Cosmetics Market Size to Reach $445.98 Billion By 2030

May 2024 | Report Format: Electronic (PDF)

Cosmetics Market Growth & Trends

The global cosmetics market size is expected to reach USD 445.98 billion by 2030, registering a CAGR of 6.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The skin is regularly exposed to a range of contaminants such as germs, bacteria, viruses, dirt, harsh chemicals, and sunlight. Therefore, maintaining proper skincare is crucial for overall health. A notable driver in the skincare product market is the increasing number of consumers who are dedicating more attention to their skincare routines.

Additionally, there is a willingness among consumers to upgrade from mass-produced skincare items. A report released by the Direct China Chamber of Commerce in March 2019 highlighted that premium skincare and beauty products are perceived to offer higher quality and effectiveness, leading to a surge in demand.

Increasing levels of stress and a heightened focus on self-care in recent times have motivated consumers to take the initiative in crafting soothing self-care rituals, often involving intricate skincare routines in the comfort of their own homes. This emerging pattern is catalyzing a surge in the desire for a comprehensive array of skincare products, ranging from creams and lotions to repair creams, peels, masks, serums, powders, and scrubs.

Growing consumer interest in organic products is becoming a significant trend, leading businesses and retailers to face challenges in meeting the growing demand for "green" attributes like organic, recyclable, fair trade, and sustainably produced goods. This presents a promising opportunity for manufacturers to enter the organic cosmetics industry. In addition, consumers are willing to pay a premium for natural products, and this trend aligns with the general interest in eco-friendly qualities and ingredients.

In an April 2020 survey conducted by social shopping platform Influenster and consumer shopping network Bazaarvoice, over 24,000 women worldwide revealed their preferences for clean beauty products. The survey found that two-thirds of women wanted more transparency in the labeling of clean beauty products. Many women felt that brands labeled products as clean without providing enough information.

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Cosmetics Market Report Highlights

  • Generation Z (Gen Z) consumers are a key consumer group in the market demonstrating unique behavior by starting to purchase health and beauty products at an early age.

  • Increasing awareness among consumers regarding personal hygiene and grooming has been driving the demand for cosmetics products over the years.

  • Women tend to favor a diverse range of cosmetic products to enhance their beauty and skincare routines. This inclination reflects their interest in exploring and using different makeup products in their daily regimen.

  • In-store experiences provide the chance for personalized consultations and recommendations from beauty experts, enhancing the shopping experience and building trust.

  • According to the India Brand Equity Foundation, India is experiencing a surge of global beauty brands, capitalizing on the nation's sizable youthful population and increasing disposable income for their forthcoming growth phase.

Cosmetics Market Segmentation

Grand View Research has segmented the global cosmetics market on the basis of product, end-user, distribution channel, and region:

Cosmetics Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Skin Care

  • Hair Care

  • Makeup

  • Fragrance

  • Others

Cosmetics End-user Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Men

  • Women

Cosmetics Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Offline

  • Online

Cosmetics Regional Outlook (Revenue, USD Million; 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Spain

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia & New Zealand

    • South Korea

  • Central & South America (CSA)

    • Brazil

  • Middle East & Africa (MEA)

    • South Africa

List of Key Players of the Cosmetics Market

  • Coty Inc.

  • L’Oréal Group

  • Estee Lauder Companies, Inc.

  • Revlon Consumer Products LLC

  • Avon Products, Inc.

  • Unilever

  • Company 7

  • Godrej Group

  • Procter & Gamble

  • Beiersdorf AG

  • Henkel AG & Co KGaA

  • Kao Corporation

  • Hoyu Co., Ltd.

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