Cosmetics are beauty products for the treatment of the skin or body or for enhancing the appearance of the human body. These refer to a number of products which are mostly available in various categories, such as skincare and hair care. Deodorants and body lotions are few cosmetic types on the market.
Today, consumers are knowledgeable and try to use products that are less harmful compared to a product’s with high chemical composition. In recent years, consumer preference for organic or chemical-free products has shifted considerably.
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Major Drivers, Restraints, Challenges and Opportunities
The industry is expected to be boosted by increasing awareness about beauty products, rising premiums for personal care, changes in consumption patterns, and better purchasing power among females. The growth of the cosmetics industry is forecasted in the next seven years to be significantly driven by factors such as increasing consumer awareness and the increase of available incomes. Today, the use of cosmetics among men and women is rising in daily routine, complementing the growth of global demand on the cosmetics market. Through these changed lifestyles, the world cosmetics market has thus been growing.
As a result of the COWID-19 pandemic, companies are focusing for the promotion on the social media to reach a large consumer base with herbal skin care products. Worldwide lock-down, curfews and lifestyles, health & welfare and manufacturing industries have affected tremendously. A widespread use of eye and lip color products can also cause many skin conditions and consequential health hazards. Therefore, increasing awareness of the likely side effects of cosmetics and customer skin concerns is an important factor in limiting market growth as a whole.
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Cosmetics Market Segmentation
Based on the type, the skin care products segment accounted for majority of market share and is expected to keep the same pattern during the forecast period. Skin care products play an important role in people’s daily health care. Currently, increasing awareness of beauty and awareness are the main drivers of demand for skin care products.
In terms of distribution channel, the supermarket segment dominated the cosmetics market with largest revenue share contribution. Supermarkets are gaining popularity, owing to availability of a broad range of consumer goods under a single roof, ample parking space, and convenient operation timings.
Regional Outlook of Cosmetics Market
Increased consumer disposable incomes and improved living standards are expected to fuel Asia Pacific cosmetics market demand, particularly for developing countries such as China, India and Malaysia. North America is a mature market, and will also grow in the foreseeable future. This expansion can mainly be due to strong developments in R&D and the introduction of innovative and advanced products. Europe is leading the cosmetics market because of the high growth of cosmetic products and the increased use by consumers in this area of cosmetic anti-aging products.
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The market is strongly influenced by quality-based innovation. The provision of a product range is the main strategy adopted by key players to capture a significant market share. Market leaders work on product launch, purchases and collaborations as major strategies for the development and expansion of product portfolios.
Some of the key players present in the cosmetics market are The Estee Lauder Companies Inc., Avon Products Inc., The Procter & Gamble Company and Unilever Plc., Kao Corporation, Shiseido Company Limited, L’Oreal S.A., and Skin Food Co., Ltd.
Table of Contents – Major Key Points
Chapter 1. Executive Summary
Chapter 2. Cosmetics Market Definition and Scope
Chapter 3. Cosmetics Market Dynamics
Chapter 4. Cosmetics Market Industry Analysis
Chapter 5. Cosmetics Market, by Type
Chapter 6. Cosmetics Market, by Distribution Channel
Chapter 7. Cosmetics Market, by Regional Analysis
Chapter 8. Competitive Intelligence
Chapter 9. Research Process
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