The Asia Pacific region has the biggest beauty industry market share, at 46%, followed by North America at 24%, and Western Europe at 18%. Avail of customized purchase options to meet your exact research needs. Nielsen notes that 92% of people trust recommendations made by friends or family more than any other advertising. However, the side effects of regular usage of cosmetic products due to the presence of harmful chemicals are projected to restrain the market growth during the forecast period. Coty Inc.; L'Oral S.A.; Este Lauder Companies Inc.; Revlon, Inc.; Avon Products Inc.; Unilever PLC; Shiseido Company, Limited. The Asia-Pacific cosmetic market was valued at USD 164 billion in 2020 is estimated to grow at a CAGR of 6% in the coming years. Tutorials, comparisons, and behind-the-scenes are simple, yet effective ways to build rapport with an audience. Moreover, cosmetics products have witnessed prominent adoption in the developing countries such as India, owing to swift change in consumer lifestyle, increase in disposable income, and surge in need for cosmetics products derived from natural extracts. Will consumers return to stores in the same numbers, or will they continue to buy online? Skin care products play a major role in daily healthcare regimen of individuals. Moreover, the growing trend toward trendy skincare, haircare, and fragrance products among men is further projected to enhance the market growth during the forecast period. Porters five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplierbuyer network. Like many other industries, the beauty industry was rocked by the COVID-19 pandemic. FELTON, Calif., March 24, 2022 /PRNewswire/ --The global luxury cosmetics market size is expected to reach USD 80.57 billion by 2028, according to a new report by Million Insights. b. Moreover, the men segment is forecast to expand with a significant CAGR of 5.7% during the forecast period. With an ever-increasing percentage of the buyers journey happening online, beauty brands must have a clear digital marketing plan. The rise in urbanization and surge in customers disposable income has facilitated the growth of cosmetics products. Rise in demand for various cosmetics products among customers makes way for manufacturers to come up with herbal or organic skin care products along with affordable prices and eco-friendly packaging. In the recent years, there has been a shift towards the organics and herbal products across the globe owing to the side effects from the use of the cosmetic products and this is expected to act as a major restraining factor that will hamper the growth of the cosmetics market. It includes lipsticks, nail polishes, hair colors, skin moisturizers, concealers, perfumes, shampoos and many others. Overall, the online channel for beauty in the U.S. grew by 5.6% in 2020, whereas the offline channel contracted by 1.2%, according to Statista. Additionally, growing product development and innovation by cosmetic manufacturers further create significant opportunities for the market in the future. Videos give people the opportunity to see a product in action, which is particularly important for cosmetics products. Please fill out the form below for a free PDF report sample & And even informational content towards the middle of the funnel helps brands to capture more non-branded queries and new prospective customers. In Europe, the demand for cosmetics products is very high as the consumers firmly believe that it is essential to maintain a healthy and hygienic life. So, where do some of the top beauty brands and retailers rank in terms of organic search market share? Furthermore, 17 of the top 22 performers are publishers, capturing 62.3% organic market share. Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. 2020 was a rollercoaster year for the beauty industry. As a result, many ecommerce and direct-to-consumer (DTC) brands saw an increase in sales due to the pandemic because millions of people had to shop almost exclusively online. | Source: The skin care segment, of the cosmetic market holds the largest market share and generates huge revenues. A. There are ample opportunities to seize greater market share. When done effectively, it enables brands to own both the top sponsored and organic spots in search results, which translates into a significant amount of site traffic. Complimentary 10 hours free analyst time for market review, 3. Beauty brands are increasingly learning how to use social media channels for actual sales. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Hypermarkets/supermarkets are gaining popularity, owing to availability of a broad range of consumer goods under a single roof, ample parking space, and convenient operation timings. Published Date: Feb 2021 | | Pages: Pages: 338, SIngle User License, Five User License & Enterprise User License. No purchase commitment. Moreover, the growing partnership between major e-commerce companies and cosmetic product manufacturers in emerging economies is further projected to provide ample opportunities to the market in the near future. