1. Global Market Scale and Growth Trend
The global cosmetics market has shown remarkable resilience and growth potential in recent years. According to Statista, after a significant decline in 2020 due to the impact of the COVID – 19 pandemic, the market rebounded rapidly in 2021. By 2023, it reached a new all – time high of \(6256.8 billion, demonstrating its strong growth momentum. The market is expected to continue its upward trajectory. Statista predicts that the global cosmetics market revenue will reach \)6461.6 billion in 2024, and is projected to grow to \(7367.5 billion by 2028. Euromonitor anticipates that from 2023 to 2028, the global cosmetics market will expand at a compound annual growth rate (CAGR) of 2.8%, with an increase of \)844.2 billion during this period. Additionally, according to iiMedia Research, the compound annual growth rate of global cosmetics market revenue from 2018 to 2028 is expected to be 3.6%.
Figure 1: 2018 – 2028 Global Cosmetics Market Growth (Source: Statista Database)
2. Sub – market Analysis
2.1 Skincare Market
The skincare market holds the largest share within the cosmetics industry. As a fundamental part of daily care, it has a large consumer base and has consistently occupied a leading position in the cosmetics market. From 2011 to 2023, the proportion of skincare products in the global cosmetics market has always been above 30%. In 2023, this proportion further increased to 40%, with a market size of $1812.4 billion.
With the increasing pursuit of health and beauty by consumers, the rise of anti – aging, whitening, and sun protection concepts, as well as the enhanced awareness of male skincare, the global skincare market is expected to maintain growth.
2.2 Color Cosmetics Market
The color cosmetics market has been the fastest – growing segment in recent years. According to Statista, the global color cosmetics market has experienced three consecutive years of rapid growth. In 2021, 2022, and 2023, the growth rates were 11.57%, 15.26%, and 11.57% respectively. In 2023, its growth rate was 4 percentage points higher than that of the overall cosmetics market (7.53%), reaching a market size of \(1038.2 billion. Statista forecasts that the global color cosmetics market size will reach \)1084.1 billion in 2024 and $1288.9 billion by 2028, maintaining a rapid growth trend in the coming years.
2.3 Hair Care Market
The hair care market is also seeing new development opportunities. Currently, consumers’ demand for care is gradually shifting from facial care to full – body care, and their requirements for hair care products are becoming more professional, refined, and diversified. According to Fortune Business Insights, the global hair care market size was \(995.2 billion in 2023, is expected to reach \)1069.1 billion in 2024, and is projected to grow to $2134.7 billion by 2032, with a CAGR of 10.4% during the forecast period.
3. Regional Market Analysis
3.1 North America
The United States is the largest cosmetics market in the world. In 2023, the US cosmetics market size was \(978.1 billion, and it is expected to grow to \)1103 billion by 2028. According to Euromonitor, in 2023, the global cosmetics retail totaled \(5642.2 billion, among which the US accounted for 21% with a retail value of \)1168.3 billion, far exceeding other countries. In the US market, skincare and hair care products are the most – purchased categories, and in the color cosmetics category, facial makeup products, eye makeup products such as mascara, eyeliner, and eyeshadow, and lip products like lipsticks are also very popular among consumers.
3.2 Asia – Pacific
China is the second – largest cosmetics market globally. In 2023, the Chinese cosmetics market size reached \(671.8 billion according to Statista, and Euromonitor shows that the retail sales in China accounted for 14% of the global total, reaching \)772.4 billion. In the Chinese market, skincare products dominate, with creams and moisturizers being the most popular. The demand for color cosmetics is also growing significantly.
Japan, India, and Brazil are also important players in the global cosmetics market. In 2023, the market sizes of these three countries were \(459.6 billion, \)305.4 billion, and $245.6 billion respectively, and their future market prospects are promising.
4. Development Trends
4.1 Sustainable Beauty Concepts
With the global emphasis on green consumption, consumers in the cosmetics field are increasingly favoring products with green, sustainable, and environmentally friendly attributes. Concepts such as “clean beauty” (products that meet the four major standards of harmless and zero – added ingredients, no animal testing and no animal ingredients, no harm to the environment, and sustainable environmental protection) are emerging, driving the green transformation of the cosmetics industry. According to Brand Essence Market Research, the clean beauty market is expected to grow at a CAGR of 12% from 2020 to 2027. Statista predicts that the global natural cosmetics market size will increase from \(129.3 billion in 2023 to \)199.1 billion in 2028, with an increase of 54%.
4.2 Men’s Skincare and Cosmetics Market
Men are paying more attention to their appearance, and the trend of men using cosmetics and skincare products is gradually emerging, which has greatly promoted the development of the men’s cosmetics market. In 2023, the global men’s beauty market size was \(847 billion, with a year – on – year growth of 6%. It is expected to exceed \)100 billion and reach $1153 billion by 2028, showing broad development prospects.
4.3 Technological Innovation
Technological advancements are revolutionizing the cosmetics industry. AI technology enables personalized skincare solutions, providing consumers with more accurate skincare experiences. Biotechnology, especially the research on the microbiome, helps develop more efficient and sustainable skincare ingredients. The application of AR technology allows consumers to virtually try on makeup at home, enhancing the convenience and fun of shopping. Nanotechnology enables more precise delivery of active ingredients, improving product efficacy and safety.
In conclusion, the global cosmetics industry has broad prospects. With continuous growth in market size, continuous innovation in sub – markets, and the emergence of new trends, cosmetics companies need to keep up with the trend, focus on product innovation, quality improvement, and sustainable development to gain a competitive edge in the market.
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