Beauty industry trend and forecast

Global Opportunity Analysis and Industry Forecast for the Cosmetics Market by Category (Skin and Sun Care Products, Hair Care Products, Deodorants and Fragrances, and Makeup & Color Cosmetics), Gender (Men, Women, and Unisex), and Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Pharmacies, Online Sales Channels, and Others) for the period 2021–2027.

The worldwide cosmetics market was valued at $380.2 billion in 2019, and it is expected to grow to $463.5 billion by 2027, recording a compound annual growth rate (CAGR) of 5.3 percent from 2021 to 2027, according to MarketsandMarkets. Currently, cosmetics have evolved into an essential part of the modern-day lifestyle of most people, especially women. Additionally, the rise in awareness of outward beauty, along with the development of an individual’s interior intelligence, has emerged as one of the most important reasons pushing the usage of cosmetics in the worldwide market. Males are increasingly incorporating cosmetics into their everyday routines, which is helping to drive the global cosmetics industry demand upwards in tandem with females. As a result of these shifting lifestyles, the global cosmetics industry has seen significant development.

Manufacturers are altering their product branding and advertising tactics in order to increase their sales across a wider range of geographic markets. Innovative tactics, such as new product releases including natural ingredients and visually attractive packaging, have been used by cosmetics manufacturing firms in order to boost sales of their goods. As cosmetics have become an important part of people’s life, customers, particularly women, want to utilize cosmetics items that are portable and simple to apply when traveling or attending social gatherings. Furthermore, the use of natural substances in the production of cosmetics goods, which have no negative impact on the skin, is a popular marketing technique for companies seeking to attract more consumers. This also contributes to the growth of income for businesses in this sector. The global cosmetics market is driven by a combination of all of the tactics used by producers. Chemicals employed in the production of cosmetic goods, on the other hand, may cause damage to an individual’s skin or other areas of the body. Cosmetic items should not be applied on a regular basis, since this may be harmful to the skin. Chemicals used as components in cosmetic goods may have a variety of negative impacts on the skin when applied topically. Using chemical-rich shampoos, serums, and conditioners on a regular basis for an extended period of time may result in significant hair loss. Furthermore, the excessive use of color cosmetic items for the eyes and lips may result in a variety of skin disorders as well as other health consequences. As a result, increasing consumer knowledge of potential adverse effects of cosmetics and skin problems is a significant element that is limiting the overall development of the industry.

Gender, distribution channel, and geography are among factors that have been taken into consideration while segmenting the cosmetics business. Market segments include skin and sun care goods, hair care products, deodorants and perfumes, as well as makeup and color cosmetics, which are further subdivided into sub-categories. Men, women, and unisex are the categories that are separated based on gender. Hypermarkets/supermarkets, specialty shops, pharmacies, internet sales channels, and others are the many types of distribution channels that are available. The market is being researched in four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean.

According on category, the skin and sun care products sector accounted for a significant portion of the global cosmetics market in 2019. However, the deodorants & fragrances segment is expected to expand at the fastest rate during the forecast period. Individuals’ everyday healthcare regimens are heavily influenced by the items they use on their skin. The increase in public awareness of beauty and mindfulness are two of the most important elements driving demand for skin care products at the moment.