Cosmetics are products that are used to enhance the aesthetics and visual appearance of the body. The emphasis on the use of skin-friendly products has come as a welcome opportunity to stand out in the fragmented cosmetics market. The massive global demand for cosmetics has shaped up the structure of the market. The presence of several large scale companies and the subsequently rising investments in the R&D of skin-friendly cosmetics will bode well for the market in the coming years.
Moreover, variations in product offerings have played a huge role in the growth of the cosmetics industry in recent years. The adoption of a healthy and visually appealing lifestyle will lead to wider adoption of cosmetics and subsequently aid the growth of the market.
The global cosmetics market size is projected to reach USD 438.38 billion by the end of 2026. The increasing demand for clean-labeled products will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Cosmetics Market Size, Share & Industry Analysis, By Category (Hair Care, Skin Care, Makeup, and Others), By Gender (Men and Women), By Distribution Channel (Specialty Stores, Hypermarkets/Supermarkets, Online Channels, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 297.61 billion in 2018 and will exhibit a CAGR of 5.1% during the forecast period.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Increasing Number of Company Mergers and Acquisitions Will Aid Growth
The report includes several factors that have made an impact on the growth of the market in recent years. It highlights a few of the major industry developments of recent times and further discusses how these developments have influenced market growth. Among all factors, the increasing number of company mergers and acquisitions has made a huge impact. In September 2017, Unilever announced that it plans to acquire Carver Korea. The company possesses an attractive range of skincare products and is based in South Korea. Unilever’s acquisition of Carver will bode well for the global market in the foreseeable future.
List of best companies that are currently operating in the cosmetics market include;
- L’Oréal Professional
- Procter & Gamble
- Estée Lauder Inc.
- Beiersdorf AG
- Shiseido Co., Ltd.
- Coty Inc.
- Natura & Co.
- Kao Corporation
- Johnson & Johnson Services, Inc.
North America Currently Fast-Growing Market; Increasing Investment in Product R&D Will Aid Growth
The report analyzes the ongoing cosmetics market trends across North America, South America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, North America will witness the highest growth in the coming years. The massive investments by large scale companies towards the development of organic products will aid the growth of the regional market. As of 2018, the market in North America was worth USD 82.59 billion and this value is projected to increase further in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years, owing to the high population and the subsequently high demand for cosmetics and cosmetic products in several countries across this region.
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Key Industry Development:
February 2020: Romer LLC announced the launch of a new skincare brand. The company plans to offer clean and eco-friendly products in the U.S.
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