Cosmetics Market Size to Reach USD 417.6 Billion by 2032 | CAGR: 4.5% | DataHorizzon Research
Fort Collins, Colorado, Sept. 13, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research Published a report titled, “Cosmetics Market Size, Growth, Share, Statistics Report, By Type (Skin, Hair, Eye, Dental, and Deodorant), By Gender (Men, Women, and Unisex), By Distribution Channel (Supermarkets, Online Sales, Specialty Stores), By Region, and Segment Forecasts, 2023- 2032.”
According to DataHorizzon Research, The cosmetics market size was valued at USD 270.2 Billion in 2022 and is expected to reach USD 417.6 Billion by 2032 at a CAGR of 4.5%. Increasing use of social media and rising beauty standards is contributing to the growth of the cosmetics industry globally. The rise in income levels, fashion trends, and awareness to take steps to reduce the skin damage due to rising pollution, climate change and stress levels is contributing to the growth in demand of these products.
The cosmetics industry is projected to grow during the forecast period due to the introduction and growing popularity of herbal and organic skincare products. Since these products use natural ingredients and have comparatively low chemical content, the demand for natural makeup and skin care products is expected to grow. Additionally, with the growing use of social media, the cosmetics industry is projected to witness a positive trend in the young population due to the wider availability of cosmetic products and therapies.
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Cosmetics Market Report Highlights:
- The cosmetics market is projected to rise at a CAGR of 4.5% by 2032.
- Skincare products lead the cosmetic type segment, due to the rising awareness about the importance of taking care of the skin to look good and retain moisture.
- The market for women cosmetic products is leading in the gender segment, as it is evident observed that a majority of women associate their social status and confidence based on their external looks and appearance.
- Offline shopping holds a major share in the distribution channel segment as people prefer testing and trying these products before buying them, which is possible in offline shopping.
- Based on region, North America dominates the cosmetics industry since it owns the world’s largest skincare, cosmetics, and fashion market. Also, it has been observed that people use cosmetic and skin care products frequently, leading to the huge demand of these products.
- Some of the prominent players in the cosmetics industry include L’Oreal, Estee Lauder Companies, Shiseido, Unilever, Natura and Co., Procter and Gamble, LVHM, Beiersdorf, Kao, Coty, Dior, and others.
|Report Title||Cosmetics Market|
|Market Size in 2022||USD 270.2 Billion|
|Market Size by 2032||USD 417.6 Billion|
|CAGR from 2023 to 2032||4.5%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Report Scope & Coverage||Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors|
|By Cosmetic Type||Skin, Hair, Eye, Dental, and Deodorant|
|By Gender||Men, Women and Unisex|
|By Distribution Channel||Supermarkets, Online Sales, Specialty Stores|
|By Region||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.|
|Countries Covered||U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others|
|Major Market Players||L’Oreal, Estee Lauder Companies, Shiseido, Unilever, Natura and Co., Procter and Gamble, LVHM, Beiersdorf, Kao, Coty, Dior.|
The global cosmetics market has been segmented based on the cosmetics type, gender, distribution channel and region. Skincare products hold a significant share as awareness for glowing and healthy skin is rising in both men and women, contributing to its growing demand. Women are the major consumers of the cosmetic products because many women have observed to feel more confident and accepted about themselves when they wear makeup and have good and clear skin. Also, it has been observed that people prefer buying cosmetics in an offline mode than online as it helps them feel and try the products before buying them.
North America holds a major share in this market because majority people use these products on daily basis. Men’s personal care products have shown an upward trend in the past. Besides, most of the fashion and beauty shows and companies are located in the U.S. Also, the elite fashion standards are pivotal to the industry growth here. Asia Pacific market is expected to grow because of the high young population and rising disposable income and purchasing power of people in this region.
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Key Developments in the Industry:
- In September 2023, L’Oreal Dermatologist Beauty division, in collaboration with Ubitus K.K launched a perfect skin expo at its metaverse platform. This will help their customers the convenience to shop form any place at any time and provide a good virtual alternative for the in-store shopping experiences.
- In September 2023 Estee Lauder announced the launch of 30 fragrances through the Marks and Spencer store and their website in October 2023.
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Cosmetics Market Report Segmentation:
Cosmetics Market, By Cosmetics Type (2023-2032)
Cosmetics Market, By Gender (2023-2032)
Cosmetics Market, By Distribution Channel (2023-2032)
- Online sales
- Specialty stores
Cosmetics Market, By Region (2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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