The global cosmetics market size is expected to gain momentum by reaching USD 415.29 billion by 2028 from USD 287.94 billion in 2021 while exhibiting a CAGR of 5% between 2021 to 2028. In its report titled, “Cosmetics Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 277.67 billion in 2020.
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Driving Factors
Availability of Customized Beauty & Skincare Products to Drive Market Growth
In recent times, demand for personalized skincare, hair care is promoting manufacturers on introducing personalization and digitalization in cosmetic products to increase customers. For instance, in February 2020, L’Occitane Group announced the launch of its new range of personalized range called Duolab. The range has a countertop device that functions artificial intelligence (AI) technology. This device helps in finding out one’s skin condition to provide it a face care solution in the form of freshly blended cream. Therefore, increased awareness regarding grooming coupled with technological advancements is expected to support the cosmetics market growth in upcoming years.
Asia Pacific to Dominate the Market Backed by Increasing Urbanization and Standard of Living
Asia Pacific is expected to dominate with market size of USD 102.55 billion in 2020. Increasing urbanization & standard of living, growing number of working women, and rising middle-class population are the key contributing factors for the growth of the market in this region.
North America on the other hand is expected to witness positive growth owing to the rising disposable income and high spending power of the population in the region. Additionally, an increasing number of beauty product stores in the region is also one of the major flourishing factors for the growth of the market during the forecast period. For instance, in February 2020, one of the largest cosmetics retail store Sephora announced its expansion plans, that included the opening of around 100 new stores across the North America region by 2020.
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Report Aim & Scope:
- An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the cosmetics industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the market during the forecast period.
Competitive Landscape
Key Players to Focus on Partnerships and New Launches to Strengthen Market Growth
The cosmetics industry is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects.
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