All these factors contribute to the calculated CAGR of 5.4% of cosmetic products market during 2017-2023.
Cosmetic Products Market Analysis
Demand of skin care cosmetic products is growing at significant rate followed by makeup and color cosmetics. This is backed up by the high consumer’s preference towards personal skin care products enhancing their appearances.
The demand for natural cosmetic products is supporting the sale of herbal cosmetic products as they tend to be harmless to the skin and have no or less side effects. With the rise in animal care awareness and protests their slaughter for personal use is fueling up the demand for cruelty-free cosmetics on a global level. The busy lifestyle in today’s scenario and advancement in technology has increased the sale of cosmetic products through E-commerce channels.
The major key players in Cosmetic Products Market Demand are
- L'Oréal S.A. (France)
- Avon Products, Inc (U.S.)
- The Estée Lauder Companies Inc. (U.S.)
- Oriflame Holding AG (Switzerland)
- Beiersdorf AG (Germany)
- Kao Corporation (Japan)
- Unilever (U.K.)
- Procter & Gamble Co. (U.S.)
Cosmetic products manufacturers across various regions follow the strategy of improving their existing product line by adding innovations to their products to expand their business. This is one of the major factors due to which the demand of cosmetic products is experiencing a surge. In the North America region, U.S. is amongst the dominating countries holding a major share in cosmetic products market and exports the product in various other countries which include China, Canada, Mexico, Australia, Netherlands and others.
Cosmetic Products Market Segmentation
Global Cosmetic Products market is segmented by Type, Product-Category, Distribution Channel and Region
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Cosmetic Products Market Regional Analysis
The Global Cosmetic Products Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). North America region holds a major market share followed by Europe. The high demands for cosmetic products from the developed countries of these regions is contributing to the growth of Cosmetic Products market. Economic development and changing fashion trends are driving the cosmetic products market. U.S., China, Hong Kong, U.K. and Germany are the major importers of cosmetic products.
The increasing sale of cosmetic products is driven by its high application across the beauty and fashion sectors. Cosmetic products are used to enhance the personal beauty as well as protecting the skin against external damage. Increasing fashion awareness and self-consciousness amongst the female population in developed regions has led to the innovation in fashion sector leading to the increased sale of cosmetic products globally. Increasing disposable income due to economic developments has influenced the positive growth rate of the market. The production of cosmetic products is found to be high in North America and is evaluated to increase at a positive growth rate in various countries of Asia-Pacific and Europe region.