Published on: May 14, 2024
The cosmetics market encompasses a range of beauty and personal care products catering to skincare, hair care, lip care, anti-aging, and makeup needs. It plays a significant role in consumers’ health, hygiene, and grooming routines, serving consumers across various demographics and preferences.
The global cosmetic products market is projected to reach a value of over USD 467.98 billion in 2027 at a CAGR of 5.84% between 2023 and 2027. Its growth is driven by factors such as increasing consumer focus on self-care, evolving beauty standards, and advancements in skincare and hair care formulations. The cosmetics market is increasingly targeting men along with women. Forecasts indicate continued expansion, propelled by digitalization, personalization, and the introduction of novel ingredients.
Cosmetic products are typically sold though hypermarkets and supermarkets as well as in specialty stores. There is a growing demand for vegan, eco-friendly, and sustainable cosmetics, reflecting consumer preferences for ethical and environmentally conscious products.
Key trends in the cosmetics market include the rise of sustainable and organic formulations, demand for personalized beauty solutions, and the influence of social media on consumer preferences and purchasing behavior. Advancements in packaging designs, including compact containers and eco-friendly options, reflect changing consumer preferences for sustainable products.
The growing emphasis on health, hygiene, and well-being, particularly among women, and the increasing adoption of skincare routines and beauty regimens are helping to drive demand for cosmetics. The glamour industry's influence, along with the growing focus on men's skincare needs and grooming products, also drive market growth.
Challenges facing the cosmetics market include concerns related to synthetic chemicals, preservatives, and allergens in cosmetic formulations, leading to side-effects such as allergic reactions, acne, and skin discoloration. Additionally, counterfeit products pose risks to consumer health and safety as well as to manufacturers’ market share, highlighting the importance of regulatory oversight and consumer education.
The cosmetics market presents opportunities for innovation, personalization, and sustainability, driven by evolving consumer preferences and industry trends. Success in the market requires a focus on quality, safety, and ethical practices, along with adaptation to changing consumer demands and regulatory requirements.
APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The APAC market is projected to be the fastest-growing geographic segment during the forecast period, with Japan, China, India, and South Korea being the largest contributors. The region has many companies that offer cosmetic products, creating high growth potential in the market. In addition, the growing number of specialty stores offering a variety of skin-lightening and skin-whitening products from different brands has fostered the growth of the regional market.
Technavio's cosmetics industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our cosmetics market reports include:
Technavio’s market research on this industry provides a detailed analysis of the market landscape, providing data on product types, regional markets, sales channels, and more.
Our cosmetics market segmentation covers topics such as:
Learn more about the cosmetics industry [Explore Reports]
In order to provide you with a comprehensive view of the cosmetics industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
1.How do I identify key trends in the cosmetics market?
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
2.How do I decide which segments of the cosmetics market to focus on?
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
3.Who are the major players in the cosmetics market?
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
Still have questions? We’re here to help! [Get in Touch]
LinkedIn
Facebook 
Twitter
Email
Reddit
Tumblr
Quora
Pinterest
WhatsApp