Global Cosmetics
Market: Overview
Cosmetics are
products used to enhance various aspects of an individual’s
appearance. Hair care, skin care, and deodorants are some of the most
popular types of cosmetics available in the global market. The Global
Cosmetics
Market
has grown by leaps and bounds in the last few years due to the rising
awareness among the global population. The growing geriatric
population and its rising demand to maintain a youthful appearance
has also had a major role in the expansion of the cosmetics market.
Thus, the global cosmetics market is expected to expand significantly
in the coming years.
Global Cosmetics
Market: Drivers and Restraints
The global cosmetics
market is primarily propelled by the rising health awareness among
the global population and the increasing preference for maintaining a
youthful appearance. The aging baby boomer population in the West has
also allowed the cosmetics market to prosper, since the elderly are
trying to maintain their youthful appearance instead of giving in to
the onset of signs of aging. Anti-wrinkle products are thus among the
major segments of the global cosmetics market.
The global cosmetics
market is also propelled by the increasing awareness about the
adverse effects of pollution on the skin and hair. Due to rapid
urbanization and industrialization, pollution has spiraled out of
control in many emerging regions, with cities such as New Delhi,
Mumbai, Beijing, and Shanghai regularly showing up on lists of the
most polluted cities in the world. Air pollution can cause dryness,
rashes, and several other minor and major skin and hair conditions,
which eventually lead to poor skin health. Due to this, protective
cosmetic products are rising in demand to counter the adverse effects
of pollution on the body.
The possible side
effects of cosmetic products on human health are the major restraint
on the global cosmetics market. To counter this, companies in the
global cosmetics market are increasingly adding natural and organic
products to their portfolio. Rather than natural cosmetics emerging
as a rival for conventional cosmetics, switching to natural cosmetics
is expected to emerge as a feasible and highly profitable strategy
for cosmetics industry players in the coming years.
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The increasing
utilization of e-commerce has also emerged as a beneficial factor for
the global cosmetics market. Online shopping has allowed
manufacturers to establish a sales network in developing regions even
without having a major manufacturing plant in the region, boosting
the global market.
Global Cosmetics
Market: Geographical Dynamics
The increasing
disposable income of consumers in developing regions has also helped
the cosmetics market significantly. Owing to their high disposable
incomes and rising living standards, consumers in regions such as
Asia Pacific, Latin America, and the Middle East are becoming
increasingly important for cosmetics industry players, since
countries such as China, India, Indonesia, and Brazil have a large
population and thus a large potential consumer pool.
The Asia Pacific
(APAC) market for cosmetics has expanded rapidly in the last decade.
The region has become a major player in the global cosmetics market.
The rising disposable income of consumers in this region has been a
major factor boosting the APAC cosmetics market. Western Europe and
North America are the established hubs in the cosmetics industry and
are home to several major players in the industry. These factors will
result in these two regional markets retaining their high shares in
the global cosmetics market in the coming years.
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