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Report Attribute Key Statistics Base Year Forecast Years Historical YearsThe 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. The growing emphasis on personal grooming, the introduction of advanced product variants, the escalating demand for vegan cosmetics, and the rising product availability on e-commerce platforms are some of the major factors propelling the market.
The growing emphasis on personal grooming
The increasing number of working women and rising consciousness regarding physical appearance among millennial women are the key factors driving the cosmetics market outlook. According to financial comparison service provider Mozo, the average Australian woman spends approximately US$ 3,600 on beauty and personal care products annually. In addition to this, the rising awareness about the harmful effects of chemical compounds such as paraben and aluminum in the products is stimulating the growth of natural and organic facial cosmetic products on the market. Many international brands, like Revlon, Elle18 MAC, Sephora, L'Oreal, and Oriflame, are increasing their presence further by introducing more products in the market, particularly with convenient and attractive packaging types and vegan ingredients, to attract customers across the globe. As personal grooming becomes more important, the demand for cosmetic products across various categories is escalating. Consumers are increasingly seeking products with minimal synthetic chemicals, opting for natural and organic formulations, and various key market players are extensively investing to cater to this demand. For instance, in April 2022, Shiseido revealed a new skincare brand, Ulé. It sources pesticide-free botanicals from local vertical farms. Additionally, consumers are seeking eco-friendly, sustainable, and natural products that offer greater ingredient transparency. This, in turn, is stimulating the cosmetics market demand in hair care..
The Introduction of Advanced Product Variants
Advanced product variants are designed to target specific skincare concerns, haircare issues, or makeup preferences. Brands are creating formulations that address concerns such as aging, acne, hyperpigmentation, dryness, and sensitivity. For instance, L’Oréal Paris recently launched its Glycolic Bright Day Cream with SPF 17, which aims to reduce dark spots and shield skin from harmful UV rays to unveil bright skin. Moreover, various brands are providing choices in shades, finishes, coverage levels, and even allowing consumers to mix and match products to suit their preferences. For instance, in April 2023, personal care and beauty brand The Body Shop launched its 'activist' product range in the Indian market. The new line strengthens the brand's sustainable commitment in the country with a selection of skin products and color cosmetics. Additionally, the ongoing development of personalized cosmetics to enhance the consumer experience is also propelling the market growth. For instance, the L’Oréal Groupe launched Perso, a 6.5-inch beauty tech device that delivers personalized on-the-spot skincare and cosmetic formulas. It harnesses the power of artificial intelligence and optimizes the level of personalization over time as the system gathers more data about customer’s skin and personal preferences.
The Rising Product Availability on E-Commerce Platforms
E-commerce platforms have eliminated geographical barriers, enabling consumers to access a wide range of cosmetic products regardless of their location. According to the cosmetics market statistics, Rare Beauty by Selena Gomez was launched in June 2023 at Sephora India and is now available nationwide across all 26 Sephora stores and online at Sephora.nnnow.com. Consumers now have access to brands and products that were previously not readily available in their local stores. This has expanded the reach of cosmetic brands, allowing them to connect with a broader consumer base and penetrate new markets. For instance, Nykaa, India’s leading beauty and fashion destination, opened doors to the high-performing range of Natasha Moor Cosmetics. In addition to this, these platforms provide detailed product information, including ingredient lists, usage instructions, and customer reviews, which is anticipated to propel the overall cosmetics market revenue in the coming years.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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IMARC Group provides an analysis of the key trends in each segment of the global cosmetics market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on product type, category, gender and distribution channel.
Breakup by Product Type:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Skin and sun care products represent the leading segment
The report has provided a detailed breakup and analysis of the market based on the product type. This includes skin and sun care products, hair care products, deodorants and fragrances, makeup and color cosmetics, and others. According to the report, skin and sun care products represented the largest segment.
Consumers are becoming more aware of the importance of proper skincare routines, including protection from the harmful effects of the sun. Moreover, various leading brands are increasingly investing in research to develop and introduce advanced sun skin care protection products. According to the cosmetics market overview, Clarins‘a France-based beauty brand, launched the UV Plus Multi-Protection Moisturizing Screen SPF 50 that protects against five pollutants encountered in everyday life (atmospheric, blue light, pollen, photopollution, and indoor pollution). Similarly, Derma Co, a pioneer in dermatologist-backed skincare solutions, introduced its latest breakthrough – the Ultra-Light Zinc Mineral Sunscreen, in India. Besides this, the growing popularity of destination travel, and beach vacations is significantly contributing to the cosmetics market demand in skin care.
Breakup by Category:
Conventional products hold the largest share in the market
A detailed breakup and analysis of the market based on the category has also been provided in the report. This includes conventional and organic. According to the report, conventional products accounted for the largest cosmetic market share.
