The growing disposable income and the significant shift in the consumer’s preference for organic cosmetics products are the major factors that are responsible for the growth of the cosmetics market over the coming years.
The increasing disposable income, changing lifestyle, and the accelerating demand for natural ingredients in cosmetics products are the significant factors that are surging the demand of the cosmetics market. Natural products are no more limited to unpretentious stores and have started gaining popularity. Natural or organic products are the top priority of the majority of beauty enthusiasts. The significant shift in the consumer’s preference from chemical-based cosmetics products to organic products driven by the growing awareness regarding their exceptional benefits is another factor that is boosting the growth of the cosmetics market size. Due to the increasing number of beauty blogs, influencers, and social media accounts dedicated to skincare practices, people have started understanding the need for organic products. All these factors are contributing to the growth of the cosmetics market size.
The usage of synthetic chemicals in skincare products has resulted in harmful results, such as life-threatening diseases. Moreover, the rising cases of allergies as a result of the increasing exposure to chemicals based cosmetics products is further motivating the consumers to opt for organic or natural products. The organic products are environment friendly, decrease aging, and other skin related issues. Therefore, the strong demand for natural ingredients in cosmetics products is strongly driving the market’s growth. However, on the other hand, the increasing trend of adopting advanced beauty treatments owing to the rising income status is likely to restrain the demand for cosmetics products.
The global cosmetics market has witnessed an upsurge in demand due to the COVID-19 crisis in 2020, as the leading brands are emphasizing on bringing digitalization by expanding their websites, creating pages on different social media platforms and marketplaces, to maintain the social distancing precaution and balance their sales at the same time. Furthermore, the notable trend of do-it-yourself (DIY) among the consumers is further enhancing the demand of the market. As the salons and beauty shops are closed, the consumers are forgoing these services to avoid physical contact, which in turn, is encouraging them towards the adoption of cosmetics products and perform their beauty care process at their home.
On the basis of the cosmetics market segmentation, the skin and sun care segment exhibit substantial growth potential over the forecast period in the category segment. This is attributed to the rising awareness regarding skin care products among the young age group. In addition to this, the increasing adoption of organic products to keep skin natural and protected from chemicals and pollution is further enhancing the growth of the segment.
Based on the distribution channel, the online sales segment is poised to expand in the coming years owing to the improved shopping experience provided by online platforms. Customers can read reviews of other customers and can watch videos about how to use certain products, which will help them in creating a better understanding of the product. Additionally, various online platforms provide multiple varieties, anytime shopping experience, and exclusive discounts, which will help in gaining more traction among customers.
On the basis of the region, the Asia-pacific region is anticipated to dominate the cosmetics market in the next six years. This is due to the growing disposable income and the increasing social media influence on individuals in this region. On the other hand, the North American region is expected to grow at a higher CAGR during the forecast period owing to the presence of various key players of the market and the rising focus of individuals toward enhanced beauty solutions.
The key players of the cosmetics market include The Procter & Gamble Company, The Estee Lauder Companies Inc., Unilever Group, OriflameCosmetics S.A., L’Oréal S.A., New Avon Company, Revlon Inc, Kao Corporation, and Shiseido Company, Ltd., and SkinFood, among others.
The research report on the cosmetics market provides an in-depth analysis of the market revenue based on category, distribution channel, gender, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.