In recent times, demand for makeup and skincare products has surged dramatically. Both men and women use it to enhance their overall appearance. The industry offers a wide variety of products, such as hair care, face care, lip care, and others. Additionally, the increasing demand for anti-aging creams and serums and the development of advanced tools and innovative packaging is attracting consumers. Besides, the new trend of personalized products for a specific person, based on their hair type, skin tone & texture, eye color, is generating traction. The manufactures are also trying to grab consumers’ attraction by coming up with sustainable packaging and chemical-free products to cater to the demand for every individual.
The industry is segmented into haircare, skincare, makeup, and others by category. Men and women are also categorized. Also into speciality stores, hyper industry s/super industry s, online media, and others. The industry is classified into North America, Europe, Asia Pacific, and the rest of the world.
The global cosmetics industry size is expected to gain momentum by reaching USD 415.29 billion by 2028 from USD 287.94 billion in 2021. While exhibiting a CAGR of 5.0% between” 2021 to 2028. In its research titled, “Cosmetics Industry, 2021-2028,” mentions that the industry stood at USD 277.67 billion in 2020.
What does the Research Provide?
The industry research provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the research provides insights into the regional analysis that covers different regions, contributing to the growth of the industry. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the industry growth.
In recent times, demand for personalized skincare, hair care is promoting manufacturers on introducing personalization and digitalization in cosmetic products to increase customers. For instance, in February 2020, Occitan Group announced the launch of its new range of personalized range called Duolab. The range has a countertop device that functions artificial intelligence (AI) technology. This device helps in finding out one’s skin condition to provide it a face care solution in the form of freshly blended cream. Therefore, increased awareness regarding grooming coupled with technological advancements to support the cosmetics industry growth in upcoming years.
List of Key Players Profiled in the Research
L’Oréal S.A. (Paris, France), Unilever (London, U.K.), Procter & Gamble Co. (Ohio, US), The Estée Lauder Companies Inc. (New York, U.S.), Beiersdorf AG (Hamburg, Germany), Shiseido Co., Ltd. (Tokyo, Japan), Coty Inc. (New York, U.S.), Natura & Co. (São Paulo, Brazil), Kao Corporation (Tokyo, Japan), Johnson & Johnson Services, Inc. (New Jersey, U.S.) & Other.
Asia Pacific to Dominate the Industry Backed by Increasing Urbanization and Standard of Living
Asia Pacific is to dominate with industry size of USD 102.55 billion in 2020. Increasing urbanization & standard of living, growing number of working women, and rising middle-class population are the key contributing factors for the growth of the industry in this region.
On the other hand North America is to witness positive growth. Owing to the rising disposable income and high spending power of the population in the region. Additionally, an increasing number of beauty product stores in the region is also one of the major flourishing factors for the growth of the industry during the forecast period. For instance, in February 2020, one of the largest cosmetics retail store Sephora announced its expansion plans. It included the opening of around 100 new stores across the North America region by 2020.
Key Players to Focus on Partnerships and New Launches to Strengthen Industry Growth
This industry is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players to strengthen its industry prospects. Below is the industry developments:
- January 2020: Natura &Co announced the acquisition of Avon Products, Inc. Avon offers beauty and personal care products. Through this acquisition, Natura aims to expand its product portfolio.
- February 2021: Revlon made a partnership with MDR Brand Management to come up with new cosmetics products. It increased consumer engagement across the EMEA, APAC, and America.