Ageing Population, Increasing Focus for Personal Grooming & Evolving Consumer Lifestyle Will Drive the Global Cosmetic Product Market over the Forecast Period
Published Date | 2019 March 9
The cosmetic products are generally mixtures of chemical compounds as some being synthetics and some being derived from natural sources used to enhance the appearance or odor of the human body. Growing economies, changing lifestyles, rising demands of personal care products due to varying climatic conditions encourages the growth of cosmetic market worldwide.
Shifting consumer preference towards natural and organic beauty products, especially in developed countries, fosters the growth of the cosmetics market. Moreover, the rising demand for natural, herbal and organic beauty products creates potential opportunities for key players to innovate and develop new products in accordance to consumer preferences.Continuous rise in GDP has improved the economies of developing countries and has raised the spending capabilities of individuals which in turn, are positively influencing the growth of global cosmetic product market.
Rising demands for herbal cosmetics is prompting the manufacturers to focus on developing new products with the usage of organic ingredients in cosmetic products. Furthermore, factors such as low consumption of chemical such as aluminum salts, phthalates, parabens and growing need to provide sustainable products has largely contributed in driving cosmetics market demand. The growth is primarily attributed to high R&D developments results to the introduction of advanced and innovative products with creative packaging. Manufacturers are focusing on producing multifunctional cosmetic products and sachets to further enhance their global presence over the forecast period.
Skin Care Cosmetic Product- Largest Shareholder Segment of Global Cosmetic Product Market
The skin care segment is dominating global cosmetic products market during the forecast period owing to its multiple variants such as makeup remover, depilatories, hand care, and facial care. This category is one of the most technically advanced, complex and diverse categories of cosmetic market. Skin products manufactured by the manufacturers have to undergo many dermatological tests before its introduction in the market. With the advancement in technology product manufacturers are using new technologies such as nanogold and nanosome technology or nano particles for manufacturing skin care products. Moreover, rising demands for herbal personal products is prompting the leading manufacturers to launch new herbal cosmetic products. For instance, In March 2015, Unilever acquired REN Skin care; the acquisition helps Unilever to increase its customer base for skin care segment.
E-Commerce Distribution Channel Is Expected To Grow Rapidly Over the Anticipated Period
Online Stores is expected to be the fastest growing channel in the global market over the forecast period owing to the upsurge of digitalization & several e-commerce websites. It has a huge role in the success of vendors as it directly impacts the demand & supply in the market & hence the revenue. With the rising penetration of internet & e-commerce across the globe, the presence of cosmetic companies has increased. The perks of e-commerce have not only benefitted the manufacturers but also the consumers in terms of pricing & availability of a vast range of products. Digitalization or social media helps vendors reach out to consumers and helps generate awareness related to the products and attract new potential customers, which further fuel the demand for the cosmetic product over the forecast period.
Recent Key Developments in the Global Cosmetic Products Market
- January 2018 - L’Oreal Paris unveiled a new hair care line to revive damaged hair, Elvive.
- September 2017 - Unilever acquired the Asian cosmetics firm Carver Korea.
- September 2017 - Procter & Gamble unveiled a USD 3 million quality control laboratory, Pines External Lab located in Berkeley Springs, launched in joint partnership with Morgan County and Blue Ridge Community & Technical College.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Global cosmetic Product Market size & forecast. The report promises to provide state-of-the-art technology of cosmetic Product production and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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