An increase in the desire for skin care products, the demand for natural ingredients in cosmetics, and changes in packaging styles and marketing strategies are driving the growth of the global cosmetics market. However, the advent of advanced beauty treatments and awareness of probable side effects is hampering the growth of the market. Yet the increasing demand for organic cosmetics will create new opportunities in the years to come.
On the basis of category, the skin and sun care products segment held the highest market share, contributing around two-fifths of the global cosmetics market in 2019, and will maintain its leading status over the course of of the forecast period. This is due to the availability in technically advanced, complex and diverse categories and an awareness of beauty. However, the deodorants and perfumes segment is expected to experience the highest CAGR of 7.2% from 2021 to 2027, due to continuous product innovations and technological advancements.
Based on region, Asia-Pacific, followed by North America, contributed the highest share in 2019, holding more than a third of the global cosmetics market, and will maintain its leadership position. by 2027. This region is expected to register the highest CAGR of 6.5% during the forecast period. This is due to various strategies such as new product launches adopted by market players to increase their customer base and expand their operating areas in various countries.
Major market players include Avon Products Inc., Kao Company, L’Oreal SA., Oriflame Cosmetics SA, Revlon Inc., Shiseido Company Limited, Skin Food Co. Ltd., Estée Lauder Companies Inc., The Procter & Gamble company and Unilever.
