In recent times, demand for makeup and skincare products has surged dramatically. Both men and women use it to enhance their overall appearance. The industry offers a wide variety of products, such as hair care, face care, lip care, and others. Additionally, the increasing demand for anti-ageing creams and serums and the development of advanced tools and innovative packaging is attracting consumers. Besides, the new trend of personalized products for a specific person, based on their hair type, skin tone & texture, eye colour, is generating traction. The manufacturers are also trying to grab consumers’ attraction by coming up with sustainable packaging and chemical-free products to cater to the demand for every individual.
By category, the industry is segmented into haircare, skincare, makeup, and others. By gender, it is bifurcated into men and women. By distribution channel, it is divided into speciality stores, hype industry/super industry, online channels, and others. Finally, based on region, the industry is categorized into North America, Europe, Asia Pacific, and the rest of the world.
The global cosmetics industry Research provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the research provides insights into the regional analysis that covers different regions, contributing to the growth of the industry. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the industry growth.
- Extensive information on factors estimated to affect the industry growth and share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects of the industry in various geographical regions.
- The competitive landscape analysis on the industry as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the industry, underlining the growth rate and opportunities offered in the business.
In recent times, demand for personalized skincare, hair care is promoting manufacturers on introducing personalization and digitalization in cosmetic products to increase customers. For instance, in February 2020, L’Occitane Group announced the launch of its new range of personalized range called Duolab. The range has a countertop device that functions artificial intelligence (AI) technology. This device helps in finding out one’s skin condition to provide it with a face care solution in the form of freshly blended cream. Therefore, increased awareness regarding grooming coupled with technological advancements is expected to support the cosmetics industry’s growth in upcoming years.
The Asia Pacific to Dominate the Industry Backed by Increasing Urbanization and Standard of Living
Asia Pacific is expected to dominate with an industry size of USD 102.55 billion in 2020. Increasing urbanization & standard of living, the growing number of working women, and the rising middle-class population are the key contributing factors for the growth of the industry in this region.
North America on the other hand is expected to witness positive growth owing to the rising disposable income and high spending power of the population in the region. Additionally, an increasing number of beauty product stores in the region is also one of the major flourishing factors for the growth of the industry during the forecast period. For instance, in February 2020, one of the largest cosmetics retail stores Sephora announced its expansion plans, which included the opening of around 100 new stores across the North American region 2020.
Aim & Scope:
- An overview of the industry based on geographical scope, segmentation and financial performance of key players is presented in the report.
- The report presents the estimated industry size by the end of the forecast period. Additionally, the historical and current industry size is also examined in the report.
- Based on various indicators, the Year on Year Growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and the future scope of the industry in North America, Asia Pacific, Europe, Latin America and Europe.
- The various parameters accelerating the growth of the industry are incorporated in the research report.
- The report analyzes the growth rate, industry size and valuation of the industry during the forecast period.
Key Players to Focus on Partnerships and New Launches to Strengthen Industry Growth
This industry is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its industry prospects. Below is the industry developments.
