USD 483.70 billion
Cosmetic Products Market Size, Share, Growth Analysis, By Product Type(Skincare products, makeup products, haircare products, fragrances), By Target Demographic(Men’s cosmetics, women’s cosmetics, and unisex cosmetics), By Distribution Channel(Retail stores, e-commerce platforms, and specialty stores), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30L2224 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
92
|Figures:
76
Cosmetic Products Market Insights
Cosmetic Products Market size was valued at USD 483.70 billion in 2021 and is poised to grow from USD 512.24 billion in 2022 to USD 810.29 billion by 2030, growing at a CAGR of 5.9% during the forecast period (2023-2030).
The global cosmetic products market is a dynamic and thriving industry that encompasses a wide range of personal care and beauty products. It caters to the ever-growing demand for cosmetics among consumers worldwide. The market is driven by several factors. Firstly, the increasing disposable income and rising consumer awareness about personal grooming and appearance have fueled the demand for cosmetic products. Additionally, the influence of social media, beauty influencers, and celebrity endorsements has significantly impacted consumer preferences and purchasing behavior, further propelling market growth. Despite the positive outlook, the market does face some restraints. Stringent regulations and quality control standards imposed by regulatory authorities pose challenges for manufacturers in terms of product formulation and marketing. Moreover, concerns over the use of certain ingredients, environmental sustainability, and ethical practices have led to a shift toward natural and organic cosmetic products.
Key trends in the market include the rising popularity of clean beauty, eco-friendly packaging, and cruelty-free products. Consumers are increasingly seeking products that align with their values and contribute to sustainability. This has led to the emergence of niche brands that focus on natural, organic, and environmentally friendly formulations, attracting a growing segment of conscious consumers. Amidst these trends, the cosmetic products market presents numerous opportunities for growth. The Asia Pacific region, in particular, holds significant potential due to its large population, growing urbanization, and increasing consumer spending power. Additionally, technological advancements, such as the integration of artificial intelligence (AI) and augmented reality (AR) in cosmetics, offer new avenues for product development and personalized customer experiences.
US Cosmetic Products Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Skincare Products
Fastest Growth
Skincare Products
Growth Rate
5.9% CAGR
Global Cosmetic Products Market ($ Bn)
Country Share for North America Region (%)
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Cosmetic Products Market Segmental Analysis
Global Cosmetic Products Market is segmented on the basis of Product type, Target demographic, distribution channel, and region. By product type, the market is segmented into skincare products, makeup products, hair care products, fragrances, and others. By target demographic, the market is segmented into Men’s cosmetics, women’s cosmetics, and unisex cosmetics. By distribution channel, the market is segmented into retail stores, e-commerce platforms, and specialty stores. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Cosmetic Products Market Analysis By Product Type
Among these segments, skincare products emerge as the largest segment, accounting for a significant share of the market. Skincare products play a vital role in maintaining healthy and radiant skin, making them an essential part of daily beauty routines for consumers worldwide. The skincare products segment encompasses a diverse range of products, including cleansers, moisturizers, serums, masks, and sunscreens. This extensive product portfolio caters to various skincare concerns, such as hydration, anti-aging, acne treatment, and sun protection. The growing emphasis on skincare routines, the rising awareness of the importance of healthy skin, and the increasing adoption of skincare rituals across different age groups have contributed to the dominance of the skincare products segment.
Regarding the fastest-growing segment, makeup products are experiencing significant expansion and are projected to witness robust growth in the coming years. The makeup products segment encompasses a wide array of cosmetic items, including foundations, lipsticks, eyeshadows, mascaras, and more. The desire for self-expression, the influence of social media platforms, and the growing trend of beauty influencers have amplified the demand for makeup products. Moreover, the growing consumer base, particularly in emerging markets, along with the increasing popularity of makeup tutorials and online beauty content, has driven the growth of this segment. The rise of beauty vloggers and influencers has fueled consumer interest and experimentation with makeup, leading to increased product sales. Additionally, innovations such as long-lasting and high-performance formulas, inclusive shade ranges, and customized makeup solutions have contributed to the rapid growth of the makeup products segment.
