Switzerland Cosmetics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Switzerland Cosmetics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Switzerland cosmetics market is projected to grow at a CAGR of 4.51% during the forecast period (2022 - 2027).

The COVID-19 crisis has significantly affected the market. There was a change in consumers' buying behavior. Consumers were trending towards organic products rather than chemically composed products. This was due to rising awareness about the side effects on the skin. Due to several rules and regulations imposed by the government, there was a closure of several retail stores, cosmetic stores, supermarkets, and other shopping complexes. Thereby, consumers prefer e-commerce websites for their purchasing. L'Oréal S.A., which is one of the major players in this segment, has witnessed a growth in sales in e-commerce websites, whereas there was a fall in revenue through offline retailing.

The innovation and technologies involved in the manufacturing of final products are one of the major reasons that are dragging the interest of the consumers towards the growth of the market.

Key Highlights

• The involvement of several natural and organic ingredients in the final product is dragging the per capita spending towards the growth of the market.

Key Market TrendsIncreasing Demand for Natural and Organic Beauty Products

With the changing lifestyle of the consumers, the preference for a healthier lifestyle has been made a priority in an individual's life. Consumers prefer the use of several cosmetics that have organic and natural ingredients in them. This is because of several skin benefits that the consumers can get, such as the cosmetic products having ingredients like anti-oxidant in it, the anti-oxidant can reduce the oxidative damage in the skin. The country has witnessed an increasing demand for natural and organic products due to the rise in consumer awareness about the harmful effects of certain compounds. A high percentage of Swiss consumers choose one brand over others based on its natural formulation. This has enhanced an increase in the demand for safe, natural, and organic beauty products in recent times. Furthermore, the increasing trend of organic concept stores for organic cosmetic products among consumers is also anticipated to enhance the growth of natural and organic beauty products in the country.

Hair Coloring and Styling Sector is Witnessing an Upsurge

The growing trend of hair coloring and styling significantly drives the market. The leading players such as Lakme are coming up with a wider range of product offerings in order to cater to the rising consumer demand in the country. Players are adopting varied strategies to entice more consumer base. Thus, enticing more consumers to the segment. The aging population of the country is also driving the demand for chemical-free products. Moreover, hair colors are majorly used by mid-aged consumers. These young consumers used these colors to showcase the new trends in styling. The innovation of chemical-free hair color is also becoming the new face for the hair coloring segment. The involvement of the many athletes in the hair coloring segment is majorly pulling the consumers towards the purchasing of hair cosmetics products, which results in the growth of the cosmetics product in the country.

Competitive Landscape

The market studied is highly competitive in nature. This is due to the presence of domestic and international players in this sector. The Swiss cosmetics market is strongly dominated by foreign players such as the L'Oreal group, Avon Products Inc., the Estée Lauder Companies Inc., Shiseido Co. Ltd, Dior, Yves Rocher International, and Oriflame holding AG. Key players are majorly focusing on product development and product innovation to meet the consumer's needs by offering a variety in taste and in product quality to maintain premiumization. Some of the major players use mergers and acquisitions as their key strategy. The strategy to follow mergers and acquisitions by these top players is to sustain and secure a leading position in the industry. This will enable the companies to maintain dominance over other players, and the companies can remain a strong competition for other players in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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