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Written by Business News » Updated on: July 26th, 2024
IMARC Group, a leading market research company, has recently released a report titled “Cosmetics Market Report by Product Type (Skin and Sun Care Products, Hair Care Products, Deodorants and Fragrances, Makeup and Color Cosmetics, and Others), Category (Conventional, Organic), Gender (Men, Women, Unisex), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Pharmacies, Online Stores, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the cosmetics market share, size, trends and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global cosmetics market size reached US$ 400.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 618.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
Request to Get the Sample Report: https://www.imarcgroup.com/cosmetics-market/requestsample
Factors Affecting the Growth of the Cosmetics Industry:
Rising Disposable Incomes:
The increase in disposable incomes globally is significantly contributing to the growth of the cosmetics market. As individuals have more financial resources available after covering essential expenses, they are more inclined to spend on non-essential items, including beauty and personal care products. This trend is particularly evident in emerging economies where economic development has led to a burgeoning middle class with greater spending power. Additionally, in developed regions, consumers with higher disposable incomes are increasingly seeking premium products that offer superior quality, unique formulations, and advanced benefits. Furthermore, the willingness to invest in beauty products is also linked to the growing importance placed on personal appearance and self-care, which are often seen as markers of social status and professional success.
Changing Beauty Standards:
Changing beauty standards is another critical factor fueling the growth of the cosmetics market. Beauty ideals are becoming increasingly diverse and inclusive, reflecting a broad spectrum of ethnicities, cultures, and identities. This shift is largely driven by globalization and the widespread influence of media and popular culture. As beauty standards evolve, there is a greater acceptance and celebration of different skin tones, body types, and aesthetic preferences. This inclusivity has led to the demand for a wider variety of cosmetic products tailored to meet diverse needs. Additionally, the emphasis on natural and authentic beauty has led to a surge in demand for products that enhance rather than alter one's appearance. Moreover, consumers are seeking cosmetics that highlight their unique features and promote a healthy, natural look. This trend is also evident in the growing popularity of clean and sustainable beauty products, which align with the values of environmentally conscious consumers.
Influence of Social Media:
Social media has revolutionized the cosmetics industry by creating new avenues for marketing, consumer engagement, and trendsetting. Social media platforms have become powerful tools for brands to reach and interact with a global audience. Additionally, influencers and beauty bloggers are playing a pivotal role in shaping consumer preferences and driving demand for cosmetic products. Through tutorials, reviews, and endorsements, they provide authentic and relatable content that resonates with their followers. Moreover, social media platforms allow brands to engage directly with their customers, gather feedback, and create a sense of community. This direct interaction fosters brand loyalty and provides valuable insights into consumer preferences and trends.
Speak to An Analyst: https://www.imarcgroup.com/request?type=report&id=4418&flag=C
Cosmetics Market Report Segmentation:
By Product Type:
Skin and sun care products hold the majority of the market share due to the increasing awareness of skincare routines and the rising concerns about skin protection from harmful ultraviolet (UV) rays.
By Category:
Conventional accounted for the largest market share due to their widespread availability, lower cost, and the extensive range of options they offer compared to natural or organic alternatives.
By Gender:
Women represented the largest segment as they traditionally invest more in beauty and personal care products, driven by societal norms and a greater emphasis on appearance and skincare.
By Distribution Channel:
Supermarkets and hypermarkets hold the majority of the market share because they provide a convenient shopping experience with a wide variety of products available in one place, often at competitive prices, attracting a large consumer base.
Regional Insights:
North America's dominance in the market is attributed to its high disposable income, advanced beauty industry infrastructure, and strong consumer interest in new and innovative cosmetic products.
Global Cosmetics Market Trends:
Continuous innovation in product formulations, including organic, vegan, and cruelty-free cosmetics, which attracts a broader consumer base, is fueling the market growth. Additionally, the significant growth of online retail channels, making it easier for consumers to access a wide variety of cosmetic products, is strengthening the market growth. Besides this, the growing acceptance and popularity of male grooming products, which expand the overall cosmetics sector, is contributing to the market growth. Furthermore, the rising geriatric population, driving demand for anti-aging products and treatments aimed at maintaining a youthful appearance, is stimulating the market growth.
Top Companies Operated in Cosmetics Industry:
Key Highlights of the Report:
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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