Cosmetics Market Size, Share, Growth Analysis, By Category(Skin, Sun Care Products, Hair Care Products, Deodorants & Fragrances), By Gender(Men, Women, Unisex), By Distribution channel(Specialty stores, hypermarket/supermarkets, online channels, and others (drug store), By Region - Industry Forecast 2024-2031

Cosmetics Market size was valued at USD 251.73 billion in 2019 and is poised to grow from USD 262.21 billion in 2023 to USD 363.8 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

The major players operating in the global cosmetics market are Procter & Gamble, L'Oreal S.A., The Estee Lauder Companies Inc., Coty Inc., Shiseido Company, Limited, Colgate-Palmolive Company, Kao Corporation, Beiersdorf Group, Unilever, Amorepacific, Johnson & Johnson Services, Inc., Revlon, Inc., LMVH, Oriflame Cosmetics Global SA, Espa, Henkel AG & Co. KGaA, Mary Kay, Natura&Co, CHANEL, and KOSÉ Corporation among others. These players are adopting various organic and inorganic growth strategies to sustain themselves in the competitive market. For instance, in November 2021, Estée Lauder Companies Inc. partnered with Florida A&M University for a new talent and development program to build the next generation of Black beauty leaders in Travel Retail. This development was in line with the company’s commitment to Racial Equity. This enabled the company to create an exclusive internship and scholarship program with Florida A&M University. Further, in the same month, in November 2021, Procter & Gamble announced the deal to acquire the Indie skincare brand Farmacy Beauty. With this acquisition, the company wishes to double down on the skin care products it offers in the market. 'L'Oreal', 'Procter & Gamble', 'Unilever', 'Estée Lauder', 'Shiseido', 'Johnson & Johnson', 'Coty Inc.', 'Avon Products Inc.', 'Kao Corporation', 'Colgate-Palmolive Company', 'Amorepacific Corporation', 'Revlon Inc.', 'Beiersdorf AG', 'The Body Shop International Limited', 'LVMH Moët Hennessy Louis Vuitton SE', 'Chanel', 'Mary Kay Inc.', 'Yves Rocher', 'Oriflame Holding AG', 'Clarins SA', 'In April 2022, L'Oréal Group unveiled Colorsonic, a portable, lightweight device that uses a novel, mess-free method to mix and apply hair color, delivering consistent hair color results for customers at home, and Coloright, an AI-connected hair color system for salon stylists that use Virtual Try-on to project desired shades and an algorithm that results in an on-demand, customized hair color.', 'In March 2022, Kao Corporation and istyle Inc. announced to use of the sebum RNA monitoring technology developed by Kao and launch a joint initiative to develop a system that enables the efficient selection of cosmetics based on the skin RNA types.'

cosmetics business is booming owing to the rising awareness and demand for cosmetics like skin care, beauty care, hair care, and other beauty-related products. The expansion of Korean cosmetic companies into Western countries, as well as the introduction of new cosmetic products containing natural components, are expected to greatly drive market growth. Consumer preferences have shifted swiftly away from synthesized commodities and toward eco-friendly items acceptable for all. "Green labeling" refers to the usage of bioengineered substances in cosmetics. Bioengineered components are derived from plants and refined using biotechnology to rethink natural cosmetics.

Increasing trends in the adoption of vegan cosmetics owing to the growing popularity of the vegan diet and rising health concerns about the dangers of petroleum-based ingredients are one of the major trends in the market. Vegan cosmetics are organic beauty products made with plant-based extracts and non-toxic ingredients. As a result, numerous companies are teaming up with dermatologists to manufacture optimal cosmetics, which is predicted to positively influence the industry forward.

Based on the geography, the global cosmetics market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among these regions, the North American region accounts for the majority of the market share. The region is one of the most well-known hubs for high-profile cosmetics brands. In comparison to the rest of the world, North American countries, among other things, have a high use of various cosmetics items. Europe accounted for a considerable proportion of the cosmetics market due to the introduction of a wide range of products and rapid technological advancement. The United States is the second-largest market in the region, owing to the presence of a large number of dominating companies. Various factors such as the rising usage of anti-aging cosmetics and the rising demand for luxury and clean-label products in Europe have fueled the rise of the cosmetics business in the region. Germany has seen considerable growth in cosmetics as people become more interested in organic products.