The global cosmetics industry size was valued at USD 374.18 billion in 2023 and is expected to be worth USD 393.75 billion in 2024. The industry is projected to be valued at USD 758.05 billion by 2032, recording a CAGR of 9.8% during the forecast period.
The global cosmetics industry share is expected to grow substantially in the coming years as an increasing percentage of the global population is becoming conscious of their physical appearance. These beauty and personal care products can enhance a person’s overall appearance and offer a variety of haircare, skincare, and lip care products. Additionally, the growing demand for anti-aging products among the elderly population will contribute to high product sales.
Fortune Business Insights™ presents this information in a report titled, “Global Cosmetics Industry, 2024–2032.”
Top Companies Covered in the Cosmetics Industry
- L’Oréal S.A. (France)
- Unilever plc. (U.K.)
- Procter & Gamble Co. (U.S.)
- The Estée Lauder Companies Inc. (U.S.)
- Beiersdorf AG (Germany)
- Shiseido Co., Ltd. (Japan)
- Coty Inc. (U.S.)
- Natura & Co. (Brazil)
- Kao Corporation (Japan)
- Johnson & Johnson Services, Inc. (U.S.)
Information Source: https://www.fortunebusinessinsights.com/cosmetics-market-102614
Segments:
Growing Awareness about Skincare Routines will Improve Sales of Skincare Products
Based on category, the industry is divided into skincare, hair care, makeup, and others. The skincare segment is predicted to hold a sizable share of the industry during the forecast period as a growing percentage of people across the world use skincare products on a daily basis as compared to hair care products.
Working Women to Increase Usage of Cosmetics to Improve Appearance
Based on gender, the industry is divided into men and women. The women segment is anticipated to hold the larger industry share as the percentage of working women is growing across the world and they need these products to help them look presentable at their workplace.
Buyers to Increase Preference for Hypermarkets/Supermarkets to Gain Access to Different Brands
In terms of distribution channel, the industry is divided into specialty stores, hypermarkets/supermarkets, online channels, and others. The hypermarkets/supermarkets segment is projected to account for the largest industry share during the forecast timeframe as can access these stores to gain access to several brands and their products.
Geographically, the industry is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides a detailed industry analysis and highlights key aspects such as leading product categories, companies, and distribution channels. The report also offers valuable insights into the latest industry trends and covers vital industry developments. In addition to the abovementioned factors, the report encompasses several factors that have contributed to the industry’s growth in recent years.
Drivers and Restraints:
Rising Awareness of Importance of Health, Hygiene, and Grooming to Boost Industry Growth
The self-care and grooming trend has increased tremendously in recent years as people are becoming more aware of the significance of maintaining good health and hygiene. The importance of grooming has skyrocketed among men and women, consequently boosting the sales of these products. Since more people are following an erratic lifestyle, concerns regarding overall health and wellbeing are rising, further enhancing the demand for cosmetic products.
However, more people are becoming aware of the side-effects of using cosmetics for a long time and have access to surgical options, which can hamper the industry progress.
Regional Insights:
Cosmetics Sales to Increase Across Asia Pacific Due to Region’s Growing Geriatric Population
Asia Pacific is predicted to dominate the cosmetics industry share as the region is witnessing a strong growth in the percentage of the geriatric population in countries such as Japan and China. This factor has increased the demand for anti-aging, dark-spot treatment, and anti-wrinkle products in these countries, thereby fueling the regional industry growth.
Europe held a considerable industry share as there are a large number of on-street salons that use cosmetic products on a large scale.
Competitive Landscape:
Companies to Develop Organic Products to Expand their Industry Presence
The leading players are focusing on making organic and natural products to expand their customer base and increase their industry presence. Many companies are formulating various growth strategies, such as partnerships and collaborations, to extend their business operations.
Key Industry Development:
January 2020: Natura. Co. acquired Avon. This acquisition was expected to record annual gross revenues of over USD 10 billion and a total of 40,000 associates from around 100 countries. With over 3,000 retail stores and an expanded digital presence, the acquisition was anticipated to strengthen the group’s position in the retail space.