Cosmetics Market Expected to Bring in $643.03 Billion by 2030: Says

Newark, Nov. 01, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global cosmetics market is expected to grow from USD 382.88 billion in 2021 to USD 643.03 billion by 2030, with a CAGR by 5.93% over the forecast period 2022-2030.

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Cosmetics can be used to increase a person’s physical attractiveness and attractiveness. The majority of these cosmetics are made from synthetic materials. The main purposes of cosmetics are external cleansing, fragrance, appearance modification, body odor reduction, skin protection and conditioning. All stages of a consumer’s life require cosmetics and personal care products, including toothpaste, shampoo, soap, sunscreen, and antiperspirants. Major factors driving the growth of the global cosmetics market are routine awareness, innovative product branding and successful marketing strategies. The increasing developments in sustainable cosmetics are opening up new growth opportunities for the industry. Rising awareness about the harmful effects of synthetic chemicals is severely limiting the growth capability of the market. Increased customer desire for ingredient and product transparency is a critical barrier to market growth.

One of the major reasons for the growth of the market over the forecast period is the significant expansion in the adoption of skin care and personal care products along with the increase in the aging population in the world. The market is booming due to escalating fashion trends and tremendous product innovation in composition and packaging of cosmetic products like hair coloring and other skin care items . During the projected period, the expansion of the market is expected to be limited by the adverse consequences of frequent use of cosmetic items caused by the presence of hazardous chemicals. During the projected period, another driving factor will be the growing awareness of cosmetic skin care products and their beneficial effects on the skin.

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The major players operating in the global cosmetics market are L’Oreal SA, Revlon, Inc., Unilever PLC, Godrej, Beiersdorf AG, Kao Corp., Coty Inc., Hoyu Co., Ltd., Avon Products Inc., Henkel AG & Co. KGaA, Estée Lauder Companies Inc., Procter & Gamble, Shiseido Company, Limited among others. To strengthen their position in the global cosmetics market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.

The hair care segment is expected to grow at a significant CAGR of 7.01% during the forecast period.

The product type segment is divided into hair care, fragrance, skin care, makeup and others. Over the projected period, the hair care segment is expected to grow at a significant CAGR of 7.01%. One of the major reasons for the expansion of the market over the projection period is the surge in fashion trends that involve altering hair colors with appropriate hair cosmetics. The convenience of applying cosmetics for hair coloring should therefore increase significantly in the coming years. Additionally, the dramatic increase in hair loss and scalp-related problems among individuals worldwide is expected to support the growing demand for hair care products throughout the projection period.

Furthermore, a CAGR of 6.14% is projected for the fragrance segment between 2022 and 2030. One of the major drivers of the market is rising consumer spending on high-end and luxury personal care items like perfumes due to high income level. Also, it is expected that the market will have a good development during the

forecast period due to the growing popularity of fragrance items among men.

The men’s segment is expected to grow at a substantial CAGR of 6.86% during the forecast period.

End-use segment is divided into female and male. The men’s segment is expected to grow at a substantial CAGR of 6.86% over the projection period. One of the major drivers for the expansion of the market is the growing trend of men adopting beauty items all over the world. Additionally, the market is predicted to grow over the forecast period owing to the growing trend of men for contemporary skin care, hair care and fragrance products. Encouraging more male population to use cosmetic items is the strong endorsement of celebrity brands, which provides the industry with even more growth opportunities.

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Regional Segment Analysis of Cosmetics Market

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Over the projected period, Europe is expected to experience significant growth across all regions, with a CAGR of 6.45%. Several brands, including Coty Inc., L’Oréal SA, Estée Lauder Companies Inc. and Revlon, Inc., as well as new product launches from other brands, such as Procter & Gamble, Combe Inc. and Henkel AG & Co. KGaA, are primarily responsible for the robust sales of cosmetics in the market. Another factor influencing the market across the region is the existence of a well-known offline retail chain for cosmetic items in Europe.

About the report:

The global cosmetics market is analyzed by value (billion USD). All segments have been analyzed globally, nationally and nationally. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply and Demand Analysis, Competitor Position Grid Analysis and analysis of distribution and marketing channels.

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The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our repository of union reports is diverse across all categories and sub-categories of domains. Our customized solutions are designed to meet customer needs, whether they are looking to expand or planning to launch a new product in the global market.

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