The global cosmetics market size was valued at USD 374.18 billion in 2023 and is expected to be worth USD 393.75 billion in 2024. The market is projected to be valued at USD 758.05 billion by 2032, recording a CAGR of 9.8% during the forecast period.

The global cosmetics market share is expected to grow substantially in the coming years as an increasing percentage of the global population is becoming conscious of their physical appearance. These beauty and personal care products can enhance a person’s overall appearance and offer a variety of haircare, skincare, and lip care products. Additionally, the growing demand for anti-aging products among the elderly population will contribute to high product sales.

Fortune Business Insights™ presents this information in a report titled, "Global Cosmetics Market, 2024-2032."

Top Company in the Cosmetics Market:

• L’Oréal S.A. (France)
• Unilever plc. (U.K.)
• Procter & Gamble Co. (U.S.)
• The Estée Lauder Companies Inc. (U.S.) 
• Beiersdorf AG (Germany)
• Shiseido Co., Ltd. (Japan)
• Coty Inc. (U.S.)
• Natura & Co. (Brazil)
• Kao Corporation (Japan)
• Johnson & Johnson Services, Inc. (U.S.)

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Report Coverage:

The report provides a detailed industry analysis and highlights key aspects such as leading product categories, companies, and distribution channels. The report also offers valuable insights into the latest market trends and covers vital industry developments. In addition to the abovementioned factors, the report encompasses several factors that have contributed to the market’s growth in recent years.

Segments:

Growing Awareness about Skincare Routines will Improve Sales of Skincare Products

The market is categorized into skincare, hair care, makeup, and others. The skincare segment is expected to dominate the market during the forecast period, as an increasing number of people worldwide incorporate skincare products into their daily routines more frequently than hair care products.

Working Women to Increase Usage of Cosmetics to Improve Appearance

The market is segmented by gender into men and women. The women’s segment is expected to hold a larger market share, driven by the increasing number of working women globally who rely on these products to maintain a professional appearance in the workplace.

Buyers to Increase Preference for Hypermarkets/Supermarkets to Gain Access to Different Brands

The market is segmented by distribution channel into specialty stores, hypermarkets/supermarkets, online channels, and others. The hypermarkets/supermarkets segment is expected to hold the largest market share during the forecast period, as these stores provide consumers with easy access to a wide range of brands and products.

Geographically, the market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Drivers and Restraints:

Rising Awareness of Importance of Health, Hygiene, and Grooming to Boost Market Growth

The self-care and grooming trend has increased tremendously in recent years as people are becoming more aware of the significance of maintaining good health and hygiene. The importance of grooming has skyrocketed among men and women, consequently boosting the sales of these products. Since more people are following an erratic lifestyle, concerns regarding overall health and wellbeing are rising, further enhancing the demand for cosmetic products.

However, more people are becoming aware of the side-effects of using cosmetics for a long time and have access to surgical options, which can hamper the market progress.

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Regional Insights:

Cosmetics Sales to Increase Across Asia Pacific Due to Region’s Growing Geriatric Population

Asia Pacific is expected to dominate the cosmetics market share due to the significant growth of the geriatric population in countries like Japan and China. This has led to increased demand for anti-aging, dark-spot treatment, and anti-wrinkle products, driving regional market growth.

Europe accounted for a substantial market share, attributed to the high presence of on-street salons that extensively use cosmetic products.

Competitive Landscape:

Companies to Develop Organic Products to Expand their Market Presence

The leading players are focusing on making organic and natural products to expand their customer base and increase their market presence. Many companies are formulating various growth strategies, such as partnerships and collaborations, to extend their business operations.

Key Industry Development:

• April 2023: L’Oréal S.A. acquired Aēsop, a Natura & Co.-owned luxury products brand, to expand its portfolio of luxury products in Australia.