Conventional cosmetic products have been in the market for a longer period and have a well-established consumer base. These products have been used by consumers for years and have built trust and familiarity among a large portion of the population. Many consumers prefer to stick to familiar products that they have been using and trust for their beauty routines. Moreover, these products are widely available and easily accessible.
Breakup by Gender:
Women dominates the market
A detailed breakup and analysis of the market based on the gender has also been provided in the report. This includes men, women, and unisex. According to the report, women accounted for the largest market share.
The cosmetics market share offers a vast array of products specifically targeted towards women, ranging from skincare and makeup to haircare and fragrances. Moreover, the rising working-women population across the globe is significantly contributing to the growth in this segment. Among men and women, the women segment contributed to a larger market share of over 62.05% in 2022. Additionally, media, including advertising, plays a crucial role in shaping consumer behavior and preferences. Various leading brands are also targeting women in light to deep skin tones to promote inclusivity and expand their product portfolio. For instance, Lakme Cosmetics launched new lipstick shades suitable for Indian skin tones. The products include Lakme Absolute Matte Revolution Lip Color in blushing red, cheek color-nude, and MP18 Plum Pick. Women are often the primary target audience for cosmetic advertisements, featuring models and celebrities endorsing various products.
Breakup by Distribution Channel:
Cosmetic products are widely distributed through supermarkets and hypermarkets
A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes supermarkets and hypermarkets, specialty stores, pharmacies, online stores, and others. According to the report, supermarkets and hypermarkets accounted for the largest market share.
Supermarkets and hypermarkets offer consumers the convenience of finding a wide range of products in one location. A number of British supermarkets have been elevating their beauty offer in recent years, helping to transform them into more credible beauty retail destinations for consumers. For instance, Sainsbury has introduced a number of activations to improve its beauty offer in recent years, including the launch of new serum bars across 106 stores this summer. Moreover, supermarkets and hypermarkets are also offering competitive pricing for cosmetic products due to their ability to negotiate bulk purchasing and pass on cost savings to consumers.
Breakup by Region:
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North America exhibits a clear dominance in the market
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for cosmetics products.
North America, comprising the United States and Canada, is home to a sizable consumer population. The region has a high level of disposable income, which contributes to increased consumer spending on cosmetic products. The beauty & personal care market in North America is projected to generate a revenue of US$ 118.50 Billion in 2024. When compared globally, the United States stands out as the highest revenue-generating country. Moreover, various leading beauty brands are increasingly investing in marketing and advertising to create product awareness across the region. For instance, in 2022 L'Oreal invested US$ 3.04 Billion in advertising in the United States. The large consumer base provides a substantial market opportunity for cosmetic brands, making North America an attractive region for market penetration and growth.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
The global cosmetics market was valued at US$ 400.6 Billion in 2023.
2. What is the expected growth rate of the global cosmetics market during 2024-2032?We expect the global cosmetics market to exhibit a CAGR of 4.8% during 2024-2032.
3. What are the key factors driving the global cosmetics market?The rising beauty consciousness among consumers, and the growing popularity of organic and naturally sourced product variants are primary cosmetics market opportunities for the market players.
4. What has been the impact of COVID-19 on the global cosmetics market?The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of cosmetics.
5. What is the breakup of the global cosmetics market based on the product type?Based on the product type, the global cosmetics market can be categorized into skin and sun care products, hair care products, deodorants and fragrances, makeup and color cosmetics, and others. According to the cosmetics market statistics, skin and sun care products currently hold the majority of the total market share.
6. What is the breakup of the global cosmetics market based on the category?Based on the category, the global cosmetics market has been divided into conventional and organic. Conventional currently accounts for the largest market share.
7. What is the breakup of the global cosmetics market based on the gender?Based on the gender, the global cosmetics market has been divided into men, women, and unisex. Currently, women exhibit a clear dominance in the market.
8. What is the breakup of the global cosmetics market based on the distribution channel?Based on the distribution channel, the global cosmetics market is bifurcated into supermarkets and hypermarkets, specialty stores, pharmacies, online stores, and others. Among these, supermarkets and hypermarkets currently account for the largest market share.
9. What are the key regions in the global cosmetics market?Based on the region the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
10. Who are the key players/companies in the global cosmetics market?Some of the major players in the global cosmetics market include Amway Corp, Avon Products Inc., Beiersdorf AG, Henkel AG & Co. KGaA, Kao Corporation, L'Oréal S.A., Oriflame Cosmetics AG, Procter & Gamble Company, Revlon Inc. (MacAndrews & Forbes Incorporated), Shiseido Company Limited, Skinfood Co. Ltd., The Estée Lauder Companies Inc., and Unilever plc.
