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A recent report released by BusinessWire outlines the projected growth of the global cosmetics market during the forecast period ranging from 2018-2025. According to the data, in 2018 the cosmetics market was worth $507 billion but by 2025 will be valued at over $750 billion, registering a CAGR of 5.9% over the 7 year period.

The beauty market, which includes cosmetics and skin care items, consists of products that are used to enhance the overall appearance of an individual.

These products include:

  • Sun Care – This segment includes sunscreens, foundations that contain SPF, sun protectant sprays and gels for the hair and others.
  • Skin Care – The skin care segment includes anti-aging products like lotions and serums, moistorizrures, face masks, acne treatments and others.
  • Hair Care – Items like hairsprays, hair gels, heat protectant sprays, hair masks, hair oils and others are included in the hair care segment.
  • Deodorants – This includes antiperspirant sprays, powder deodorants or gel deodorants.
  • Makeup/Color Cosmetics – This segment is made up of blushes, foundations, concealer, makeup pallets, brow pencils, mascaras, bronzers, powders, highlighters and others.
  • Fragrances – Perfumes and body sprays make up the fragrant segment.
  • Oral Care – This segment includes toothpastes, mouthwashes, teeth whiteners (such as strips, pens and trays) and others.

Of these segments, skin care remains one of the largest contributors to the market. Because of its complex and diverse nature, as well as how technically advanced it has become, the skin care market continues to draw in large numbers of consumers.

Allied Market Research outlines four major factors that are promoting the growth of the global cosmetics and beauty market.

Adapting Lifestyles

  • Individuals are far more conscious of physical appearance in recent years, which has spiked cosmetic sales significantly. Cosmetics are being used in efforts to become more stylish and enhance personality and outward appearance. In addition, men are incorporating more cosmetic products into their daily routines than in years past and gender-specific products are increasing at a rapid pace.

Rising Gross Domestic Product (GDP)

  • Because of the global recession that hit in 2007, there was a significant rise in GDP around the globe. This increase in GDP has positively affected the global cosmetics market as global economies continue to improve. Individuals have more spending capability than in years past.

Natural Ingredients

  • The demand for natural ingredients has also contributed to the growth of the cosmetics market. Consumers are opting for natural and organic cosmetic products which is allowing the market to expand for new product innovations.

Market Strategies

  • Lastly, manufacturers are adopting new, winning market strategies. The top winning strategies in the world cosmetics market is product launch, acquisition, expansion and agreement.

One rising trend appearing in this market is the sale of cosmetic products through an online medium as consumers prefer the convenience of ordering cosmetics through websites. Therefore the online channel is gaining prominence in upcoming years due to the easy availability of a variety of products at affordable prices.