The cosmetic market will reach $643.03 billion by 2030: said| Roadsleeper.com
Newark, Nov. 01, 2022 (GLOBE NEWSWIRE) — According to a report published by Brainy Insights, the global cosmetics market is expected to grow from $382.88 billion in 2021 to $643.03 billion by 2030, at a CAGR of 5.93 % during the forecast period 2022-2030.
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Cosmetics can be used to enhance the human body and its beauty. Most of these cosmetic products are made from synthetic materials. The main purposes of cosmetic products include external cleaning, fragrance, rejuvenating, body odor reduction, skin protection, and conditioning. Every stage of a consumer’s life requires beauty and personal care products, including toothpaste, shampoo, soap, sunscreen and anti-inflammatory. The main factors driving the growth of the global cosmetics market include constant awareness, new product brands, and successful marketing strategies. Expanding developments in sustainable cosmetics are opening up new opportunities for industry growth. The growing awareness of the harmful effects of synthetic chemicals is hampering the market potential. Increasing consumer demand for resources and product awareness are critical barriers to market growth.
One of the major factors driving the market growth during the forecast period is the significant increase in the adoption of skin care and personal care products, and the rise in the aging population worldwide. The market is expanding due to rising fashion trends and large production and processing and packaging of cosmetic products such as hair dyes and other skin care products. In the forecast period, it is expected that the market expansion will be hindered by the negative consequences of regular use of cosmetics caused by the presence of dangerous chemicals. In the forecast period, another driving factor will be the increase in skin care products and beneficial effects on the skin.
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Major players operating in the global cosmetics market are L’Oréal SA, Revlon, Inc., Unilever PLC, Godrej, Beiersdorf AG, Kao Corp., Coty Inc., Hoyu Co., Ltd., Avon Products Inc., Henkel AG & Co. KGaA, Estée Lauder Companies Inc., Procter & Gamble, Shiseido Company, Limited among others. To improve their market position in the global cosmetics market, major players are now focusing on adopting strategies such as product launches, mergers & acquisitions, recent developments, alliances, collaborations, and partnerships.
The hair care sector is expected to grow at a significant CAGR of 7.01% during the forecast period.
The product category is divided into hair care, fragrance, skin care, makeup, and others. During the forecast period, the hair care sector is expected to grow at a significant CAGR of 7.01%. One of the major reasons for the market expansion during the forecast period is the sharp increase in fashion trends that include changing hair colors and appropriate hair accessories. It is expected that the convenience of applying hair color cosmetics will increase significantly in the following years. In addition, it is expected that the significant increase in hair loss and scalp-related problems among people worldwide will support the rising demand for hair care products during the forecast period.
Additionally, a CAGR of 6.14% is predicted for the fragrance segment between 2022 and 2030. One of the key drivers of the market is rising consumer spending on personal care products. someone who is high and luxurious like a perfume because of the high level. Also, it is expected that the market will have a good development in time
forecast period due to the increase in the use of perfumes among men.
The men’s segment is expected to grow at a significant CAGR of 6.86% during the forecast period.
The final part is divided into women and men. The men’s segment is expected to grow at a significant CAGR of 6.86% during the forecast period. One of the main factors driving the growth of the market is the growing trend of men embracing beauty all over the world. In addition, the market is expected to rise during the forecast period due to the increase among men for modern skin care, hair and fragrance products. Also encouraging men to use cosmetics is a popular brand endorsement, which gives the company more room for growth.
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Regional Analysis of the Cosmetic Market
• North America (US, Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, rest of Europe)
• Asia-Pacific (China, Japan, India, other APAC)
• South America (Brazil and the rest of South America)
• Middle East and Africa (UAE, South Africa, rest of MEA)
During the forecast period, Europe is expected to grow best among all regions, with a CAGR of 6.45%. Several brands, including Coty Inc., L’Oréal SA, Estée Lauder Companies Inc., and Revlon, Inc., as well as new product launches from other brands, such as Procter & Gamble, Combe Inc., and Henkel AG & Co. . KGaA, is a strong market leader in beauty products. Another factor affecting the market in all regions is the existence of offline retail chains for cosmetics in Europe.
About this article:
The global cosmetics market is analyzed based on value (Billion USD). All sectors are considered globally, nationally and internationally. The study included analysis of more than 30 countries for each dimension. The report provides an in-depth analysis of the drivers, opportunities, restraints, and challenges for gaining critical insights into the market. This study includes a five-door dynamic model, attractiveness analysis, resource analysis, supply, and demand analysis, competitive landscape grid analysis, and distribution and marketing channel analysis.
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About Brainy Insights:
The Brainy Insights is a market research company, which seeks to provide actionable insights through data analysis to companies to improve their business capabilities. We have strong forecasts and models to meet customers’ goals of high productivity in short periods of time. We offer both customized (customer specific) and syndicated articles. Our archive of syndicated articles is diverse in scope and across sectors. Our customized solutions are designed to meet the needs of customers whether they are looking to expand or planning to launch a new product in the global market.
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