Cosmetics or makeup products are used to enhance the appearance of the human body, along with making it fragrant. In the recent past, these products have become an inseparable part of the modern lifestyle. The basic motive of using makeup products is to promote attractiveness and appearance of a person, along with caretaking, cleansing, protecting and beautifying the body. Growing demand and changing lifestyle of the people from developed as well as developing parts of the world are contributing to the rising demand in the cosmetic products market. Growing concern about skin care routines and rising demand from the emerging parts of the world are set to help this industry witness a healthy growth.
Drivers and Restraints
As mentioned before, the global cosmetic products market is driven by rising need for skin care products. Rise in the use of anti aging skin care products is also attributed to the growth in the aging population of the world. Increasing trend of on-the-go lifestyle is also attracting the customers in the industry. Changing packaging and attractive marketing strategies by the key industry players are also set to drive the global makeup products market.
Small packages, attractive applicators and easy to use products are creating rise in demand for these products. Changing standard of living in the emerging markets like Asia Pacific, Middle East and Latin America, and Africa are also set to drive the industry. However, advanced medical treatments and beauty treatments along with restriction on the use of several cosmetics and components of the products are expected to hinder the growth of the market.
Trends and Forecasts
The global cosmetic products market is expected to grow at a healthy CAGR of over 6% from 2014 to 2019. At the anticipated growth rate, the market is expected to become worth more than $ 635.7 billion by the end of the year 2019. Increasing consciousness about appearance, growing aging population, and increasing distributing channels like drugstores, supermarkets, beauty salons and specialty stores are expected to create strong influence on the demand in this industry, during the next few years to come. Investments from the key players in the industry along with their research and development activities are also expected to drive the growth trends for the market.
During the forecasting period, the cosmetic product market is expected to be dominated by Europe, with Asia Pacific recording fastest CAGR. Researchers are able to draw clear analysis about the industry on the basis of the data collected from each of the industry segments. The global cosmetics market is segmented on the basis of the types of products, distribution channels and geographic regions.