Cosmetics Market

Global Cosmetics Market Size (2024 to 2029)

The global cosmetics market size was worth USD 417.2 billion in 2023. The global market size is expected to be worth USD 602.61 billion by 2029 from USD 443.57 billion in 2024, growing at a CAGR of 6.32% from 2024 to 2029.

Global Cosmetics Market Drivers:

Factors that are primarily driving the growth of the global cosmetics market are growing awareness of skincare and increasing desire to look beautiful among people. The number of people who follow beauty and skincare routines has increased significantly in recent years and this trend can be seen worldwide. An increasing number of influencers, growing content on social media of skincare and beauty routines, and a rising number of beauty blogs have given opportunities for people to learn and plan their skincare and beauty routines. The boom of e-commerce has significantly increased sales for beauty and personal care products and this trend will further accelerate in the coming years and propel the global cosmetics market growth.

The rise in the use of cosmetics among men in the daily routine as well as changes in the lifestyles of people across the globe are some of the major factors that propel the growth of the market of cosmetics. Innovative strategies product launches with natural ingredients, new developments, launches by major key players in the market, and a rise in internet penetration are some other major driving factors of the Cosmetics equipment market revenue rate in the upcoming years.

The rising growth of cosmetic products at the global level, rising disposable income and growing youth population are further fueling the growth rate of the market of cosmetics across the globe. Increasing consumer awareness regarding the adverse effects of synthetic ingredients as well as the growing trend of organic cosmetic products are some of the major driving factors that propel the growth of the market cosmetics revenue rate during the forecast period.

Global Cosmetics Market Restraints:

Chemicals used in the manufacturing of cosmetics that can harm an individual's skin are some of the major restraints affecting the growth of the Cosmetics market. Another major restraint that is affecting the growth of the market is the availability of other substitutes. Stringent regulations regarding the product ingredients that are being used in the manufacturing of cosmetic products, growing awareness among consumers regarding the safety of cosmetic products and rising preference for natural and organic alternatives are impeding the global market growth.

Impact of COVID-19 on the global cosmetics market:

The COVID-19 pandemic has disrupted the global economy in distinct ways. Almost every sector faced difficulties during the pandemic. The supply chain and manufacturing were completely shut down, which diminished the growth rate of the cosmetics market. Lockdown restrictions and a ban on flights majorly affected the growth rate of the market during the outbreak. However, the market is expected to grow at a steady pace in the coming years. 

REPORT COVERAGE:

This research report on the global cosmetics market has been segmented and sub-segmented based on the category, gender, distribution channel, and region.

Global Cosmetics Market – By Category: 

• Hair Care Products
• Deodorants
• Skin and Sun Care Products
• Fragrances
• Makeup and Color Cosmetics
• Others

Among these segments, the skin and sun care products segment dominated the global cosmetics market in 2022, accounting for 26.4% of the worldwide market share, and is expected to register healthy growth during the forecast period due to the rise in awareness about beauty and consciousness among the people. Factors such as increasing awareness among people of sun protection, rising demand for anti-aging skincare, and growing preference for natural and organic ingredients in skincare formulations are propelling the growth of the skin and sun care products segment in the worldwide market.

The makeup and color cosmetics segment is anticipated to grow at the fastest CAGR of 8.14% from 2023 to 2028. The growing promotional activities on social media of makeup and color cosmetic products, the introduction of technologically advanced makeup products, and the popularity of makeup lines launched by celebrities are propelling the growth of the makeup and color cosmetics segment in the worldwide market.

Global Cosmetics Market – By Gender: 

• Men
• Women
• Unisex

Among these segments, the women segment led the cosmetics market in 2022, accounting for 66.8% of the global market share in 2022 and the domination of the female segment is anticipated to continue throughout the forecast period due to the rise in the beauty and conscious female population across the globe. The evolving beauty trends, increasing desire among females for diverse cosmetic options, and continuous innovation in formulations are majorly boosting the growth of the female segment in the global market.

The men's segment accounted for a considerable portion of the global market in 2022 and is estimated to grow at a steady CAGR during the forecast period.

Global Cosmetics Market – By Distribution Channel:

• Specialty Stores
• Pharmacies
• Hypermarkets and Supermarkets
• Online Sales Channels
• Other Distribution Channels

Among these segments, the hypermarket and supermarket segment dominated the global cosmetics market with 31.8% of the global market share in 2022 and is estimated to continue to dominate the market throughout the forecast period owing to factors such as the availability of a broad range of consumer goods that come under a single roof and ample parking space as well as convenient operation timings. Furthermore, increase in urbanization, a rise in the working-class population as well as competitive pricing.

The online sales channels segment is expected to witness rapid growth during the forecast period owing to the convenience and accessibility of purchasing cosmetics online. Factors such as an increasing number of effective digital marketing strategies and influencer collaborations by the manufacturers of cosmetics and the availability of personalized product recommendations and user reviews are further boosting the growth rate of the online sales channels segment in the worldwide market.

Global Cosmetics Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Among these regions, the Asia Pacific region dominated the cosmetics market with 41.4% of the worldwide market share in 2022 and is expected to grow significantly during the forecast period owing to the rising growth of cosmetic products at the global level, rising disposable income as well a growing youth population, especially in some of the economies such as India, China, and Japan propel the growth of the revenue rate of the Cosmetics market in the Asia Pacific region. The growing middle-class population in the Asia-Pacific region, rapid adoption of influencer marketing strategies and endorsements and innovation in cosmetic formulations and product diversity are majorly propelling the APAC cosmetics market growth. The demand for skincare products in the Asia-Pacific countries is growing rapidly and is significantly contributing to the growth of the Asia-Pacific cosmetics market. China was the leader in the Asia-Pacific cosmetics market in 2022 and held 31.3% of the share in the APAC market.

The North American region accounted for the second-largest share of the global market in 2022 and is expected to grow at a promising CAGR during the forecast period owing to the rising growth of cosmetic products across the region. The average spending on cosmetics in North America is gradually growing, which is contributing to the regional market growth. For instance, the average per capita spending in North America on cosmetics is USD 210 in 2022. The sales of cosmetic products on online platforms have grown significantly in North American countries and this trend is expected to fuel in the coming years and contribute to the North American market growth.

The Europe region is expected to grow at a prominent CAGR during the forecast period owing to the increase in investments by the major key players and growing innovations and rapidly changing lifestyles across Europe. The stringent regulations for cosmetic products in Europe are propelling the European market growth. An estimated 90% of cosmetic products in Europe comply with the regulatory landscape. The demand for luxury and premium cosmetics is on the rise in Europe, which is driving the growth of the European market. Luxury and premium cosmetics contribute closely to 40% of the European cosmetics market.

Latin America captured a considerable share of the worldwide market in 2022 and is expected to grow at a lucrative CAGR during the forecast period due to the growing demand for hair care products and increasing sales for men's grooming products. Brazil occupied 41.9% of the Latin American market share in 2022.

Middle East and Africa is estimated to showcase a healthy CAGR during the forecast period.

KEY MARKET PLAYERS:

Companies playing a leading role in the global cosmetics market include Revlon, Inc., Shiseido Company Limited, Skin Food Co., Ltd, The Estee Lauder Companies Inc., Avon Products Inc., Kao Corporation, L’Oreal S.A., Oriflame Cosmetics S.A., The Procter & Gamble Company and Unilever Plc