Cosmetic Products Market Analysis By Distribution Channel
Retail stores emerge as the largest segment, commanding a significant share of the market. Retail stores, including supermarkets, hypermarkets, and drugstores, offer a one-stop shopping experience for consumers seeking a wide range of cosmetic products. These physical stores provide a tangible shopping experience, allowing customers to browse, touch, and test products before making a purchase. The retail store segment holds prominence due to several factors. Firstly, consumers often prefer the sensory experience of physically examining cosmetic products, such as trying on different shades of makeup or smelling fragrances before deciding on a purchase. Additionally, retail stores offer the advantage of immediate gratification, where customers can take their products home immediately after purchase without waiting for delivery.
On the other hand, the fastest-growing segment in the market is e-commerce platforms. With the advent of technology and the increasing popularity of online shopping, consumers are increasingly turning to e-commerce platforms to purchase cosmetic products. The convenience of shopping from anywhere at any time, along with a vast selection of products and competitive pricing, has fueled the growth of e-commerce in the cosmetic industry. The rapid growth of e-commerce is supported by impressive numbers. According to industry reports, the global e-commerce market for cosmetic products witnessed significant growth, with online sales reaching billions of dollars annually. Moreover, the COVID-19 pandemic further accelerated the shift towards online shopping, as consumers prioritized safety and embraced digital channels for purchasing cosmetic products. The attractiveness of e-commerce platforms lies in the ability to provide personalized recommendations, user reviews, and convenience-driven features like auto-replenishment and subscription services. Furthermore, the integration of virtual try-on tools and augmented reality technology has enhanced the online shopping experience for consumers, allowing them to visualize products and make informed choices.
Global Cosmetic Products Market By Product Type
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Cosmetic Products Market Regional Insights
North America is the dominating region in the global market, holding a substantial market share. This region boasts a strong beauty and personal care industry, fueled by a high disposable income, a culture that values grooming and appearance, and a robust presence of major cosmetic brands. The United States, in particular, stands out as a key player in the North American market, with its vibrant beauty industry and a diverse range of cosmetic products. With a market share of approximately 35.9%, North America remains a dominant force in the global cosmetic products market.
On the other hand, the Asia Pacific region is witnessing remarkable growth and is the fastest-growing region in the global cosmetic products market. The rising urbanization, growing middle-class population, and increasing purchasing power in countries such as China and India have led to a surge in demand for cosmetic products. The Asia Pacific market is witnessing a shift towards premium and luxury cosmetics, driven by changing lifestyles and the influence of Western beauty standards. Additionally, South Korea has gained prominence as a hub for beauty and skincare innovation, with the K-beauty trend gaining global popularity.
Global Cosmetic Products Market By Geography
- Largest
- Fastest
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Cosmetic Products Market Dynamics
Cosmetic Products Market Drivers
Increasing Consumer Awareness and Demand
- One of the major drivers in the cosmetic products market is the growing consumer awareness and demand for personal grooming and beauty enhancement. Consumers today are more conscious of their appearance and seek products that can help them achieve their desired look. This demand is fueled by factors such as social media influence, beauty influencers, and the desire for self-expression. For example, the rise of beauty influencers on platforms like Instagram and YouTube has significantly impacted consumer preferences and purchasing decisions, leading to increased demand for specific cosmetic products and trends.
Cosmetic Products Market Restraints
Stringent Regulations and Quality Control
- The cosmetic industry is subject to strict regulations and quality control standards imposed by regulatory authorities in various countries. These regulations ensure consumer safety and govern aspects such as ingredient safety, labeling requirements, and product testing. However, complying with these regulations can be a challenge for manufacturers, as it requires substantial investment in research, testing, and formulation adjustments. Additionally, the approval process for new ingredients or product claims can be time-consuming and costly, hindering the speed of product development and market entry.