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Luxury Cosmetics Market Size, Share & Trends Analysis Report by Nature (Organic, Conventional), By Product Type (Skincare, Haircare, Makeup, Fragrances), By Distribution Channel, By Region, And Segment Forecasts, 2021 - 2028. Start reading instantly.This Report and over 13,000+ more Reports, Available with Avenue Library. The high expenditure of women on cosmetics and beauty products as compared to men further supports the largest market share. Definitive Guide for Executives, 10 Content Marketing Strategies for Beauty Brands + Examples, 9 Powerful Ecommerce Content Marketing Strategies for 2022, 10 Best Content Marketing Examples to Inspire You in 2022, 10 Remarkable Benefits of Content Marketing. Therefore, a significant portion of the women population uses different cosmetics products, such as natural ingredients-based hair makeup and skin products, across the globe that further contributing to the highest share of the segment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. the global market value of natural cosmetics is projected to hit $50.5B by 2027. The top companies in the cosmetics market are Avon Products Inc., Kao Corporation, LOreal S.A., Oriflame Cosmetics S.A., Revlon, Inc., Shiseido Company Limited, Skin Food Co., Ltd., The Estee Lauder Companies Inc., and The Procter & Gamble Company and Unilever Plc. online dashboard trial. Key factors that are driving the cosmetics market growth include the extensive growth in the acceptance of skincare and personal care products coupled with the rise in the aging population across the globe. As the above section demonstrated, SEO is incredibly important for beauty brands. And this isnt just the case for informational keywords. The rapid growth in consumers disposable income. Additionally, the growing trend towards organic cosmetics products across the globe is further projected to provide substantial opportunity to the market in the near future. The significant affection of customers towards offline retail stores for cosmetics products acts as the key aspect that contributed to the major share of the segment. The major challenge among the players would be to rebuildthe trust among the customers regarding the safety of their cosmetic products in the long run by eradicating the side effects that may be caused by the extensive use of the cosmetic products. The industry has recently observed an emerging trend of men using cosmetic products in their daily lives. Cosmetics products have become a routine part of humans to enhance and cleanse their skin. Crucial factors accountable for market growth are: Europe leads the cosmetics market in 2021 and is projected to grow at a CAGR of 2.8% in the upcoming years. 2022 Terakeet LLC. All Rights Reserved. The major factor that propels the market growth includes the increasing e-commerce industry in emerging economies. But, make sure you include plenty of visuals, whether in the form of graphics, photos, or videos. Among these, the women segment contributed to a larger market share of over 60% in 2021. What are the factors driving the cosmetics market. The definition is rather broad, and means the publication and distribution of content across all platforms. Long-term and extensive use of chemical rich shampoos, serums, and conditioners lead to heavy hair fall problems. Few forms of brand marketing are more effective than Word of Mouth (WOM). Some options include: Building vibrant online communities is an effective way for brands to foster loyalty and increase engagement among customers. When we zoom in on the skincare market (which includes lotions, moisturizers, anti-aging, and cleansers), the top four performers are publishers rather than skincare brands. Key players are focusing on increasing investments in advertisements through social sites to increase awareness regarding cosmetics in the market. Sephora is a good example, with its thriving Beauty Insider Community. It is expected to expand at a CAGR of 3.7% from 2021 to 2028. The hair care segment is forecast to expand with a significant CAGR of 6.2% from 2022 to 2028 in terms of revenue. This is attributable to growing consumer spending on beauty & personal care products and the increasing trend of premium cosmetics brands among celebrities in the region. For instance, creating and promoting engaging content across multiple channels helps beauty companies increase brand awareness and create authentic relationships within their audience. The report will account for Covid19 as a key market contributor. As a result, youll create the sort of lasting relationship that often ultimately leads to a purchase. Rapid innovation of the cosmetics products by the multinational companies. And even among more product-focused searches, informational websites like Allure, Good Housekeeping, and Byrdie performed well. For better delivery of our new release, Please help us undestand your interest Industry and Frequency that you prefer to get the new releases. However, the global cosmetics market is projected to recover in the future and witness strong growth due to resumed activities, sales, trade, and manufacturing across the globe. In the first half of 2015, the country recorded USD 31 billion by foreign industries. By geography, Asia Pacific and North America dominate, accounting for more than 70% of the total market size combined. Allure and Byrdie rank first and second, and their websites attract between 60 and 80 million organic search visitors overall each year. Moreover, increase in urbanization, rise in working class population, and competitive pricing boosts popularity of hypermarkets in developed and the developing region. This will help in building the supply chain base for the production and distribution of prestige skincare products.