- Surge in requirement for skin care products and demand for natural ingredients in the cosmetic products drive the growth of the global cosmetics market
PORTLAND, Ore., March 15, 2021 /PRNewswire/ -- Allied Market Research published a report, titled,"Cosmetics Market by Category (Skin and Sun Care Products, Hair Care Products, Deodorants & Fragrances, and Makeup & Color Cosmetics), Gender (Men, Women, and Unisex), and Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Pharmacies, Online Sales Channels, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2027." According to the report, the global cosmetics industry generated $380.2 billion in 2019, and is expected to reach $463.5 billion by 2027, witnessing a CAGR of 5.3% from 2021 to 2027.
Prime determinants of growth
Surge in requirement for skin care products, demand for natural ingredients in the cosmetic products, and changes in packaging styles and attractive marketing strategies drive the growth of the global cosmetics market. However, advent of advanced beauty treatments and awareness regarding probable side effects hinder the market growth. On the other hand, increase in demand of organic cosmetics creates new opportunities in the coming years.
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Covid-19 Scenario
- Cosmetics products manufacturers have shifted their focus to manufacturing hand sanitizers, cleaning agents, and personal care products that have gained demand during the pandemic. Other cosmetic products such as sun care, deodorants, and others faced challenges in manufacturing, distribution, and procurement of raw materials.
- Supermarket stores were closed during the lockdown to avoid the spread of the coronavirus. In addition, deliveries by online channels were closed. However, the operations and deliveries resumed during the post-lockdown period.
- Manufacturers increased social media advertisementsof herbal skin care products as people became more health conscious than before during the pandemic.
The skin and sun care products segment to maintain its lead status during the forecast period
Based on category, the skin and sun care products segment held the highest market share, contributing to around two-fifths of the global cosmetics market in 2019, and will maintain its lead status during the forecast period. This is due toavailability in technically advanced, complex, and diverse categories and rise in awareness about beauty. However, deodorants and fragrances segment is estimated to witness the highest CAGR of 7.2% from 2021 to 2027, owing tocontinuous product innovations and technologicaladvancements.
The hypermarket/supermarket segment to maintain its dominance during the forecast period
Based on distribution channel, the hypermarket/supermarket segment accounted for the highest market share in 2019, contributing to around two-fifths of the global cosmetics market, and is projected to maintain its dominance in terms of revenue during the forecast period. This is attributed toavailability of broad range of consumer goods under a single roof, ample parking space and convenient operation timings.However, the online sales channel segmentis expected to manifest the fastest CAGR of 7.6% from 2021 to 2027, owing to penetration of various online portals in developing regions and rise in number of offers or discounts.
Asia-Pacific, followed by North America, to maintain its lead position by 2027
Based on region, Asia-Pacific, followed by North America, contributed to the highest share in 2019, holding more than one-third of the global cosmetics market, and will maintain its lead position by 2027. This region is estimated to register the highest CAGR of 6.5% during the forecast period. This is due tovarious strategies such as new product launches adopted by market players to increase in customer base and expand their operating areas across various countries.
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Leading market players
- Avon Products Inc.
- Kao Corporation
- L'Oreal S.A.
- Oriflame Cosmetics S.A.
- Revlon, Inc.
- Shiseido Company Limited
- Skin Food Co., Ltd.
- The Estee Lauder Companies Inc.
- The Procter & Gamble Company
- Unilever Plc.
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