Cosmetics market
Added: (Fri May 21 2021)
Pressbox (Press Release) -
Cosmetics Market is valued at 380.2 billion US dollars in 2021 and is expected to reach a valuation of 463.5 billion US dollars by the end of 2027, projecting to have a compound annual growth rate of 5.3% during the forecast period of 2021 to 2027. The market value of Cosmetics is expected to increase more during the forecast period.
COVID-19 impact on the Cosmetics Market:
COVID 19 pandemic had disrupted the glob al economy in distinct ways. Almost every sector had faced difficulties during the pandemic. The supply chain and manufacturing were completely shut down, which diminished the growth rate of the cosmetics market. Lockdown restrictions and a ban on flights majorly affected the growth rate of the market during the outbreak. However, the market is expected to grow at a steady pace in the coming years.
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Cosmetics Market Segmentation:
The Cosmetics market is segmented on the basis of category, on the basis of gender, on the basis of distribution channel, and on the basis of region.
On the basis of category, the Cosmetics market is segmented into hair care products, deodorants, skin and sun care products, and fragrances, makeup and color cosmetics, and other categories. Among these segments, the skin and sun care products segment holds the major share of the market due to the rise in awareness about beauty and consciousness among the people.
On the basis of gender, the market of Cosmetics is divided into three types, namely men, women, and unisex. Among these segments, the women segment holds the major share of the market among others due to the rise in beauty and conscious female population across the globe.
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On the basis of distribution channels, the market of Cosmetics is segmented into specialty stores, pharmacies, hypermarkets, supermarkets, online sales channels, and other distribution channels. Among these segments, the hypermarket and supermarket segment holds the major share of the market owing to the factors such as the availability of a broad range of consumer goods that come under a single roof and ample parking space as well as convenient operation timings. Furthermore, increase in urbanization, a rise in the working-class population as well as competitive pricing.
Regional Analysis:
The Cosmetics market is elaborated in various regions all around the world, such as
North America (US, Mexico, Canada and rest of North America),
European region (France, Germany, UK, Italy and Spain),
Asia Pacific region (India, Japan, China, Australia and rest of Asia Pacific).
Latin America
Middle east and Africa
Among these regions, the Asia Pacific region holds the major share of the market of Cosmetics owing to the rising growth of cosmetic products at the global level, rising disposable income as well as growing youth population, especially in some of the economies such as India, China, and Japan propel the growth of the revenue rate of the Cosmetics market in the Asia Pacific region. Asia Pacific region is expected to hold dominance during the forecast period.
North America region holds the second-largest share of the market of Cosmetics owing to the rising growth of cosmetic products across the region.
The Europe region is expected to increase the market growth during the forecast period owing to the increase of investments by the major key players and growing innovations, and rapidly changing lifestyles across Europe.
Key market players:
Some of the key market players of the Cosmetics market are Revlon, Inc., Shiseido Company Limited, Skin Food Co., Ltd., The Estee Lauder Companies Inc., Avon Products Inc., Kao Corporation, L’Oreal S.A., Oriflame Cosmetics S.A., The Procter & Gamble Company and Unilever Plc.