males using cosmetics items globally. Furthermore, growing inclination of male population towards modern haircare, skincare, and fragrance products is expected to boost the market during the projected period.

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The skin & sun care products segment held around 40% of the total market share in 2021

In terms of category, the market is fragmented into hair care products, skin & sun care products, makeup & color cosmetics, and deodorants & fragrances.

The skin & sun care products segment held a major market share in 2021. Skincare cosmetics such as sunscreen lotions, powders, and face creams are becoming popular, due to availability of different varieties. This is the key factor driving the market. Moreover, growing popularity of personalized skincare products in developed nations such as the US, the UK, and others are boosting the segment.

Furthermore, availability of skincare products containing active compounds with nurturing and healing effects aid in market growth. The haircare segment is estimated to expand at a rapid pace during the forecast period. One of the primary reasons driving the market is the considerable increase in the fashion trends of changing hair colors with appropriate hair cosmetics.

Furthermore, the substantial increase in hair loss and scalp-related problems among people is expected to drive the demand for hair care products during the forecast period.

The hypermarkets/supermarkets segment holds a key market share

On the basis of distribution channels, the market is categorized into online sales channels, pharmacies, specialty stores, and hypermarkets/supermarkets.

The hypermarkets/supermarkets segment holds a key market share, owing to significant range of goods from several cosmetic manufacturers available under one roof; purchasing in large quantity from these stores enables discounts and deals, which is anticipated to drive the market.

The online sales channels segment is projected to expand at a CAGR of around 6% during the forecast period. The rising e-commerce industry in developing economies is a primary factor propelling the market.

Additionally, increasing relationship between cosmetic manufactures and major e-commerce companies is expected to create lucrative opportunities for the market growth during the forecast period.

Asia Pacific dominated the market in 2021

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

Asia Pacific held around 43% of the total market share in 2021. Rising consumer expenditure on beauty and personal care products, as well as growing popularity of expensive cosmetics brands among celebrities in the region, are driving the market. Furthermore, increasing disposable income in the developing nations such as India and China are estimated to fuel the market.

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