Global Cosmetic Products Market
The cosmetics or beauty products industry in the world is one sector which remains impervious to the ups and downs markets. Overall sales are indeed affected in the event of an economic downturn, but one can count on sales of cosmetics to maintain a certain volume overall. This is because of continuing and growing usage of products by women, and increasingly, by men, across the world.
Cosmetics can be subdivided by the areas of application. Cosmetics used on the face (and other parts of the body like foundation, glitter, etc.) include products like primer applied to minimize the appearance of pores on the skin thereby allowing for a smoother look on the skin, foundation – a coloured cream used to reduce skin colour irregularities across the face (in areas like under eyes, around the lips, T-zone, etc.), concealer to conceal blemishes, marks and other conspicuous irregularities, face powder as a standalone or an addon to foundation (as a powder foundation) which is especially effective in hot and tropical climates. Other addons not used on occasions instead of regularly, include bronzer/blusher for use on the cheeks to add colour to the face, face contour creams or powders to enhance the angles of a face for a slimmer, well-formed look, highlighter to add glow to high points and angles on the face, and setting spray to help makeup stay put longer.
Cosmetics used on the face include lipsticks in matte or non-matte and other varieties, lipstains, coloured lip balms, and lip glosses. Furthermore, the eye-area makeup items include kohl, eye liners, eye brow pencils (and recently, fake eye brows), fake eye lashes, mascara, and more. Another extension of cosmetics are nail colours. Aside from these products, there are ancillary industries for cosmetics supportive products like make up brushes, beauty blenders, etc.
The global market for cosmetics is expected to be worth US$ XXX.X bn in 2015, and is expected to grow at a CAGR of X.X% over the forecast period, to US$ XXX.X bn by 2020. While the global market suffered because of the recession in 2009, and in specific regions thereafter, especially in the Eurozone region, the market recovered and grew thereafter. A large portion of the demand comes from the emerging regions of Asia Pacific, where a number of innovations in cosmetics, the latest one being the cushion/sponge foundation. Large potential markets include China and India, while most high growth innovations of products originate in South Korea, which has built a large export business around cosmetics.
Recent trends include increased use of natural products to mitigate the effects of pollution as well as the harmful chemicals used in making makeup. Other drivers include lasting power and new colour palettes, increasing market share for ethnic (African, or Asian skin tone specific) products. Furthermore, increasing disposable income have led to a larger market for luxury brands like Dior, Guerlain, Clarins, Clinique, Lancome, Estee Lauder, Shiseido, etc. Distribution is pervasive through exclusive stores of luxury products in malls or standalone, while ecommerce is emerging as a global competitor to direct sales for all mass and premium brands. Direct sales for Avon continue to hold and grow market value. Customers are increasingly looking for value for money products which are natural and beneficial for the skin, provide benefits of high priced premium products, at a lower than premium cost. This product class has been dubbed “masstige”. Moreover, a market for of vegan/halal products for Islamic consumers has been proliferating in countries like Turkey, Malaysia, and other Muslim-dense nations, and this trend is only expected to grow.
Some important players in the mass/masstige makeup/cosmetics field include P&G, Beiersdorf, Unilever, MAC, Revlon, L’Oreal, Olay, Avon, etc. among others.
High disposable incomes in developed countries, increasing disposable incomes of an expanding middle class in developing countries, a large population of the world growing older, and a large section of the world’s teens growing older, younger, a union of for skin-benefiting and beautifying aspects in new makeup products through research into use of natural products, continuing breakthrough research on products are some of the drivers of this market.
Tighter purse strings in the wake of inflation and global as well as regional recessions, income inequality making market segmentation of large developing nations difficult, and other factors make up the challenges in this market.
What the report offers
Market Definition for the specified topic along with identification of key drivers and restraints for the market
Market analysis for the Global Cosmetics Market, with region specific assessments and competition analysis on a global and regional scale
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares
Identification and analysis of the Macro and Micro factors that affect the Global Cosmetics Market on both global and regional scale
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information