The major companies covered in the Cosmetics market report are L’Oréal SA (Paris, France), Unilever (London, UK), Procter & Gamble Co. (Ohio, USA), The Estée Lauder Companies Inc (New York, USA), Beiersdorf AG (Hamburg, Germany), Shiseido Co., Ltd. (Tokyo, Japan), Coty Inc. (New York, United States), Natura & Co. (São Paulo, Brazil), Kao Corporation (Tokyo, Japan), Johnson & Johnson Services, Inc. (New Jersey, United United) and other profiled players.
The global cosmetics market size is expected to grow to reach USD 415.29 billion by 2028, from USD 287.94 billion in 2021, while growing at a CAGR of 5.0% between 2021 and 2028. its report entitled “Cosmetics Market, 2021-2028“,Fortune Business Insights mentions that the market was worth $277.67 billion in 2020.
In recent times, the demand for makeup and skin care products has increased tremendously. Both men and women use it to improve their overall appearance. The industry offers a wide variety of products, such as hair care, facial care, lip care, and others. Moreover, the growing demand for anti-aging creams and serums and the development of advanced tools and innovative packaging are attracting consumers. In addition, the new trend of personalized products for a specific person, based on their hair type, skin tone and texture, eye color, generates attractiveness. Manufacturers are also trying to attract consumers by offering sustainable packaging and chemical-free products to meet every individual’s demand.
Impact of COVID-19
The cosmetics industry has been negatively impacted by the COVID-19 pandemic. Manufacturers have seen a drop in sales and consumer buying habits have also seen a change. For example, Estee Lauder’s report released in April 2020 indicated that most retail stores were to be closed from mid-March 2020 in its operating regions, including the Americas and Europe, and the Middle East. East and Africa. Additionally, the company’s production unit in Whitman, UK, has started manufacturing hand sanitisers under the Jo Malone London company brands.
Additionally, a rapid shift to online channels has been observed as retail stores have been closed. According to L’Oréal’s 2020 annual results released in February 2021, the company’s sales increased by 62% for e-commerce across all divisions and regions, accounting for approximately 26.6% of total company sales. business for 2020.
Johnson and Johnson Services, Inc. (New Jersey, USA)
What does the report provide?
The market report provides a detailed analysis of several factors, such as key drivers and restraints that will impact growth. Additionally, the report provides information on regional analysis which covers different regions, helping the market growth. This includes the competitive landscape that involves leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to help drive market growth.
Availability of customized beauty and skin care products to drive market growth
In recent times, the demand for personalized skin care, hair care is prompting manufacturers to introduce customization and digitalization in cosmetic products to increase the number of customers. For example, in February 2020, the L’Occitane group announced the launch of its new range of personalized range called Duolab. The range features a countertop device that uses artificial intelligence (AI) technology. This device helps to know the condition of his skin to provide him with face care solution in the form of freshly mixed cream. Hence, increased awareness of grooming coupled with advancements in technology is expected to support the growth of the cosmetics market in the coming years.
By category, the market is segmented into hair care, skin care, makeup, and others. According to gender, it is divided into male and female. By distribution channel, it is divided into specialty stores, hypermarkets/supermarkets, online channels, and others. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World.
Key players to focus on partnerships and new launches to enhance market growth
This market is consolidated by large companies that strive to maintain their position by focusing on new launches, collaborations and partnerships, and acquisitions. Such strategies adopted by key players are expected to boost its market prospects.
Asia-Pacific will dominate the market due to increasing urbanization and living standards
Asia-Pacific is expected to dominate with a market size of USD 102.55 billion in 2020. Rising urbanization and living standards, growing number of working women, and increasing middle-class population are the major factors contributing to the growth of the market in this region.
North America, on the other hand, is expected to experience positive growth due to the increase in disposable income and the high purchasing power of the population in the region. Additionally, an increasing number of beauty supply stores in the region is also one of the major flourishing factors driving the growth of the market over the forecast period. For example, in February 2020, one of the largest cosmetics stores Sephora announced its expansion plans, which called for approximately 100 new stores to open in the North America region by 2020.
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