The cosmetology market refers to products that are used to enhance the appearance or odor of the human body. It includes makeup, hair care, fragrances, deodorants, skin care, and other personal care products. Cosmetics are predominantly used by consumers to boost their confidence level by camouflaging skin blemishes and perceived imperfections. Thus, cosmetic products play a pivotal role in boosting self-esteem and self-image. Furthermore, the rising influence of social media on beauty trends has propelled the demand for innovative and high-performance cosmetics.
The global cosmetology market is estimated to be valued at US$ 136.66 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in The Cosmetology Market are 3M,,Aditya Birla Management Corp. Pvt. Ltd.,,Atul Ltd.,,BASF SE,,Solvay,,Huntsman International LLC,,Kukdo Chemical Co., Ltd.,,Olin Corporation,,Sika AG,,Nan Ya Plastics Corp.,,Jiangsu Sanmu Group Co., Ltd.,,Jubail Chemical Industries LLC,,China Petrochemical & Chemical Corporation (SINOPEC),,Hexion,,Kolon Industries, Inc.,,Techstorm,,Nagase & Co., Ltd. These players focus on strategies such as expansions, mergers & acquisitions, partnerships, and new product developments to gain a competitive advantage in the market.
The growing awareness regarding personal grooming among consumers globally presents significant growth opportunities for market players. Also, innovations in manufacturing procedures to develop advanced cosmetic formulations catering to diverse skin and hair types will augment the market expansion. Further, the rising focus on digital and influencer marketing by key companies to promote new product launches is expected to strengthen their global footprint.
Market drivers and restrain
The increasing online retailing of personal care products through e-commerce platforms in developing economies will continue driving the market over the forecast period. The proliferation of social media and virtual influencer marketing has made consumers more aware of innovative beauty trends. This substantial rising influence of digital content creators and bloggers has propelled the demand for specialty cosmetics.
However, rising issues pertaining to product safety are a major concern for consumers due to toxic chemicals present in certain cosmetic formulations such as parabens and phthalates. Growing scrutiny by regulatory bodies on chemical ingredients used in personal care items could undermine product innovation. Also, high research and development costs associated with the development of advanced organic cosmetic products might negatively impact small manufacturers.
Segment Analysis
The cosmetology market is dominated by the skin care sub segment which holds around 30% share of the total market. Skin care products include anti-aging creams, sun protection creams, moisturizers, face masks, cleansers etc. which see huge demand globally. People are more conscious about their skin nowadays and want products that not only protect the skin from external damage but also reverse signs of aging. The wide availability of these products through multiple distribution channels and online portals along with rising disposable incomes have driven growth of the skin care sub segment over the years.
The hair care segment is another major sub segment in this market holding around 25% share. Products under hair care include shampoos, conditioners, serums, oils etc. Changing lifestyles and rapid urbanization have led to issues like hair fall and dandruff becoming more common. Thus there is increasing demand for medicated and therapeutic hair care products promising solutions to these problems. Rising fashion consciousness and experimentation with hair styles have further propelled sales of hair styling products like gels and sprays.
Global Analysis
On the regional front, North America dominates the global cosmetology market with over 30% share due to increasing spending capability and high awareness level regarding personal care and cosmetic products in countries like US and Canada. Europe holds the second largest share on back of widespread cosmetic culture and lucrative spending by consumers in key markets of Germany, UK, France etc. Asia Pacific is identified as the fastest growing region during the forecast period supported by large untapped growth opportunities in emerging countries like India, Indonesia and Vietnam where demand for cosmetic products is rising sharply along with improving living standards. Latin America and Middle East & Africa also offer promising growth prospects for cosmetic players driven by growing fashion cosmetic industry and expanding rural consumer base in these regions.
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