The demand for herbal and natural cosmetics is expected to increase at a substantial rate during the forecast period
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, September 17, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “cosmetics market By Category, Gender, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021-2027,” the global cosmetics market size was valued at $380.2 billion in 2019 and is projected to reach $463.5 billion. dollars by 2027, registering a CAGR of 5.3% from 2021 to 2027. The convergence of advancements, beauty and lifestyle is propelling the growth of the cosmetics market. Additionally, the cosmetics market across the globe has witnessed continuous and sustained growth over the years, owing to the increase in the beauty-conscious female population. Several other factors such as increase in female workforce, increased awareness of maintaining prolonged beauty, and change in lifestyle have contributed significantly to the growth of cosmetics market trends.
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Also, the demand for herbal and natural cosmetics is expected to increase at a substantial rate during the forecast period. Furthermore, brands such as Himalaya Drug Company, Patanjali Ayurved Limited and Hindustan Unilever Limited indulge in the production of herbal and natural cosmetics. Hence, the increased awareness of fashion and natural skin products is significantly propelling the growth of the cosmetics market.
Global per capita income has experienced strong growth in recent years, particularly in emerging economies. Increasing urbanization, growing middle-class consumers, and increasing female labor force participation rates in many developing and developed markets have encouraged the adoption of lifestyles convenience-oriented, making cosmetics more desirable. According to estimates, per capita income over the next decade is expected to increase at a significant rate in developing countries compared to developed countries. This has important implications for the growth of the cosmetics market.
A wide range of cosmetic products are available in the market to deeply nourish the skin, such as lotions, creams, deodorants, hair care and essential oils. Additionally, awareness of personal wellness and appearance has increased among men, which is driving sales of cosmetics. Moreover, due to hectic lifestyle and changeable weather conditions, men are also adopting skin care, sunscreen and hair care products. Thus, cosmetic products help to treat and prevent dry and dull skin, which strengthens their global demand.
Additionally, due to the outbreak of the COVID-19 pandemic, manufacturers have increased social media advertising for the use of herbal medicines. skin care products to reach a broad consumer base. However, the implementation of lockdown and curfew practices globally has affected the domestic and international production of skincare products, which in turn is hampering the growth of the overall market. Thus, the COVID-19 outbreak negatively impacted the cosmetics market in 2020 as company sales declined and operations were halted.
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Over the next five years, the demand for natural cosmetics is expected to grow strongly. Customers prefer to use cosmetics that are less harmful and have minimal side effects. Moreover, manufacturers are likely to use natural ingredients in their skin care and hair care products to meet consumer needs. Many big players in the market such as L’Oreal, Unilever, Color Bar and Avon plan to invest big budgets in order to promote the natural aspects of their cosmetic products.
Main results of the study
By category, the skin care and sun care segment dominated the global market in 2019 and is expected to maintain its dominance throughout the cosmetics market forecast period.
By gender, the female segment dominated the global cosmetics market demand in 2019 and is expected to maintain its dominance throughout the forecast period.
By distribution channel, the hypermarket/supermarket segment dominated the global market in 2019 and is expected to maintain its dominance throughout the forecast period.
By region, Asia-Pacific accounted for the highest cosmetics market share in 2019 and is expected to grow at a CAGR of 6.5%.
Key players profiled in the cosmetics industry report include Avon Products Inc., Kao Corporation, L’Oreal SA, Oriflame Cosmetics SA, Revlon, Inc., Shiseido Company Limited, Skin Food Co., Ltd., The Estee Lauder Companies Inc., The Procter & Gamble Company and Unilever Plc.
Reason to buy:
✅ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global cosmetics market.
✅ Highlights key business priorities to guide businesses in reforming their business strategies and gaining a foothold in the vast geography.
✅ The key findings and recommendations highlight crucial progressive industry trends in the Cosmetics Market, thereby allowing players to develop effective long term strategies in order to garner their market revenue.
✅ Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets.
✅ Dig deep into the global market trends and outlook associated with the factors driving the market, as well as those restraining the growth to some extent.
✅ Improve the decision-making process by understanding the strategies behind business interest with respect to products, segmentation, and industry verticals.
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