The global cosmetics market was valued at 307.69 billion dollars in the year 2020 and is now forecast to grow to 463.5 billion dollars by 2027.
The huge demand for cosmetics is influenced by awareness among people about the benefits of cosmetics for their skin and hair which uplifted their average expenditure on cosmetics, says a new report by Research and Markets.
An increasing trend for items such as sun care products, night skin repair creams and fresh face mists are likely to boost demand.
Based on the report’s Product Category segment, the skincare category is expected to grow the fastest, with many of the skin concerns such as pollution, sun protection, workplace stress reaching near-epidemic levels is driving the interest in skincare products.
Moreover, there is a growing desire for health-promoting and self-care products, as well as the ability of social media to empower and inform consumers more quickly, and the ability of new technology to simplify the unusually complex choices consumers face when dealing with skincare brands.
The Asia Pacific region is estimated to be the fastest-growing region in the market, due to growing concern over health and hygiene, personal appeal, and rising demand for natural and organic beauty products and many others. China, Japan, South Korea, India remain the major cosmetics markets of the world.
The online segment is expected to grow at the fastest rate during a period forecast to 2026. The advantages of e-commerce have benefited not only businesses but also customers in terms of cost and a wide range of possibilities.
Furthermore, the internet distribution method has attracted new customers with surging demand for cosmetics worldwide. The rising fashion and entertainment industries in major and emerging countries including the United States, France, and South Korea have boosted the demand for cosmetics.
While consumers in large metros are opting for online retail and e-commerce for most of their purchases, the trend is slowly penetrating in non-metro cities as well.
The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Article source: The “Global Cosmetics Market (2022 Edition) by Research and Markets