The global cosmetic market is anticipated to grow at a significant CAGR of 6.0% during the forecast period (2022-2028).The major factor expected to drive the market growth is the rising consciousness about external beauty along with individual internal intellect, and the rise in the use of cosmetics among men in their daily routine. In addition, the rising adaptation of sustainable cosmetics products, and the growing trend for various cosmetic products, skincare products, beauty care products, and hair care products, among others are some factors that propel the growth of the global cosmetic market during the forecast period. Furthermore, the growing latest technologies in the world of beauty using augmented reality (AR), 3D printing, and artificial intelligence (AI) also support the market to grow further during the forecast period. For instance, in July 2020, Amor pacific, a South Korean cosmetics company, installed augmented reality mirrors at their stores to analyze the skin type of consumers and recommend the products to the customers based on skin type and texture.
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Additionally, by category segment, skin and sun care products is expected to hold significant share in the market during the forecast period owing to their various advantages such as anti-aging properties, enhancing the skin tone and texture, concealing blemishes and marks, as well as protection against Ultraviolet A (UVA) and Ultraviolet B (UVB) radiations that can cause melanomas. These products are also used to enhance the appearance of the skin, relieve skin conditions, and prevent the harmful effect of the sun’s UV rays.
Some major players in the market include L’Oreal S.A., Revlon Inc., and The Estee Lauder Companies Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in 2021, Colobar Cosmetics Pvt Ltd. announced the launch of India’s first-ever customizable makeup palette with 12 custom-designed cases and a selection of eye shadow, blushers, and highlighters to choose from. Further, in 2021, Revlon Inc. entered into a partnership with MDR Brand Management for its new product launches, wider retail reach, and deeper consumer engagement across the globe.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Category
- By Gender
- By Distribution Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape-L’Oreal S.A., Revlon Inc., and The Estee Lauder Companies Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Cosmetic Market Report by Segment
By Category
- Skin and Sun Care Products
- Hair Care Products
- Deodorants and Fragrances
- Makeup and Color Cosmetics
By Gender
- Men
- Women
- Unisex
By Distribution Channel
- Hypermarkets/Supermarkets
- Specialty Stores
- Pharmacies
- Online Sales Channels
- Others
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