Cosmetics Market Size, Share & Trends Analysis Report By Product (Skin Care, Hair Care, Makeup, Fragrance), By End-use, By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2028

Cosmetics Market Size, Share & Trends Analysis Report By Product (Skin Care, Hair Care, Makeup, Fragrance), By End-use, By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2028

Cosmetics Market Growth & Trends

The global cosmetics market size was estimated to reach USD 363.80 Billion by 2028 and is expected to expand at a CAGR of 5.3% from 2022 to 2028, according to a new report by Grand View Research, Inc. The key growth factors in the market include the rising expenditure on beauty products such as skin cream, lotions, hair color, and others owing to the aging population across the globe. Additionally, the significant product innovation by the major players is further projected to provide significant opportunities to the market. For instance, L’Oréal SA is one major player in the cosmetics industry that launched various cosmetic products, such as skin creams, lotions, and hair colors that are long-lasting and available with natural ingredients in the market.

Governments around the world have imposed restrictions and lockdowns in response to the COVID-19 pandemic. Many public events, fashion shows, and unnecessary travel were revoked. This also impacted the sales of cosmetics products through the offline channel as most retail stores were shut down during the lockdown. Moreover, the major players in the market experienced a decline in the sales revenue of Cosmetics products during the COVID-19 pandemic, which further impacted the market. However, the global cosmetics market is projected to recover in the future and witness significant growth due to resumed activities, offline retail, sales, and the opening of retail stores across the globe.

Based on the product, the haircare segment is forecast to expand with the highest CAGR of 6.2% from 2022 to 2028. The market is growing due to the growing adoption of hair care products owing to the rising hair fall and hair scalp problems among men and women across the globe. Moreover, the rising trend toward organic haircare products such as organic hair colors and shampoo further contributes to the growth of the market during the forecast period. Moreover, the availability of safer, advanced, and more effective hair care products has led to the increase in the adoption of hair care products across the globe.

The women segment is estimated to contribute over 60% to the global cosmetics market in 2021 and is forecast to grow with a significant CAGR of 5.0% from 2022 to 2028. The significant demand for personal beauty products such as skincare and hair care cosmetics among the women population across the globe is one of the major factors that contributed to the growth of the market. In addition, the high expenditure of women on personal and beauty products as compared to men further supports the market during the forecast period.

The online distribution channel is forecast to register a faster growth of a CAGR of 6.1% from 2022 to 2028. The rising partnerships between cosmetic product manufacturers and e-commerce companies are one of the major factors that contribute to the growth of the market. Moreover, the rising trend of using online portals for personal care product shopping among the young population across the globe further drives market growth. Increasing preference from the consumers due to the ease, convenience, fast, and price comparison are credited for the segment growth. Furthermore, the COVID-19 pandemic has led to many vendors and manufacturers adopting an online sales model that is expected to drive the growth of this sector over the next few years.

North America is estimated to contribute around 25% in 2021 to the global cosmetics market revenue. The U.S. is significantly backing the growth of market revenue. The presence of well-established brands such as Coty Inc, Estée Lauder Companies Inc., Revlon, Inc., Avon Products Inc, and other manufacturers is one of the driving factors for market growth. Additionally, the presence of various celebrities and the growing trend toward celebrity endorsement for cosmetics products is another factor that driving the market in the region. Moreover, the significant trend of personalizing skincare and hair care products further contributes to the market growth.

Cosmetics Market Report Highlights

• North America is estimated to contribute around 25% in 2021 to the global cosmetics market revenue. The presence of well-established and premium cosmetic product manufacturers is one of the supportive factors for the significant market share
• The haircare segment is forecast to expand with the highest CAGR of 6.2% from 2022 to 2028. The growing demand for hair care solutions owing to the hair fall and hair scalp problems across the globe contributes to the segmental growth
• The online distribution channel is forecast to register a faster expansion of a 6.1% CAGR from 2022 to 2028. The growing preference for online shopping portals for purchasing beauty care products among the young population across the globe is the key factor that propels the market growth