Global Cosmetics Market: Insights and Forecast with Impact of COVID-19 (2021-2026)
The Global Cosmetics Market was valued at USD 307.69 Billion in the year 2020. The huge demand for cosmetics is influenced by awareness among people about the benefits of cosmetics for their skin and hair which uplifted their average expenditure on cosmetics. Moreover, the increasing trend for sun care products, night skin repair creams, fresh face mists is likely to boost demand for cosmetic products in future, hence, paving a way for the growth in the market during the forecast period 2021-2026.
Based on the Product Category segment, the skincare category is expected to grow the fastest during the forecast period. Many of the skin concerns such as pollution, sun protection, workplace stress reaching near-epidemic levels is driving the interest in skincare products. Moreover, there is a growing desire for health-promoting and self-care products, as well as the ability of social media to empower and inform consumers more quickly, and, perhaps most importantly, the ability of new technology to simplify the unusually complex choices consumers face when dealing with skincare brands.
Asia Pacific region is estimated to be the fastest-growing region in Cosmetics Market, due to growing concern over health and hygiene, personal appeal, and rising demand for natural and organic beauty products and many others. China, Japan, South Korea, India are the major cosmetics markets of the world.
The online segment is expected to grow at the fastest rate during the forecast period. The advantages of e-commerce have benefited not only businesses but also customers in terms of cost and a wide range of possibilities. Furthermore, the internet distribution method has attracted new customers with surging demand for cosmetics worldwide. The rising fashion and entertainment industries in major and emerging countries including the United States, France, and South Korea have boosted the demand for cosmetics. While consumers in large metros are opting for online retail and e-commerce for most of their purchases, the trend is slowly penetrating in non-metro cities as well.
Scope of the Report
• The report presents the analysis of the Cosmetics market for the historical period of 2016-2020 and the forecast period of 2021-2026.
• The report analyses the Cosmetics Market by Value (USD Billion).
• The report analyses the Cosmetics Market by Product Category (Skincare, Haircare, Makeup, Others).
• The report analyses the Cosmetics Market by Distribution Channel (Offline, Online).
• The Global Cosmetics Market has been analysed by countries (United States, Canada, Brazil, UK, Germany, France, Italy, China, Japan, India).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by Location and Product.
• Also, the major opportunities, trends, drivers and challenges of the industry have been analysed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include L'Oréal, Unilever, Procter & Gamble Company, Estée Lauder Companies Inc., Shiseido Company, Johnson & Johnson, Kao Corporation, Beiersdorf AG, Coty Inc., Natura & Co.
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