The market for cosmetics and beauty products is flourishing. Is it the introduction of new non-toxic products, the increase in brands including people of colour, or the creativity that Gen Z may exhibit through the use of cosmetics? We’ll state that it has all of that and more. Since forever, the size of the beauty and cosmetics market has been continually increasing. But what propels this expansion in the world market? What does it look like now, and how will it change tomorrow? In this article, we’ll examine some of the major trends in the global cosmetics business, including how different generations are shopping for cosmetics and how the demand for healthy cosmetics is growing.
Cosmetics: The segment for cosmetics comprises natural cosmetics used for decoration as well as face, lip, eye, and nail products. Consider cosmetics like lipstick and mascara as well as nail polish. The global market for cosmetics will generate $100.50 billion in revenue in 2022. Through 2022-2026, the market is projected to expand at a rate of 6.85% annually (CAGR 2022-2026). In the United States, where it will total US$18 billion in 2022, revenue is produced to a greater extent. By that year, non-luxury goods will represent 72% of total sales.
Skincare Cosmetics made for skin care and protection are included in the category of skincare. From head to toe, there are creams and lotions for the face and body. A common skincare product is sunscreen. Everything in this section is often used to care for the skin, not to adorn it. Additionally, skin care items with a health focus, such as creams for acne treatment, do not fit into this category. In 2022, skin care sales will reach US$153.30 billion. The market is expected to expand by 5.19 percent annually (CAGR 2022-2026). In terms of revenue, the United States leads the world ($20,010.00m in 2022). By 2022, non-luxury products will make up 73% of skincare sales.
Trends in the Beauty Industry
The beauty business is especially anti-cyclical, and the lipstick effect, a well-known economic phenomena, is a result of this. According to this phenomena, which is only partially supported, people will still buy expensive goods during a recession but will prioritise cheaper items like lipstick. Even though this idea has drawn criticism from a number of sources, most notably The Economist, several studies have discovered a statistically significant association when it comes to the broader category of beauty. But in recent years, the beauty sector has experienced explosive growth, which many attribute to a broader generational trend of paying attention to physical welfare (which we covered in our recent article about the growing plant-based market and Beyond Meat). Millennials are frequently cited as the primary forces behind the beauty industry’s explosive expansion. Numerous articles on this topic have been written, citing everything from the ageing of the millennial generation to a focus on “self-care” as a coping mechanism for a challenging political and economic environment.
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Global Cosmetics and Beauty Market: Major Players
Johnson & Johnson
Global Cosmetics and Beauty Market: Types
Skin and Sun Care Products
Hair Care Products
Makeup and Color Cosmetics
Global Cosmetics and Beauty Market: Applications
Global Cosmetics and Beauty Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Cosmetics and Beauty market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
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