Cosmetics Market to Witness Significant Growth by 2031 and Rise at a Stunning CAGR of 6.3% in the 2022-2031 Timeframe [240-Pages] | Analysis by Research Dive

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Research Dive

19 Apr, 2023, 10:30 GMT

The global cosmetics market is expected to witness prominent growth by 2031, due to the growing beauty awareness among people worldwide. Regionally, the Asia-Pacific region accounted for the highest market share in 2021.

NEW YORK, April 19, 2023 /PRNewswire/ -- Global Cosmetics Market Forecast Analysis: 

As per the report published by Research Dive, the global cosmetics market is anticipated to generate a revenue of $371.9 billion and grow at a CAGR of 6.3% over the estimated timeframe from 2022 to 2031.

Segments of the Cosmetics Market

The report has divided the market into the following segments:  

  • Customer Orientation: men and women
    • Women – Most dominant in 2021
      The growing popularity of skincare and makeup among women and the rising number of working women populations are expected to push the growth of this sub-segment further.
  • Price Range: premium and economy
    • Economy – Highest market share in 2021
      The emerging cosmetics manufacturing companies offer various cosmetics products at an economic price to gain a strong customer base which is expected to boost the market sub-segment forward.
  • Type: skin & sun care and hair care
    • Skin and Sun Care – Biggest market share in 2021
      The increasing demand for sun & skin care products to relieve different skin conditions such as fine lines, wrinkles, and acne, and prevent skin from harmful UV rays of the sun is expected to foster the growth of the market sub-segment in the coming period.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • Asia-Pacific – Maximum market share in 2021
      The rising beauty-conscious population, increasing disposable income among individuals, and rising demand for organic & natural cosmetic products are the major factors expected to drive the regional growth of the market in the forecast period.

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Dynamics of the Global Cosmetics Market

The increasing demand for different cosmetics goods among individuals including skin care products, hair care products, and beauty care products is predicted to amplify the growth of the cosmetics market over the estimated timeframe. Besides, the increasing popularity of "Green labeling" in cosmetics for safer use is further predicted to boost the growth of the market during the analysis period.  However, the use of chemical-based cosmetics and their side effects may hamper the growth of the market throughout the analysis timeframe.

Moreover, the rising popularity of natural skin care products among people that have zero side-effects and prevents premature aging skin and makes the skin radiant & glowing is expected to create wide growth opportunities for the market over the estimated timeframe.

Covid-19 Impact on the Global Cosmetics Market

The outbreak of the Covid-19 pandemic has had a negative impact on the cosmetics market, likewise several other industries. This is mainly due to the halting of the manufacturing process due to the stringent lockdowns imposed by the governments of many nations. Moreover, work-from-home regulations, social distancing norms, and compulsion on masks have reduced the tendency of wearing makeup among people globally. Additionally, the closure of specialty stores and brand outlets owing to the tremendous spread of the deadly virus has declined the growth of the market over the crisis.

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Key Players of the Global Cosmetics Market

The major players of the market include

  • Shiseido Company Limited
  • Oriflame Cosmetics S.A.
  • Skin Food Co. Ltd.
  • Revlon Inc.
  • The Estée Lauder Companies Inc.
  • Kao Corporation
  • Procter & Gamble Company
  • L'ORÉAL S.A.
  • Unilever Plc.
  • Avon Products Inc.

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain a leading position in the global industry.

For instance, in November 2022, Perfect Corp., the world's leading beauty tech solutions, announced its collaboration with Avon Products, Inc., an American -British multinational cosmetics, skincare, fragrance, and personal care company. With this collaboration, the companies aimed to launch a virtual try-on (VTO) online shopping experience in nine initial markets, including the UK.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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About Research Dive

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