The dramatic increase in product awareness and the impact of cosmetic products through social media is expected to further market growth during forecasting.
The global Cosmetic Raw Materials market is projected to reach USD 33000 million by 2028, growing at a CAGR of 3.7 %
Covid-19 Impact & Market Status
The COVID-19 pandemic has decidedly influenced market development. Due to disruptions in the supply chain, production, and governmental prohibitions on the opening of food outlets globally, the COVID-19 epidemic has had a severe impact on the global cosmetics sector. Additionally, during the COVID-19 violence, prominent market companies saw a reduction in sales revenue for cosmetic products, which also had an effect on the industry. For instance, L'Oréal S.A. claimed that the COVID-19 epidemic's difficult circumstances caused total sales to decline by almost 7.0 percent in the 2020 fiscal year. The cosmetics market is anticipated to rebound and have high growth in the future as a result of global production, marketing, trade, and recreation.
The sunscreen segment ruled the market in 2021 and represented over 57.0% portion of the worldwide income
The market for cosmetics is dominated by skin and sun care products as a category in 2021, while the share of deodorants and perfumes is anticipated to increase at a significantly higher CAGR during the forecast period. Products for skin care are important components of peoples' everyday health regimens. At present, the increase in beauty awareness and awareness are the main factors driving the need for skin care products. Category, gender, distribution method, and geographic region are used to segment the cosmetics market. The market is segmented into cosmetics and colour cosmetics as well as skin and sunscreen goods, hair care items, deodorants, and perfumes. Women, men, and unisex are categories of gender. It is classified into hypermarkets/supermarkets, internet sales channels, specialty shops, pharmacies, and more depending on the distribution method. The market is researched with a local perspective in North America, Asia-Pacific, Europe, and LAMEA.
In 2021, North America dominated the market and generated over 45% revenue.
In 2021, Asia Pacific held the largest market share on the worldwide cosmetics market, contributing over 45% of total sales. Major factors that enhance market growth include increased consumer spending on beauty and personal care products as well as the growing trend of leading cosmetic products among celebrities in the region. Also supporting industrial expansion is the notable rise in per capita income in developing nations like China, India, and others. Additionally, the large expansion of the personal care sector in developing nations offers great prospects for market expansion throughout projection.
Europe projects high CAGR growth of 4.5 percent between 2022 and 2028. Strong sales of cosmetic products by numerous brands, including Coty Inc., L'Oréal S.A., Estée Lauder Companies Inc., and Revlon, Inc., as well as the introduction of a new product by other brands, like Procter & Gamble, Combe Inc., and Henkel AG & Co. KGaA, are the main drivers of the market. Another element boosting the industry in the region is the existence of a reputable offline chain of cosmetic items in Europe.
The cosmetics market is always evolving and changing. Players frequently develop new techniques to stay up to date in the market. To increase public knowledge of the cosmetics sector, key firms are concentrating on expanding their expenditure in social media advertising. September 2021, Coty Inc. announced a partnership agreement with Perfect Corp. integration of AI and AR action suits into digital marketing tools for its cosmetic products.
The size of the global market for cosmetic raw materials was estimated at USD 245.09 billion in 2022 and is anticipated to grow at a CAGR of 5.1 percent through 2029. Manufacturers are changing their products and marketing strategies to speed up sales in various countries. Manufacturing businesses have adapted new strategies to boost sales of their cosmetic items, such as the launch of a new product with natural ingredients and appealing packaging. As cosmetics become an integral part of every individual's life, consumers, especially women, choose to use cosmetic products that are practical and easy to use while traveling or attending public meetings. Additionally, one common tactic used by manufacturers to draw in more customers is the inclusion of natural substances in cosmetic goods that don't harm the skin. This increases the revenue of businesses engaged in the field.
Collectively, all the techniques adopted by the manufacturers run the global cosmetics market. However, the chemicals present in cosmetic goods have the potential to harm a person's skin or other body organs. Additionally, regular use of cosmetics may be damaging to the skin. Cosmetic products' chemical compounds can have a variety of negative skin-related adverse effects. Serious hair loss issues result from prolonged and excessive use of chemical-rich shampoos, conditioners, and serums. In addition, overuse of eye and lip color products can also cause many skin diseases and the resulting health risks. Therefore, a significant factor restricting the overall market's growth is customers' growing awareness of the potential side effects of cosmetics and skin issues.
The major players of the global Cosmetic Raw Materials market are L’Oréal S.A., Unilever , Procter & Gamble Co., The Estée Lauder Companies Inc. , Beiersdorf AG, Shiseido Co., Ltd. Coty Inc. , Natura & Co., Kao Corporation, Johnson & Johnson Services, Inc.
Cosmetic Raw Materials Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 245.09 billion|
|Growth Rate||CAGR of 5.1 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||L’Oréal S.A., Unilever , Procter & Gamble Co., The Estée Lauder Companies Inc. , Beiersdorf AG, Shiseido Co., Ltd. Coty Inc. , Natura & Co., Kao Corporation, Johnson & Johnson Services, Inc.|
Key Segments of the Global Cosmetic Raw Materials Market
Type Overview, 2022-2029 (USD million)
Application Overview, 2022-2029 (USD million)
Regional Overview, 2022-2029 (USD million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa