Global Cosmetics Market Report and Forecast 2023-2028

Global Cosmetics Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global cosmetics market reached a value of USD 326.4 billion in 2022. Aided by the burgeoning influence of beauty and fashion trends and the diversifying applications and innovations in cosmetics, the market is projected to further grow at a CAGR of 5.2% between 2023 and 2028 to reach a value of USD 442.43 billion by 2028.

Cosmetics encompass a broad range of beauty and skincare products designed to enhance and accentuate one's appearance. From ancient civilisations using natural pigments to the contemporary world's technologically advanced formulations, cosmetics have eternally been intertwined with human culture and expression. Beyond mere aesthetic appeal, modern-day cosmetics also offer therapeutic benefits, protection from environmental aggressors, and skin-nourishing properties.

The amplifying global obsession with beauty standards and youthful appearance is at the forefront of driving the cosmetics market growth. Beauty trends, heavily endorsed by celebrities and influencers, often set the course for product demand. Moreover, the rise of beauty vloggers and their expansive reach via platforms like YouTube and Instagram has turned cosmetic products and application techniques into a global phenomenon.

The cosmetics realm has been witnessing to a surge of innovations. One noteworthy trend is the blending of skincare and makeup, leading to products that not only beautify but also nurture the skin. Foundations with SPF, moisturisers with a tint, and lipsticks with hydration properties are exemplars of this trend. Additionally, the cosmetic industry's alignment with the wellness and self-care movement has added value to products, boosting the global cosmetics market demand.

Furthermore, the eco-conscious wave that's sweeping industries globally has left its mark on cosmetics too. The emergence and swift rise of clean beauty, focusing on natural ingredients and sustainable packaging, has carved a sizable niche in the market. Brands that prioritise ethical sourcing, cruelty-free testing, and biodegradable components are witnessing increased traction from environmentally conscious consumers.

According to the cosmetics market analysis, the male grooming sector has also opened new avenues for the cosmetics market. Once limited to shaving products and colognes, the male cosmetic segment now spans skincare, haircare, and even makeup products. This evolution, backed by changing societal perceptions about masculinity, has substantially contributed to market dynamics.

Market Segmentation

The market can be divided based on product, gender, price range, distribution channel, and region.

Market Breakup by Product

• Hair Care
• Skin and Sun Care
• Makeup and Colour Cosmetics
• Fragrances and Deodorants
• Others

Market Breakup by Gender

• Men
• Women
• Unisex

Market Breakup by Price Range

• Mass
• Mid-premium
• Premium

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Speciality Store
• Online
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cosmetics market. Some of the major players explored in the report by Expert Market Research are as follows:

• L’Oréal S.A.
• Unilever plc
• The Estée Lauder Companies Inc.
• The Procter & Gamble Company
• Shiseido Co., Limited
• L Brands
• Kao Corporation
• Oriflame Cosmetics Global SA
• Christian Dior SE
• Beiersdorf AG
• Groupe Clarins
• Huda Beauty Limited
• Revlon, Inc.
• Coty Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.