Cosmetics Market Forecast 2023-2028: Steady Growth Driven by Rising Incomes and Consumer Focus on Natural Ingredients
Expected to reach $442.43B by 2028, the global cosmetics market is growing, fueled by rising disposable incomes, grooming focus, and product innovation. Challenges include regulatory scrutiny while trends lean towards natural ingredients and technological adoption. Dominant players include L’Oreal, Estee Lauder, and Procter & Gamble.
Sheridan, Wyoming, United States, 9th Jun 2023, King NewsWire – The global cosmetics market has been growing steadily over the past few years, driven by an increasing consumer focus on personal grooming, rising disposable incomes, and the emergence of innovative products. According to a report by Expert Market Research, the cosmetic market is expected to reach a size of USD 442.43 billion by 2028, growing at a CAGR of 5.2% during the forecast period from 2023 to 2028.
Market Segmentation:
The cosmetics market is broadly segmented into product type, distribution channel, and region. By product type, the market is classified into skincare, haircare, makeup, fragrances, and others. Among these, the skincare segment is expected to dominate the market in terms of revenue, owing to the increasing demand for anti-aging and UV protection products. By distribution channel, the market is divided into online and offline channels. The offline segment is expected to account for the largest share of the market, driven by the presence of a large number of retail stores and supermarkets.
Get a Free Sample Report with Table of Contents –https://www.expertmarketresearch.com/reports/cosmetics-market/requestsample
Market Drivers:
The cosmetics market is driven by a number of factors, including increasing consumer focus on personal grooming and appearance, rising disposable incomes, and the emergence of innovative products. In addition, the increasing adoption of e-commerce platforms and the growing popularity of social media are also driving the growth of the market. The rise of social media influencers has also had a significant impact on the market, with many consumers looking to these influencers for advice on product selection and usage.
Market Restraints:
Despite the positive growth drivers, the cosmetics market also faces a number of challenges. One of the major challenges is the increasing regulatory scrutiny of cosmetic products, particularly in Europe and the United States. Regulations such as the EU Cosmetics Regulation and the US Food, Drug, and Cosmetic Act impose strict requirements on the use of certain ingredients in cosmetics, which can increase the cost and time required to develop and launch new products.
Read Full Report with Table of Contents –https://www.expertmarketresearch.com/reports/cosmetics-market
Market Trends:
One of the key trends in the cosmetics market is the growing focus on natural and organic ingredients. Consumers are increasingly looking for products that are free from harmful chemicals and are made from natural ingredients. This trend has led to the emergence of a number of natural and organic cosmetic brands, which are gaining popularity among consumers.
Another trend in the market is the increasing use of technology in the development and marketing of cosmetic products. The use of technologies such as augmented reality and artificial intelligence is allowing consumers to try on and visualize cosmetic products before making a purchase, which can enhance the overall shopping experience.
Regional Analysis:
The cosmetics market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World. Among these, the Asia Pacific region is expected to account for the largest share of the market, driven by the increasing disposable incomes and changing consumer preferences in countries such as China and India. North America is expected to be the second-largest market, owing to the high level of consumer awareness and the presence of a large number of cosmetic brands in the region.
Competitive Landscape:
The cosmetics market is highly competitive, with a large number of established players and new entrants vying for market share. Some of the key players in the market include L’Oreal SA, Estee Lauder Companies Inc., Procter & Gamble Co., Unilever PLC, Shiseido Co. Ltd., Revlon Inc., Coty Inc., Avon Products Inc., and Johnson & Johnson.
FAQ’s
Q: What is the projected size of the global cosmetics market by 2028?
A: The global cosmetics market is expected to reach USD 442.43 billion by 2028.
Q: What are the main factors driving the growth of the cosmetics market?
A: The growth of the cosmetics market is driven by increasing consumer focus on personal grooming, rising disposable incomes, and the emergence of innovative products.
Q: Which product type is expected to dominate the cosmetics market in terms of revenue?
A: The skincare segment is expected to dominate the cosmetics market in terms of revenue, primarily due to the increasing demand for anti-aging and UV protection products.
Q: What are the key distribution channels for cosmetic products?
A: Cosmetic products are distributed through online and offline channels, with the offline segment accounting for the largest market share due to the presence of retail stores and supermarkets.
Q: What are some challenges faced by the cosmetics market?
A: The cosmetics market faces challenges such as increasing regulatory scrutiny, particularly in Europe and the United States, which imposes strict requirements on ingredient usage, potentially increasing development costs and time.
Q: What are the major trends observed in the cosmetics market?
A: The major trends in the cosmetics market include the growing focus on natural and organic ingredients, as well as the increasing use of technology, such as augmented reality and artificial intelligence, in product development and marketing.
Q: Which region is expected to contribute the most to the cosmetics market growth?
A: The Asia Pacific region is projected to account for the largest share of the cosmetics market, driven by increasing disposable incomes and evolving consumer preferences in countries like China and India.
Q: Who are some of the key players in the cosmetics market?
A: Key players in the cosmetics market include L’Oreal SA, Estee Lauder Companies Inc., Procter & Gamble Co., Unilever PLC, Shiseido Co. Ltd., Revlon Inc., Coty Inc., Avon Products Inc., and Johnson & Johnson.
Q: What is the forecasted compound annual growth rate (CAGR) for the cosmetics market?
A: The cosmetics market is expected to grow at a CAGR of 5.2% during the forecast period from 2023 to 2028.
Q: How is consumer behavior influenced in the cosmetics market?
A: Consumer behavior in the cosmetics market is influenced by the rising popularity of social media, with consumers often seeking advice from social media influencers for product selection and usage recommendations.
Media Contact
Organization: Claight Corporation
Contact Person: Mathew Williams
Website: https://www.expertmarketresearch.com/
Email: sales@expertmarketresearch.com
Contact Number: 4153255166
Address: 30 North Gould Street, Sheridan, WY 82801, USA
City: Sheridan
State: Wyoming
Country: United States
Release Id: 0906233881
The post Cosmetics Market Forecast 2023-2028: Steady Growth Driven by Rising Incomes and Consumer Focus on Natural Ingredients appeared first on King Newswire.