The cosmetics market primarily includes products used to enhance one's appearance and beauty. Some of the key product categories comprise facial care products including skin whiteners, anti-aging creams, sun protection, and moisturizers. Other segments include hair care, color cosmetics, and fragrances. Cosmetic products offer benefits such as protecting skin from environmental damage, reducing signs of aging, and improving the complexion. Rising beauty consciousness and increasing disposable incomes have been driving the sales of premium cosmetic brands globally.

The global cosmetics market size was valued at US$ 289.2 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.3 % from 2023 to 2030.

Key Takeaways

Key players operating in the cosmetics market are L'Oreal S.A, Unilever plc., The Procter and Gamble Company, The Estee Lauder Companies Inc., Shiseido Company, Limited, LVMH Mo&et Hennessy, Kao Corporation., Oriflame Holding AG, Avon Products Inc., Revlon, Inc. Growing demand for organic and natural ingredients in cosmetic products is a key trend observed in the market.Consumer preference for natural, organic and sustainable products is driving brands to launch new organic lines.Technological advancements in skincare science have led to the development of innovative anti-aging products.

Market Trends

Growing demand for multi-benefit and customized Cosmetics Market Demand products: Consumers are preferring multifunctional cosmetic products that provide multiple benefits such as sun protection, anti-aging, hydration etc. This is prompting brands to develop customized products as per consumer needs.

Rising popularity of K-beauty and male grooming products: South Korean beauty trends focusing on natural/herbal ingredients and basic multi-step skin routines have gained widespread popularity. There is also an increased focus on products specifically tailored for the male demographic.

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