Cosmetics Industry

The global cosmetics market size was estimated at USD 295.95 billion in 2023 and is expected to grow at a CAGR of 6.1% from 2024 to 2030. One of the primary factors driving market expansion is the increasing awareness among consumers to enhance their personal appearance. Among millennials, products related to skincare, color cosmetics, and hair care have gained popularity as essential components of their daily grooming routines. Additionally, the introduction of cosmetics featuring natural, non-toxic, and organic ingredients has further contributed to the market's expansion.

Personal care products (PCPs) are commonly utilized for purposes of personal hygiene, grooming, cleaning, and enhancing one's appearance. This category encompasses a wide range of items, including hair & skincare products, UV protection creams, facial cleansers, insect repellents, fragrances, perfumes, soaps, detergents, shampoos, conditioners, and toothpaste.

As per a 2021 article from the National Center for Biotechnology Information, PCPs belong to the class of self-care items primarily employed for personal hygiene, cleanliness, and grooming. Globally, approximately 30-40% of dermatological prescriptions include a PCP and an average person utilizes at least two PCPs within a span of 24 hours.

Soap plays a vital role in skin care, serving as an essential tool to maintain cleanliness and overall health. According to Consumer Reports, an organization involved in product and service testing, when considering bath products, consumers often have distinct preferences. Consumer trends and preferences regarding skincare and haircare products are strongly influenced by environmental awareness and sustainability concerns.

According to the environmental awareness website TheRoundup.org, in 2023, 78% of consumers prioritize sustainability, with nearly 55% of consumers showing a willingness to pay more for eco-friendly brands. Shoppers seek accredited brands that adhere to environmental and ethical standards, emphasizing the use of sustainable and body-friendly materials. Brands that incorporate organic, natural ingredients and promote their wellness benefits are more likely to gain traction among eco-conscious consumers.

Gather more insights about the market drivers, restrains and growth of the Global Cosmetics market

Cosmetics Market Segments Highlights:

1. Generation Z (Gen Z) consumers are a key consumer group in the market demonstrating unique behavior by starting to purchase health and beauty products at an early age.

2. Increasing awareness among consumers regarding personal hygiene and grooming has been driving the demand for cosmetics products over the years.

3. Women tend to favor a diverse range of cosmetic products to enhance their beauty and skincare routines. This inclination reflects their interest in exploring and using different makeup products in their daily regimen.

4. In-store experiences provide the chance for personalized consultations and recommendations from beauty experts, enhancing the shopping experience and building trust.

5. According to the India Brand Equity Foundation, India is experiencing a surge of global beauty brands, capitalizing on the nation's sizable youthful population and increasing disposable income for their forthcoming growth phase.

Cosmetics Market Report Segmentation

Grand View Research has segmented the global cosmetics market on the basis of product, end-user, distribution channel, and region:

Cosmetics Product Outlook (Revenue, USD Million, 2018 - 2030)

1. Skin Care

2. Hair Care

3. Makeup

4. Fragrance

5. Others

Cosmetics End-user Channel Outlook (Revenue, USD Million, 2018 - 2030)

1. Men

2. Women

Cosmetics Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

1. Offline

2. Online

Cosmetics Regional Outlook (Revenue, USD Million; 2018 - 2030)

1. North America

   1. US

   2. Canada

   3. Mexico

2. Europe

   1. UK

   2. Germany

   3. France

   4. Spain

   5. Italy

3. Asia Pacific

   1. China

   2. India

   3. Japan

   4. Australia & New Zealand

   5. South Korea

4. Central & South America (CSA)

   1. Brazil

5. Middle East & Africa (MEA)

   1. South Africa

Key Cosmetics Company Insights

1. Coty Inc.

2. L’Oréal Group

3. Estee Lauder Companies, Inc.

4. Revlon Consumer Products LLC

5. Avon Products, Inc.

6. Unilever

7. Company 7

8. Godrej Group

9. Procter & Gamble

10. Beiersdorf AG

11. Henkel AG & Co KGaA

12. Kao Corporation

13. Hoyu Co., Ltd.

Recent Developments

1. In January 2024, L'Oreal Group’s venture capital arm, BOLD (Business Opportunities for L'Oreal Development), disclosed an investment in Timeline, a consumer health company. Specializing in aging and longevity, Timeline incorporates Mitopure, its proprietary technology, into a range of topical skincare products and supplements. The recent funding was done with the intent to support the company's expansion efforts in the beauty, food, and health sectors.

2. In December 2023, Estée Lauderentered into a collaboration with the Stanford Center and made an initial commitment of three years to support the center's newly established Program on Aesthetics & Culture. This commitment aimed to finance various research endeavors, including 'New Map of Life' post-doctoral fellowships and other initiatives aimed at understanding perceptions on longevity and vitality.

Order a free sample PDF of the Cosmetics Market Intelligence Study, published by Grand View Research.