The global cosmetics market is estimated to Expand driven by rising disposable incomes

 

Cosmetics provide skin care and enhance beauty through the use of makeup products like foundations, eye shadows, lipsticks and more. The growing cosmetic industry is driven by factors like rising disposable incomes, increasing working women population, and greater awareness about personal grooming and aesthetics.

The global cosmetics market is estimated to be valued at US$ 438.5 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The demand for cosmetics is accelerating driven by rising incomes. One of the key trends spurring market growth is the increasing preference for organic and natural cosmetic products. Consumers are shifting towards herbal, mineral and chemical-free products due to rising health concerns from chemicals used in cosmetics. They are willing to pay premium prices for natural, safe cosmetics. This has encouraged established players as well as new startups to introduce organic ranges. Innovation in delivery systems like gel-based and cream formulations for skin and hair care products is another major trend shaping the market. Manufacturers are investing in advanced formulations that provide greater effectiveness coupled with convenience of use. Advancements in delivery technology and ingredients are expected to broaden market opportunities over the forecast period.

Segment Analysis
The global cosmetics market is dominated by skin & sun care segment which holds around 36% of the market share. This segment is the leading revenue generator due to growing awareness of skin care products and adoption of sun protection products globally. The increasing pollution levels have heightened the need for daily skin and sun protection solutions among customers which drives the growth of this segment.

Key Takeaways
The global cosmetics market is expected to witness high growth. The global cosmetics market is estimated to be valued at US$ 438.5 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.

Regional analysis related content comprises Europe currently accounts for the largest share of the global cosmetics market. Countries like France, Germany, UK, and Italy dominate the European cosmetic industry due to strong brand awareness and increased spending on premium beauty products in the region.

Key players related content comprises Key players operating in the cosmetics market are L’Oreal S.A, Unilever plc., The Procter & Gamble Company, The Estee Lauder Companies Inc., Shiseido Company, Limited, LVMH Moët Hennessy, Kao Corporation., Oriflame Holding AG, Avon Products Inc., Revlon, Inc. L'Oréal remains the dominant market player owing to its strong brand portfolio and worldwide reach. The Procter & Gamble Company stands second due to its foothold in hair & skin care categories.

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