Online Sales Channel segment is expected to grow at a highest CAGR of 7.6% during the forecast period.
BANGALORE, INDIA, September 23, 2021 /EINPresswire.com/ — According to the latest report by Valuates Reports, titled “Cosmetics Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast Report 2021-2027. “The global cosmetics market size was valued at $380.2 billion in 2019, and is projected to reach $463.5 billion by 2027, registering a CAGR of 5.3% from 2021 to 2027”.
Presently, cosmetics have become an indispensable feature of modern lifestyle of individuals. In addition, growth in consciousness about external beauty along with individual’s internal intellect has become one of the major driving factors for use of cosmetics in the global market. Presently, along with women, there is a rise in use of cosmetics among men in their daily routine, which complements growth of the global cosmetics market demand. Hence, such changing lifestyles, have led to growth of the global cosmetics market.
Manufacturers are changing their product branding and advertising strategies to accelerate their sales across various countries. Innovative strategies such as new product launches with natural ingredients and appealing packaging have been adopted by manufacturing companies to increase sales of their cosmetics products. As cosmetics have become an integral part of individual’s lives, consumers, especially women, prefer to use cosmetics products, which are handy and easy to use while travelling or attending social meetings.
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Moreover, use of natural ingredients for manufacturing of cosmetics products, which does not have any adverse effect on skin, is a popular strategy of manufacturers to attract more customers. This also helps in increasing revenue of companies operating in this industry. Collectively, all strategies adopted by manufacturers drive the global cosmetics market. However, chemicals used in manufacturing of cosmetic products can harm an individual’s skin or other parts of the body. In addition, application of cosmetic products on a daily basis could be dangerous for skin. Chemicals used as ingredients in cosmetic products can have many adverse side effects on skin. Long-term and extensive use of chemical rich shampoos, serums, and conditioners lead to heavy hair fall problems. Moreover, extensive use of color cosmetic products for eyes and lips can also cause many skin diseases and consequential health hazards. Therefore, increase in awareness of probable side effects of cosmetics and skin concerns among customers is an important factor that limits growth of the market as a whole.
The cosmetics industry has been segmented on the basis of category, gender, distribution channel, and region. On the basis of category, the market is divided into skin and sun care products, hair care products, deodorants & fragrances, and makeup & color cosmetics. By gender, it is divided into men, women, and unisex. On the basis of distribution channels, it is categorized into hypermarkets/supermarkets, specialty stores, pharmacies, online sales channels, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
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On the basis of gender, the women segment led, in terms of the cosmetics market size in 2019, and is expected to continue to grow with robust CAGR during the cosmetics market forecast period. The convergence of advancements, beauty, and lifestyle propels the growth of the market. Moreover, the cosmetics market across the globe has witnessed continuous and sustained growth over years, owing to a rise in the beauty-conscious female population.
The key players profiled in the cosmetics market report are Avon Products Inc., Kao Corporation, L’Oreal S.A., Oriflame Cosmetics S.A., Revlon, Inc., Shiseido Company Limited, Skin Food Co., Ltd., The Estee Lauder Companies Inc., and The Procter & Gamble Company and Unilever Plc.
Covid-19 Impact Analysis
• COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
• Cosmetics products manufacturers are switching their preference to produce hand sanitizers, cleaning agents, and personal care products, which have been gaining major demand during this pandemic.
• The outbreak of the COVID-19 pandemic, manufacturers have increased social media advertisement of using herbal skin care products to reach a large consumer base.
• Countries around the world imposed lockdowns, and curfews, which has hugely impacted lifestyles, health & wellbeing, and affected manufacturing industries.
• Import and export restrictions on goods and quarantine and lockdown measures imposed by governments are key challenges exporters are facing during this pandemic.
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