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A recent report published by Infinium Global Research on the cosmetics market provides an in-depth analysis of segments and sub-segments in the global as well as regional cosmetics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional cosmetics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global cosmetics market. According to the report, the global cosmetics market is projected to grow at a CAGR of 5.3% from USD 444 billion in 2020 to USD 630 billion in 2026 during the forecast period of 2020 – 2026.
The cosmetic industry is constantly developing and it is characterized by usual growth and high competitiveness. At the same time, innovation seems to be the vehicle of growth for numerous companies. It is a significantly crucial industry in terms of its prominent influence on the colorful social lives of humans globally. Cosmetics are products created for skin and hair care with the intention of cleansing, beautifying, and enhancing good-looking features. Although cosmetic products have undergone several changes in modern times, the basic concept of utilizing cosmetics to improve the features of good health has not changed. Cosmetics represent a highly diversified field involving numerous sub-sections of science and art because even in an era of high technology, intuition continues to play an important role.
The ongoing COVID-19 pandemic has caused disruptions in almost all economies in the world. Production of cosmetic products was then hit by the insufficient supply of raw materials as well as the variations in consumption and expenditure imposed by shutdowns. The restrictions on production and travel enforced manufacturers to temporarily stop factory operations. The global cosmetics market is set to see a noteworthy value decline in 2020 fundamentally due to limited retail sales but also a shift in beauty priorities. COVID-19 pandemic has harshly affected the multi-billion dollar industry of cosmetics and beauty and rendered numerous workers out of jobs. The lockdown period and ongoing social distancing measures have seen a decline in the priority of categories such as color cosmetics, fragrances, and hair removal. The purchase and usage behavior of the consumers has changed dramatically across the beauty and personal care space with months of consumer lockdowns, international travel bans, and retail businesses shuttered.
The changing lifestyles and increasing disposable income of various countries is the major driving factor for the global cosmetics market. One of the main reasons for the popularity of the beauty services industry is the rising disposable income and changing lifestyles. In an age where looking and feeling beautiful is given prime importance, cosmetic products will gain enormous demand. The beauty services industry, largely unorganized is steadily taking the organized route through franchising. With significant growth in the disposable income of the urban class, developing countries have witnessed an increase in the general standard of living. Alongside this, the acceptance level of the importance of grooming and wellness has increased as well. Consumers are now on a quest for a holistic and harmonious state of life, which has led to mushrooming of various industries. The beauty, skin & hair care industry is one such sector that has seen an uptrend.
Among the regions, Asia Pacific holds the largest share in the cosmetic market. In the Asia Pacific region, the number of middle-aged women in Asia-Pacific region is rising at an unprecedented rate and they represent one of the most affluent parts of the makeup industry. In addition, Asian countries such as China and India have a large number of beauty-conscious millennials and the Gen-Z population drives the growth of the Asia Pacific cosmetic market. The U.S. is also among the largest cosmetics consuming nation and holds more than 60% of the market share of North America cosmetics. The high penetration rate of global brands coupled with the rapidly increasing demand for natural cosmetics is driving the cosmetics market in the USA. Growth in the working women population and the rising number of beauty clinics are also aiding the United States cosmetics market.
The report on the global cosmetics market covers segments such as category and distribution channel. On the basis of category, the sub-markets include skin & sun care products, hair care products, deodorants, makeup & color cosmetics, and fragrances. On the basis of distribution channel, the sub-markets include departmental stores, supermarkets and hypermarkets, drug stores, brand outlets, and online stores.
The report provides profiles of the companies in the market such as Procter & Gamble, L’Oréal S.A., Estée Lauder Companies Inc., Natura & Co., Beiersdorf AG, Kao Corporation, Oriflame Holding AG, Shiseido Company Limited, Johnson & Johnson, and Unilever.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the cosmetics market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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