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Cosmetic Products Market Competitive Landscape
The global cosmetic products market is highly competitive and comprises a diverse range of players, including multinational corporations, established brands, and emerging niche companies. Major players in the market focus on strategic initiatives such as product launches, mergers and acquisitions, partnerships, and collaborations to strengthen their market presence and gain a competitive edge. Established brands continue to dominate the market with their extensive product portfolios, strong distribution networks, and global brand recognition. These companies invest heavily in research and development to innovate and introduce new and advanced cosmetic products. Moreover, they leverage their marketing expertise and brand reputation to effectively target diverse consumer segments. At the same time, the market also witnesses the rise of niche and indie brands that cater to specific consumer preferences, such as clean beauty, vegan products, and sustainable packaging. These emerging players often differentiate themselves through their unique brand stories, personalized customer experiences, and innovative formulations. The competitive landscape of the global cosmetic products market is characterized by intense competition, innovation-driven strategies, and the pursuit of consumer-centric solutions to maintain market leadership and capture evolving market trends.
Cosmetic Products Market Top Player’s Company Profiles
- L'Oréal (France)
- Estée Lauder Companies (US)
- Procter & Gamble Co. (US)
- Shiseido Company, Limited (Japan)
- Coty Inc. (US)
- Johnson & Johnson (US)
- Unilever (UK)
- Kao Corporation (Japan)
- Avon Products, Inc. (UK)
- Beiersdorf AG (Germany)
- Revlon, Inc. (US)
- Colgate-Palmolive Company (US)
- Amorepacific Corporation (South Korea)
- Chanel S.A. (France)
- The Estée Lauder Companies Inc. (US)
- Henkel AG & Co. KGaA (Germany)
- LVMH Moët Hennessy Louis Vuitton SE (France)
- Mary Kay Inc. (US)
- Oriflame Holding AG (Switzerland)
- Clarins Group (France)
Cosmetic Products Market Recent Developments
- In May 2022, Estée Lauder, in collaboration with Shoppers Stop, unveiled an exclusive SS Beauty store in Mumbai, India, solidifying their partnership and presence in the country. This new establishment will showcase a wide range of Estée Lauder brands, including renowned names such as MAC Cosmetics, Clinique, Bobbi Brown, Jo Malone, Estee Lauder, Smashbox, and Tom Ford. By offering these popular brands under one roof, the SS Beauty store aims to provide customers in Mumbai with a diverse and luxurious beauty shopping experience.
- In May 2022, Estée Lauder's M.A.C Cosmetics joined forces with Netflix to launch a special makeup collection inspired by the hit series "Stranger Things." This exclusive collaboration resulted in a unique range of products featuring captivating shade names and limited-edition packaging inspired by the show's iconic Real World Hawkins High and The Upside Down. This collaboration seamlessly blends the realms of entertainment and beauty, offering fans of the series a chance to express their fandom through a collection that captures the essence of the show's mysterious and otherworldly elements.
Cosmetic Products Key Market Trends
- Personalized and Customizable Products: Another notable trend is the demand for personalized and customizable cosmetic products. Consumers are seeking products that cater to their unique needs, preferences, and skin types. This trend is driven by advancements in technology and data analysis, enabling companies to offer personalized recommendations and formulations. For example, companies now offer customized foundation shades based on skin tone analysis or personalized skincare regimens based on individual skin concerns. This trend enhances consumer engagement and satisfaction, leading to increased brand loyalty and market growth.
Cosmetic Products Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Cosmetic Products Market analysis, the global market is experiencing robust growth and is poised for further expansion in the forecast period. The market analysis reveals that the rising demand for cosmetic products, driven by factors such as increasing disposable income, changing consumer preferences, and the influence of social media, is fueling market growth. Additionally, the growing focus on personal grooming and appearance, coupled with the rising trend of clean beauty and eco-friendly products, presents opportunities for innovation and market penetration. However, the market also faces challenges such as stringent regulations, concerns over product safety and ethical practices, and the need for sustainable packaging solutions. Nevertheless, with the emergence of niche brands, technological advancements, and expanding consumer base in regions like Asia Pacific, the global market is expected to witness significant growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 483.70 billion |
| Market size value in 2031 | USD 810.29 billion |
| Growth Rate | 5.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cosmetic Products Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cosmetic Products Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cosmetic Products Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cosmetic Products Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cosmetic Products Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cosmetic Products Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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