Cosmetics Market Analysis

Product (Skin Care, Hair Care, Makeup, Fragrance)

Skin Care segment in the cosmetics market is poised to grow at over 5.2% CAGR between 2024 and 2036. The segment's tremendous growth rate can be propelled by increasing awareness and importance given to skin care. According to market analysis, in 2023, people spent about 27% of their wealth, which is about USD 50 to 99 per year on beauty and health products.

Moreover, there is a high demand for packaging applications anticipated by the slated demand for eco-friendly and sustainable packaging, as renewable, recyclable, biodegradable packaging attracts more businesses and consumers to reduce their environmental footprints. As per a research from 2023, more than 64% of consumers in the UK are estimated to purchase a product if its packaging is sustainable. Consumers are also willing to pay more in this sector owing to the environmentally friendly process and packaging of these products.

End-user (Men, Women)

Women segment is expected to dominate over 63% cosmetics market share by 2036, due to the increasing women population along with the transforming shift which is highly influenced by national and international celebrities such as Lady Gaga, Selena Gomez, Rihanna who own beauty brands such as Haus Labs, Rare Beauty, Fenty Beauty, and many more.

According to a report by the UN in 2023, the female population constitutes about 49.7% of the population worldwide. In addition, working women along with young girls are exploring new beauty solutions.

Distribution Channel (Offline, Online)

The offline segment in cosmetics market is predicted to be in dominating as in this sub-segment consumers have the authority to test, touch and physically see the products. When it comes to purchasing cosmetics, skincare, fragrances, and many more, allowing the buyers to assess and test its suitability, scent, and texture is their priority. Additionally, a 2023 report stated that offline retailers showed a slated growth rate of about 6% in their offline sales as compared to the sales in 2022.

Our in-depth analysis of the global market includes the following segments: