Cosmetics Market Size, Share & Trends Analysis Report By Product (Skin Care, Hair Care, Makeup, Fragrance), By End-user (Men, Women), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Cosmetics Market Size, Share & Trends Analysis Report By Product (Skin Care, Hair Care, Makeup, Fragrance), By End-user (Men, Women), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Cosmetics Market Growth & Trends

The global cosmetics market size is expected to reach USD 363.80 billion by 2030, expanding at a CAGR of 4.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The aging population globally, along with increased spending on beauty items like skin creams, lotions, hair color, and others, are the main growth drivers in the industry. Additionally, the market is expected to benefit significantly from significant product innovations made by the leading competitors. For instance, L'Oréal SA, a significant player in the cosmetics sector, introduced several cosmetic goods, including long-lasting, natural-ingredient skin creams, lotions, and hair colors.

Due to increased hair loss and scalp issues among both men and women worldwide, the hair care industry is expanding as a result of increased product use. Also, during the projected period, the growing demand for organic haircare products, such as shampoo and hair colors, will support market expansion. Also, the increased use of hair care products around the world is a result of the availability of safer, more sophisticated, and more effective hair care products.

The women segment is estimated to contribute more to the global cosmetics industry. The significant demand for personal beauty products such as skincare, and hair care cosmetics among the global female population is one of the major factors that contributed to the growth of the market. In addition, high expenditure by women on personal and beauty products as compared to men is further expected to support the market during the forecast period.

The online distribution channel is expected to grow more quickly during the forecast period. One of the key drivers of the market's expansion is the increased collaborations between producers of cosmetic products and online retailers. Also, the rapidly growing trend of young people browsing for personal care products on online portals fuels market expansion. The segment expansion can be attributed to changing preferences of consumers brought on by ease, efficiency, responsiveness, and price. Also, the Covid-19 epidemic has prompted numerous manufacturers and vendors to embrace an online sales model, which is anticipated to fuel the segment's growth throughout the projected period.

The key players in U.S. are significantly contributing to 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 participation of various celebrities and the growing trend toward celebrity endorsement for cosmetics products is another factor that drives 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

• Asia Pacific region dominated the cosmetics industry with a share of 50.3% in 2022. 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 expected to grow at the highest CAGR of 3.4% from 2023 to 2030. The growing demand for hair care solutions owing to hair fall and hair scalp problems across the globe contributes to the segmental growth
• The online distribution channel is expected to register faster growth at a CAGR of 3.7% from 2023 to 2030. 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

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