The global Cosmetology Market is estimated to be valued at US$ 118.62 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmetology products like skin care, hair care, makeup and perfumes helps improve physical appearance and gives confidence to people. These products are required for maintaining healthy skin and hair along with covering body flaws.
Market key trends:
Increasing influence of social media is one of the key trends fueling the growth of the market. Social media especially Instagram and YouTube plays a vital role in influencing the shopping habits of millennials and generation Z customers. Rising number of beauty influencers promoting different cosmetology products through their blogs, videos and photos impact the perception of customers about specific brands. This has encouraged major players to opt for social media marketing as one of their promotional strategies to increase product awareness and sales.
SWOT Analysis
Strength: The cosmetology market has huge demand and high potential for growth due to increasing beauty consciousness. It offers a variety of products for different skin and hair types.
Weakness: Frequent change in consumer preferences poses challenges. Extensive research and development is required to launch new and innovative products.
Opportunity: Emerging economies with large population present major growth opportunities. Rising disposable incomes allow consumers to spend more on personal care products.
Threats: Intense competition amongst existing players may lead to price wars. Stiff regulations around ingredients and product testing can increase costs of operations.
Key Takeaways
The Global Cosmetology Market Size is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing beauty consciousness and influence of social media and digital platforms. Greater transparency around ingredients and production processes is enabling consumers to choose products consciously.
Regional analysis: North America represents the largest market for cosmetics, followed by Europe and Asia Pacific. The Asia Pacific region is expected to dominate market growth during the forecast period supported by booming economies, growing middle class, and increasing expenditure on personal care in countries like China, India, and Japan.
Key players operating in the cosmetology market are L’Oréal, Estée Lauder Companies Inc., Coty Inc., and Shiseido Company, Limited. L’Oréal continues to maintain its leadership position with a wide portfolio of brands like L’Oréal Paris, Garnier, Maybelline New York. Estée Lauder’s prestige brands like MAC, Clinique, La Mer and Aveda enjoy a strong market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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