New York, USA, Nov. 02, 2022 (GLOBE NEWSWIRE) — Research Dive has published a new report on the global cosmetics market. According to the report, the global market is projected to surpass $457.8 billion and grow with a CAGR of 5.1% in the estimated period, 2020–2027. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Cosmetics Market
The outbreak of the COVID-19 pandemic in 2020 has had a negative impact on the growth of the global cosmetics market. The implementation of lockdown restrictions resulted in the cessation of numerous shops and shopping malls worldwide. Therefore, the cosmetic sector got deeply affected owing to a sudden decline in the sales and demand for cosmetics products. As people were forced to stay in their homes during the pandemic, the use and demand for makeup products also declined severely. All these factors significantly hindered the global market growth.
Factors Impacting the Cosmetics Market Growth
The key factor boosting the growth of the global cosmetics market is a significant rise in awareness among people about their appearance and the growing popularity of numerous cosmetic, skincare, makeup, and hair care products across the globe. In addition, the rising integration of technologies like 3D printing, augmented reality (AR), and Artificial Intelligence (AI) in the cosmetics and beauty product industry is projected to unlock lucrative opportunities for the growth of the market. However, the adverse effects of using chemical-based cosmetics products is anticipated to hamper the market’s growth.
The report segments the global cosmetics market into category, gender, distribution channel, and region.
Skin & Sun Care Products Cosmetics Sub-Segment to Grow Extraordinarily
The skin & sun care products cosmetics sub-segment of the category segment is expected to hit $164.2 billion in the forecast period. This is primarily due to the rising adoption of skin care & sun care products to improve the skin’s appearance, get rid of skin disorders, and to avoid the harmful effect of UV rays from the sun.
Women Sub-Segment to Grab a Foremost Share of the Market
The women sub-segment of the gender segment is anticipated to grow enormously by surpassing $233.4 billion in the forecast period. This growth is mainly owed to the increasing use of beauty and cosmetic products among females owing to their extra consciousness about beauty and skin & hair care.
Hypermarket/Supermarket Sub-Segment to Observe Accelerated growth
The hypermarket/supermarket sub-segment of the distribution channel segment is anticipated to grow rapidly by surpassing $171.4 billion in the forecast period. This growth is mainly because hypermarket/supermarket stores offer easy access to a variety of products in one place, provide exciting discounts & offers, and offer sample products or testers.
Asia-Pacific Region to Perceive Speedy Growth
The report analyzes the global cosmetics market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is anticipated to garner $181.3 billion in the estimated period. This growth is mostly due to the growing demand for cosmetics products including sunscreen lotions, hair gel, facial creams, hair gel, wipes, and hair cosmetics in this region.
Key Players of the Global Cosmetics Market
The report states some of the foremost players operating in the global cosmetics market including
- L’ORÉAL S.A.
- Shiseido Company, Limited
- Kao Corporation
- Revlon, Inc.
- Oriflame Cosmetics S.A.
- The Estée Lauder Companies Inc.
- Skin Food Co., Ltd.
- Procter & Gamble Company
- Unilever Plc.
- Avon Products, Inc., and others.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market. – Inquire Here to Get a Full Report
For instance, in September 2022, RENEE Cosmetics, an Indian makeup brand, launched a novel range of cruelty-free, paraben-free, dermatologically tested, and vegan makeup product range especially for pre-teens.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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