Cosmetics Market, Size, Global Forecast 2024-2032, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Cosmetics Market, Size, Global Forecast 2024-2032, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Renub Research predicts the global cosmetics market is anticipated to reach US$ 498.05 Billion by 2032. Cosmetics encompass a diverse array of beauty products designed to enhance or keep one's look, spanning makeup for the face, eyes, and lips, alongside skin care, haircare, and fragrances. Vital for personal grooming and self-expression, they offer numerous forms including powders, creams, and sprays to deal with individual options and necessities. Enhancing physical look, fostering confidence, and expressing non-public style represent necessary components of our day-to-day grooming rituals.

Between 2024 and 2030, the global cosmetics market is expected to grow at a CAGR of 5.32%

The cosmetic market is a dynamic segment that is ripe for disruption. Before the end of this decade, it's far expected to reshape itself around an expanding array of merchandise, channels, and markets. This shift will be spurred with consumers' aid, especially more youthful generations, whose definitions of beauty are usually evolving and whose perceptions of the whole lot, from sustainability to the function of influencers and key opinion leaders, are continuously changing. Self-care is developing in significance amongst consumers as well. Overall, beauty is predicted to be characterized by ""premiumization."" The premium beauty tier is projected to experience substantial annual growth as consumers trade up and grow their spending, particularly in perfume and makeup.

Moreover, the global cosmetics enterprise has seen a surge in e-commerce, with the capability for a similar increase. Key elements contributing to improving beauty e-commerce include the growth of offerings by online giants like Amazon and Tmall. Implementing superior digital techniques via direct-to-patron brands and the growing significance of online channels for omnichannel retailers also add to the growth of the global cosmetics market. Social selling, often through live streaming in Asia, has also been an enormous growth driver. While e-commerce is predicted to stay the fastest-developing sales channel, conventional channels such as precise retail are expected to rebound because purchasers prefer an omnichannel buying experience that consists of in-store visits. Hence, the global cosmetics market was valued at US$ 312.37 Billion in 2023.

As growth dynamics shift, the significance of ""where to play"" rivals the importance of ""how to win"" in the evolving panorama. Traditional global strategies could be more effective, prompting brands to reassess and tailor their approaches. Once focused on China and the United States, geographic diversification has become increasingly critical. The changing global cosmetics market panorama needs nuanced techniques, challenging the homogeneity of past global players and emphasizing the need for adaptability and considerate growth in numerous markets.

Hair care products may experience a swell in demand within the global cosmetics market

The global cosmetics market is fragmented by product types into Skin and Sun Care Products, Hair Care Products, Deodorants and Fragrances, Makeup and Color Cosmetics, and Others. The hair care product section could surge in the worldwide cosmetics market. This is due to elevated patron consciousness, diverse hair care needs, technological innovations, and a developing emphasis on private grooming, reflecting a dynamic enterprise responding to evolving beauty standards and alternatives.

The market for men's cosmetics is expected to experience significant growth in the international arena

Based on gender, the global cosmetics market is segmented into Men, Women, and Unisex. The men's cosmetics section is poised for rapid growth in the international market. This growth is driven by changing societal norms, growing recognition of male grooming, growing disposable income among guys, and creating specialized merchandise catering to men's specific skincare and grooming wishes.

Global cosmetics market could see a surge in online sales channels

The global cosmetics market is divided into various distribution channels including Supermarkets/hypermarkets, Specialty Stores, Pharmacies, Online Sales, and Others. The online sales channel is predicted to experience a surge in recognition in the global cosmetics market. This is due to its comfort, accessibility, expansive product range, personalized suggestions, and seamless buying experience. The digital landscape gives purchasers convenience and accessibility, propelling the shift toward online purchases within the cosmetics enterprise.

It is possible that China will have a successful presence in the worldwide cosmetics market

By country, the international cosmetics market is diverged into North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, the Netherlands, and Turkey), Asia Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, and New Zealand), Latin America (Brazil, Mexico, and Argentina), Middle East & Africa (South Africa, Saudi Arabia, and the United Arab Emirates). China may thrive within the global cosmetics market. This stems from a sturdy economy boosting disposable earnings, a younger demographic taking an interest in beauty trends, and social media influencers shaping alternatives. Dominance in e-commerce offers convenience and choice while moving possibilities towards top-quality natural merchandise, creating opportunities for manufacturers aligned with evolving purchaser tastes.

Key Players

The companies present in the global cosmetics market are Coty Inc., Procter & Gamble, The Estee Lauder Companies Inc., Colgate-Palmolive Company, Johnson & Johnson Services Inc., Revlon, Inc., Beiersdorf Group, Kao Corporation, LVMH, Mary Kay Inc.

Product Type – Global Cosmetics Market breakup in 5 viewpoints:

1. Skin and Sun Care Products
2. Hair Care Products
3. Deodorants and Fragrances
4. Makeup and Color Cosmetics
5. Others

Gender – Global Cosmetics Market breakup in 3 viewpoints:

1. Men
2. Women
3. Unisex

Distribution Channel – Global Cosmetics Market breakup in 5 viewpoints:

1. Supermarkets/hypermarkets
2. Specialty Stores
3. Pharmacies
4. Online Sales
5. Others

Country – Global Cosmetics Market of 25 Countries Covered in the Report:

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey

3. Asia Pacific

3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand

4. Latin America

4.1 Brazil
4.2 Mexico
4.3 Argentina

5. Middle East & Africa

5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa

All the Key players have been covered from 3 Viewpoints:

• Overview
• Recent Development
• Revenue Analysis

Company Analysis:

1. Coty Inc.
2. Procter & Gamble
3. The Estee Lauder Companies Inc.
4. Colgate-Palmolive Company
5. Johnson & Johnson Services Inc.
6. Revlon, Inc.
7. Beiersdorf Group
8. Kao Corporation
9. LVMH
10. Mary Kay Inc.