New York, USA, May 10, 2022 (GLOBE NEWSWIRE) — According to a report by Research Dive, the global cosmetics market should exceed $457.8 billion by 2027of a considerable market size of $375.5 billion in 2019in good health 5.1% CAGR during the forecast period, 2020-2027. The overall report cites numerous facets such as market dynamics, current market scenario, growth factors, impediments, impediments and upcoming opportunities during the analyzed period.
|Historical Market Estimates||2018-2019|
|Reference year for market estimation||2019|
|Forecast timeline for market projection||2020-2027|
|Geographic scope||North America, Europe, Asia-Pacific, LAMEA|
Effect of the Covid-19 pandemic on the market
The global cosmetics market is expected to grow during the Covid-19 pandemic owing to the increase in the manufacture of cleaning products and hand sanitizers by the major market players. Market players have changed their strategy in developing disinfectants to maintain their position in the global market during the pandemic phase.
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Factors Affecting Market Growth
The cosmetics market is expected to be one of the lucrative industries at present owing to the rise in the importance of skin care products and the growth in people’s disposal income. Apart from this, increased awareness of waterless beauty and zero waste of beauty components among manufacturers is expected to fuel the market growth over the forecast period. All these aspects are expected to drive the market forward over the forecast years.
However, the availability of several beauty treatments such as skin rejuvenation, aging prevention, and blackhead and whitehead removal methods is expected to hamper the market growth over the forecast period. On the other hand, the implementation of nanotechnology in the development of effective cosmetic products is likely to create opportunities for the market over the forecast period.
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The skin care products segment will be the most profitable
The skincare sub-segment accounted for $147.6 billion in 2019 and is expected to grow tremendously over the forecast period. Steady growth in skincare products along with the demand for new high-end products such as anti-aging lotions and creams and skin lighteners are expected to drive the market growth over the forecast period.
The female sub-segment will be the most lucrative
The women’s sub-segment held a market size of $201.5 billion in 2019 and is expected to generate revenue of $233.4 billion by 2027 during the analyzed period. The growth of the female sub-segment is attributed to the increase in the adoption of beauty products by women owing to the beauty-conscious nature of the female population.
Hypermarket/supermarket sub-segment to generate maximum revenue
This sub-segment accounted for the largest market share in 2019 and is expected to generate a large revenue of $171.4 billion by 2027. Supermarkets and hypermarkets significantly affect the retail industry as most buyers often stick to certain supermarkets to buy cosmetics. . Also, supermarkets such as Fred Meyer and Walmart offer a range of cosmetic products to customers. This aspect is therefore expected to drive the growth of the market.
The Asia-Pacific region generated $135.6 billion in revenue in 2019 and is expected to grow within the estimated timeframe. An increase in beauty and personal care premiums and changes in consumption and lifestyle patterns are expected to fuel the market growth in the Asia-Pacific region.
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Key Players and Business Strategies
The major players in the cosmetics market include
- BEIERSDORF GLOBAL
- ESTEE LAUDER
- Coty Inc.
- Procter & Gamble
- Shiseido Co., Ltd.
- Johnson & Johnson Services, Inc.
- Kao Corporation.
These market players are focusing on organic and inorganic growth tactics such as joint ventures and new technology introductions to boost their presence in the global market. For example, in January 2020, pure nourishmentan Indian cosmeceuticals and nutraceuticals company, has launched a line of cosmetics and will capitalize on the country’s $8 billion beauty market.
Apart from this, the report summarizes numerous faucets of all prominent players operating in the market, along with recent strategic moves, financial performance, product developments and portfolio, and SWOT examination (strengths, weaknesses, opportunities and threats).
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