Cosmetic Products Market size is set to grow by USD 115.4 billion from 2024-2028, Rise in aging population boost the market, Technavio

NEW YORK, Aug. 7, 2024 /PRNewswire/ -- The global cosmetic products market size is estimated to grow by USD 115.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.58% during the forecast period. Rise in aging population is driving market growth, with a trend towards growing preference for organic cosmetics and cosmeceuticals. However, presence of counterfeit products poses a challenge. Key market players include Amorepacific Corp., Avon Products Inc., Beiersdorf AG, Chanel Ltd., Coty Inc., Johnson and Johnson Services Inc., Kao Corp., Kjaer Weis, Kose Corp., LOreal SA, LVMH Group., Mary Kay Inc., Natura and Co Holding SA, Nu Skin Enterprises Inc., Oriflame Cosmetics S.A., Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., The Procter and Gamble Co., and Unilever PLC.

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Market Driver

Consumers are increasingly preferring organic or chemical-free cosmetics and cosmeceuticals due to their natural benefits and absence of toxic compounds. These products contain biologically active ingredients, which have medicinal effects on the skin and are gentle on sensitive skin. Parabens and phthalates, commonly used in chemical-based cosmetics, have been linked to health issues like cancer and diabetes. Natural raw materials, such as neem extracts, soybean, fish oil, aloe vera, and guar gum, are used in manufacturing organic skincare products. Fish oil is valued for its stabilizing and preservative properties. Organic cosmetics use natural fragrances, while chemical-based fragrances can have toxic effects. Beiersdorfs NIVEA PURE & NATURAL line includes face cleansing lotions and moisturizing face day creams with 95% naturally sourced ingredients. Forest Essentials offers LIGHT DAY LOTION LAVENDER & NEROLI, enriched with Ayurvedic herbs and natural oils for skin nourishment. NATURA BRASIL's CACAU SOFT BODY CREAM - EKOS is rich in cocoa butter for skin moisturization. The trend towards organic cosmetics and cosmeceuticals is driving growth in the global cosmetic products market, as consumers opt for chemical-free skincare solutions. 

The cosmetics market is thriving, driven by trends in self-care, wellness, and personal care. Consumers seek formulations that cater to their unique needs, leading companies like Shiseido and Beiersdorf to innovate. Social commerce and beauty tech, including try-on apps and personalization software, are transforming the industry. Skincare formulas, hair care products, deodorants & fragrances, makeup & color cosmetics, cater to both men, women, and unisex consumers. With increasing internet penetration and economic growth, sales channels expand to hypermarkets/supermarkets, specialty stores, pharmacies, and online platforms. Brands like Bondi Sands, K-beauty, J-beauty, Glossier, Fenty Beauty, Kylie Cosmetics, Huda Beauty dominate. Technological developments address concerns over adverse side effects and application methods. Despite this, safety remains a priority, with regulations on dangerous chemicals. Global aging population fuels demand for anti-aging products, including hair color. 

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Market Challenges

• The global cosmetics market faces a significant challenge with the prevalence of counterfeit premium products. These imitation items negatively impact market expansion as customers may mistake them for authentic products. Counterfeit cosmetics are produced using subpar raw materials and manufactured at lower costs, allowing them to be sold at reduced prices. This not only harms the reputation and revenue of original brands but also undermines their pricing strategies during the forecast period. Consequently, the proliferation of counterfeit cosmetics poses a substantial threat to the growth and profitability of the cosmetics industry.
• The cosmetic industry faces several challenges in today's market. Economic growth drives consumer demand for beauty products, including skin care, hair care, deodorants & fragrances, makeup & color cosmetics for women, men, and unisex. Social media marketing is crucial for brand recognition, reaching millennials, and staying trendy. However, adverse side effects from chemicals raise concerns, leading to a shift towards natural and organic cosmetics. Technological developments in application methods and online sales channels expand reach, with platforms like Bondi Sands, K-beauty, J-beauty, Glossier, Fenty Beauty, Kylie Cosmetics, Huda Beauty, Rare Beauty, and more. The global aging population fuels demand for skincare and hair color. Product innovation, fashion trends, and celebrity endorsements also impact sales. Despite these opportunities, dangerous chemicals and net sales regulations require careful consideration. Product development in haircare, makeup, and fragrance products continues, with a focus on mental health and wellness.

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Segment Overview 

This cosmetic products market report extensively covers market segmentation by  

1. Product 
• 1.1 Skincare products
• 1.2 Haircare products
• 1.3 Color cosmetics
• 1.4 Fragrances and deodorants
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Skincare products-  The skincare cosmetics segment comprises products designed to clean and improve the appearance of the skin. This market is expanding as both young and older women seek effective skincare solutions. Men are also becoming more conscious of their grooming needs, leading vendors to introduce customized men's skincare products. For instance, Unilever's Glow & Handsome line for men includes a facewash and face cream with Rapid Action Technology, offering benefits like sun protection, radiance, and oil control. Notable skincare offerings include Chanel's microfluidic serum, Vichy's LiftActiv Supreme, Jurlique's Herbal Recovery range, and ReVive Skin Tone Serum. The skincare segment is anticipated to fuel the growth of the global cosmetic products market due to its broad appeal and continuous innovation.

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Research Analysis

The cosmetics market, a significant segment of the self-care and wellness industry, continues to grow as consumers prioritize personal appearance and self-care. Formulations range from skincare and makeup to hair color and sunscreens. The market's expansion is driven by economic growth, internet penetration, and social media marketing. Technological developments, including social commerce, facilitate easy access to these products. However, concerns over adverse side effects of certain chemicals and dangerous ingredients persist, leading to increased demand for natural and organic alternatives. The global aging population also fuels demand for anti-aging skincare products. Fashion trends and product innovation continue to shape the market, with brand recognition playing a crucial role in consumer decision-making. Social platforms provide opportunities for companies to engage with consumers and build brand loyalty.

Market Research Overview

The cosmetics market continues to grow as consumers prioritize self-care and wellness. Formulations for skincare, hair care, deodorants, fragrances, and makeup cater to men, women, and unisex users. Technological developments, including try-on apps and personalization software, enhance the shopping experience. Internet penetration and social media marketing expand reach, especially among millennials and the global aging population. Economic growth in emerging markets fuels sales through hypermarkets, supermarkets, specialty stores, pharmacies, and online channels. Brands like Bondi Sands, K-beauty, J-beauty, Glossier, Fenty Beauty, Kylie Cosmetics, Huda Beauty, Rare Beauty, and more, innovate with natural, organic, and fragrance products. Social platforms and celebrities influence trends, while product development addresses consumer concerns, including adverse side effects from dangerous chemicals.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Skincare Products
• Haircare Products
• Color Cosmetics
• Fragrances And Deodorants
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio