Growth Analysis of Cosmetic Products Market Size & Share to be Worth $863 Billion by 2024

Growth Analysis of Cosmetic Products Market Size & Share to be Worth $863 Billion by 2024
According to the report, global cosmetic products market was valued at around USD 532 billion in 2017 and is expected to reach approximately USD 863 billion in 2024, growing at a CAGR of slightly above 7% between 2018 and 2024.

Zion Market Research has published a new report titled “Cosmetic Products Market by Product (Skin care products, Haircare products, Color cosmetics, Fragrances, Personal care products, and Oral care products), by Form (Solutions, Creams, Lotions, Ointments, Suspensions, Tablets, Powders, Gels, Sticks, and Aerosols), by Application (Lips, Eyes, Eyebrows, Nails, and Face), By Distribution Channel (Online, Beauty salons, Specialty stores, Direct selling, Departmental stores, Pharmacy, and Supermarkets), by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’.

According to the report, global cosmetic products market was valued at around USD 532 billion in 2017 and is expected to reach approximately USD 863 billion in 2024, growing at a CAGR of slightly above 7% between 2018 and 2024.

Cosmetic beauty or makeup products are chemical mixtures that are used to enhance the odor or appearance of the human body. Fragrances, color and makeup cosmetics, deodorants, haircare, skin care, and sun care are certain products that are extensively available and are used by individuals. Retail stores that include specialty stores, exclusive brand outlets and supermarkets are the major distribution channels. In the current era, online channels are also gaining popularity among customers.

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Personal care and beauty product sales are on the rise and are projected to register growth from 3.5 to 4.5% between 2015 and 2020. It is anticipated to reach USD 500 billion by 2020. The Asia Pacific accounts for a major share in the global personal care industry; increasing demand in the region is attributed to its bulging population. In the U.S, the growing Hispanic population is propelling the demand for luxurious personal care brands and will escalate during the forecast years. 

Beauty or cosmetic products industry is one of the sectors that remained unaffected, despite the fluctuations in the economy. Cosmetic sales have maintained a certain volume throughout its overall products. The sale can be attributed to increasing and consistent usage of products, especially by men and women. Personal care companies are making their products available online at competitive prices. The internet has an impact on every business category be it deodorant or shaving products. Customers are willing to purchase the goods that can come directly to them through online retailing.  

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Numerous customers are concerned about the environmental impact of the goods they utilize. Thus, manufacturers are luring their potential consumers by advertising their products as organic and sustainable. These characteristics are even highlighted on products labels and are increasing their brand popularity. Furthermore, an ethical component of the industry involves customer’s concerns about the products testing on animals. Manufacturers are taking care of all these factors for promoting their products and avail the benefits of such a lucrative industry.

Global cosmetic products market is categorized as skin care products, hair care products, color cosmetics, fragrances, personal care products, and oral care products. The skincare product is anticipated to dominate the global cosmetic products market during the forecast period owing to its multiple variants such as makeup remover, depilatories, hand care, and facial care. Based on form, global cosmetic products market is classified into solutions, creams, lotions, ointments, suspensions, tablets, powders, gels, sticks, and aerosols. Gels are projected to witness maximum gains over the forecast timeframe owing to rising adoption of the product in youngsters for hair gel and face wash. 

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Various applications pertaining to cosmetics include lips, eyes, eyebrows, nails, and face. Face products are expected to account for a substantial share in the cosmetic products market owing to its major use for the facial appearance in both men and women. Cosmetics are distributed in the market via distribution channels including online, beauty salons, specialty stores, direct selling, departmental stores, pharmacy, and supermarkets. The online channel is gaining prominence in the current year owing to the easy availability of a variety of products at affordable prices.

North America will witness substantial gains in the global cosmetic products market during the forecast period. The growth is attributed to the advanced living standard of people in the U.S. coupled with growing usage of sunscreen lotion as per the regional climate. Further, giant manufacturers such as Maybelline Cosmetics, Avon, Estee Lauder, MAC Cosmetics, and Clinique are contributing to regional sales.

Major players in the global cosmetic products market are Alticor, Oriflame Cosmetics Global SA, Yves Rocher, Mary Kay Inc., Revlon Inc., Kao Corp., Shiseido, The Estee Lauder Companies Inc., Avon Products Inc., Beiersdorf AG, Procter & Gamble, Unilever and L’oreal Group. Manufacturers are investing heavily in research and development activities to launch new products in the market as per the consumer’s demand.

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The report segments the global cosmetic products market as follows:

Cosmetic Products Market: Product Segment Analysis

  • Skin care products
  • Hair care products 
  • Color cosmetics
  • Fragrances
  • Personal care products
  • Oral care products


Cosmetic Products Market: Form Segment Analysis

  • Solutions
  • Creams
  • Lotions
  • Ointments
  • Suspensions
  • Tablets
  • Powders
  • Gels
  • Sticks
  • Aerosols


Cosmetic Products Market: Application Segment Analysis

  • Lips
  • Eyes
  • Eyebrows
  • Nails
  • Face


Cosmetic Products Market: Distribution Channel Segment Analysis

  • Online
  • Beauty salons
  • Specialty stores
  • Direct selling
  • Departmental stores
  • Pharmacy
  • Supermarkets


Cosmetic Products Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa


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