Cosmetic Products Market Demand | Prospects and Growth 2023

The personal care industry is booming in every region. The growth of the industry is driven by the increasing demand for cosmetic products. As per the analysis presented by Market Research Future (MRFR), the global cosmetic products market is expected to register a moderate CAGR over the forecast period 2017 to 2023. Increasing influence on the media and entertainment industry on the day to day lives of the masses is expected to boost the demand for cosmetic products over the next few years.

The increasing penetration of social media platforms is likely to have a favorable influence on the growth pace of cosmetic products in the foreseeable future. In addition, the quick response by industry leaders to shifts in consumer preferences is anticipated to revolutionize the growth pattern of the Cosmetic Products Market Demand in the forthcoming years. A drastic rise in the population of working women is prognosticated to support the expansion of the market in the years to come. It is projected to accelerate sales of cosmetics across the review period.

An upswing in demand for cosmetics from the male population is also being observed. This new trend is projected to accelerate revenue creation for the participants of the cosmetic products market over the next couple of years. Also, the ongoing trend of promoting cruelty-free and vegan cosmetics is expected to support the proliferation of the cosmetic products market in the upcoming years. The demand for halal products is already high and is likely to exhibit a similar growth trend in the nearby future.

The preservatives used in the production of cosmetics can cause allergies and other skin problems. This remains an impediment to market growth. However, the introduction of organic products is likely to impact the growth trajectory of the cosmetic products market positively in the foreseeable future.

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Market Segmentation:

On the basis of type, the global cosmetic products market has been segmented into skin care products, makeup & color cosmetics, hair care products, deodorants & perfumes, and others.

By Product-Category, the cosmetic products market has been segmented into herbal, cruelty-free, oil-free, organic, alcohol-free, and others.

On the basis of distribution channel, the global cosmetic products market is segmented into specialty stores, cosmetic stores, supermarket/hypermarket, e-commerce, and others.

Regional Analysis:

The cosmetic products market, by region, is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America holds the major share of the global market owing to its strong economic stability. The consumers exhibit high purchasing power which is likely to be capitalized by the industry leaders over the next couple of years. On a similar note, Europe is also anticipated to expand at a moderate growth pace in the forthcoming years. The growth in the urban population of the region is likely to influence the expansion of the market positively.

Competitive Dashboard:

The players participating in the share analysis of the global cosmetic products market are L'Oréal S.A. (France), The Estée Lauder Companies Inc. (U.S.), Avon Products, Inc (U.S.), Oriflame Holding AG (Switzerland), Kao Corporation (Japan), Beiersdorf AG (Germany), Unilever (U.K.), and Procter & Gamble Co. (U.S.).

Industry News:

In June 2019, Kim Kardashian West has added ‘The Body Collection.’ Makeup line to its KKW Beauty brand for the summer.

In June 2019, BH Cosmetics, well known for its zodiac themed makeup range, has announced the launch of ‘Stellar Collection,’ space themed makeup collection.

In June 2019, L’Oréal, a premium personal care and cosmetics brand, has collaborated with Amazon, an e-commerce giant, for the integration of its AI-powered augmented reality (AR) platform, ModiFace, with Amazon’s product catalog.

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Note: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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