Cosmetic Beauty Products Market Size
The beauty products industry
is known to be resistant to economic downturns - even faring well during the Great Recession. Though consumers tend to be more price conscious during those times, they do not stop spending. So in today’s environment of rising per capita incomes the beauty business is booming.The Glamour world has its influence in each and every corner of the world that includes people of all strata. Global cosmetics market is expected to garner $429.8 billion by 2022, registering a CAGR of 4.3% during the forecast period 2016-2022
- Euromonitor International’s 2017 edition reveals a strong beauty and personal care industry in 2016, with a respectable 5% growth. For the second consecutive year, the premium segment outperformed its mass counterpart, with nearly 6% growth.
- The cosmetic products market is projected to grow at a CAGR of 6.3% with its increasing demand from emerging markets such as Brazil, India, etc. The increasing disposable income, changing fashion trends, and improvement in the living standards of the consumers drive the cosmetic products market.
- The size of the Indian Cosmetic Industry Globally is $274 billion while that of the Indian Cosmetic Industry is $4.6 billion, showing a growth of 15-20% per annum
- China and the US are predicted to contribute 54% of the US$20.3billion.
- Asia Pacific leads premium BPC forecasts over 2016-2021, expected to generate US$6.6 billion in absolute gains.
- Among continents, European countries accounted for the highest dollar worth of exported beauty and skincare goods during 2016 with shipments valued at $21.2 billion or half (50.5%) of the global total.
- In second place were Asian exporters at 31.9% while 14.6% of worldwide beauty cosmetics and skincare product shipments originated from North America. Smaller percentages came from sources located in the continents Oceania, Latin America (excluding Mexico) and Africa each entity at 1%.
Beauty Cosmetics and Skincare Exports by Country
Below are the 15 countries that exported the highest dollar value worth of beauty cosmetics and
Skincare products during 2016:
||US$7.3 billion ( 17.3% of total beauty/skin care exports)
||$4.7 billion (11.3%)
||$3.4 billion (8.2%)
||$3.2 billion (7.6%)
||$2.8 billion (6.7%)
||$2 billion (4.7%)
||$2 billion (4.7%)
||$1.9 billion (4.5%)
||$1.7 billion (4%)
||: $1.4 billion (3.4%)
||$1.3 billion (3.1%)
||$1.3 billion (3%)
||$1.1 billion (2.6%)
||$778 million (1.9%)
||$777.5 million (1.9%)
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The market volume of the cosmetics industry in the US, Europe, and Japan is about EUR €70b per year. The worldwide cosmetics and perfume industry currently generates an estimated great annual turnover of Europe is the leading market, representing approximately €63 billion.
European countries accounted for the highest dollar worth of exported beauty and skincare with shipments valued at $21.2 billion or half (50.5%) of the global total.
In second place were Asian exporters at 31.9% while 14.6% of worldwide beauty cosmetics and skincare product shipments originated from North America. In second place were Asian exporters at 31.9% while 14.6% of worldwide beauty cosmetics and
Skincare, hair care, make-up, perfumes, toiletries deodorants, and oral cosmetics are the main product categories of the cosmetic market. Since the early twentieth century, the production of cosmetics and beauty products has been controlled by a handful of multi-national corporations – L'Oréal, Unilever, Procter & Gamble Co., The Estee Lauder Companies, Shiseido Company, to name a few. Led by the U.S., North America made up 24.7 percent of the global cosmetic market. In 2015, the U.S. was considered the most valuable beauty and personal care market in the world. That year, the American beauty and personal care business reached a market value of 80 billion U.S. dollars.
Similarly, hair care and skin care products represented the largest part of the beauty industry in the U.S.
Cosmetics held a share of about 15 percent of all sales from the beauty industry, and perfumes and cologne accounted for about 9.5 percent. Based on retail sales, chain beauty store
Mascara was also the leading segment of the eye cosmetic industry in the U.S.. The segment also included eye liners, eye shadows, eye brow makeup and eye combo. Together, these segments generated more than 2.1 billion U.S. dollars in sales revenue in 2016. The United States has the largest cosmetics market in the world, and its revenue is expected to exceed $62 billion. .
Skincare is the largest category in the cosmetics industry, accounting for nearly 35.3% of the global market in 2014. The products in the global skincare segment create a $121 billion industry. Hair care products represent a large segment of the beauty market too, with sales reaching $11.6 billion.
One of the major contributors to the beauty and cosmetics industry is premium products. The global premium cosmetics market is expected to reach over $126 billion by 2019.
Boosted by makeup and premium offerings, the sector is expected to rise from $80 billion today to $90 billion by 2020. Assuming the forecast hits its mark, that represents a nearly 45% gain over 10 years.
US cosmetics market has shifted markedly to premium products
According to the report, the premium segment, which delivered 7% year-over-year growth in 2015, is generating gains in BB/CC creams (40% year-on-year growth), lipsticks, mascara and skin care. Premium foundations/concealers led growth between 2014 and 2015, Euromonitor found, increasing from 3% in 2013-2014 to 14.2%.
Color cosmetics now comprise 25% of global beauty sales, India is one of the fastest growing cosmetics markets. The Indian cosmetics market was worth USD 9.94 billion in 2015 and is expected to reach USD 16.27 billion by 2021 at a CAGR of 10.36%. This environment makes spending on and growth of cosmetics products easier. A rising urban population and the inclination to look presentable manifesting through the demand for whitening products by both men and women is driving growth in this market.
Rising middle class with increasing disposable income is further creating a market for high priced and premium products by brands like Dior, Guerlain, Clarins, Clinique, Lancôme, Estee Lauder, Shiseido, and others. Along with typical skin, lip, and eye makeup, body care via products and spa usage is also on the increase. The newest trend is the blending of multiple benefits into one beautifying product. The result of this trend, originating in South Korea, is the BB (followed by CC, DD and EE) creams, which have the color correction properties of foundation, SPF benefits of sunscreen and a multitude of other medical and natural benefits. Customers are increasingly looking for value for money products that are natural and beneficial for the skin and provide a range of combined benefits of high priced premium products at a lower than premium cost. This product class has been dubbed “masstige”.
The products that supervises the Indian market are Skin care,Hair care,Fragrance,Deodorant,Color cosmetics andOral care. products
The cosmetics industry remains more or less impervious to market ups and downs. Overall sales are indeed affected in the event of an economic downturn but one can count on sales of cosmetics to maintain a certain volume overall. This is because of the continuing and growing use of products by women, and increasingly by men across the world.
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Opportunities and recent trends in the Beauty industry
Let’s have a look at some of the recent trends and opportunities in beauty industry which has shaped it to perfection over the years.
• Advanced Face Masks:
Face masks have always been an important product for the skincare segment. Currently there are different variations in this category, including masks made of clay, tea, charcoal, caffeine, and even dry sheet masks, and instantly revitalizing face masks. The trend of beauty companies launching innovative products in the mask category is expected to continue this year, as well.
• At Home Skincare:
Beauty companies are coming up with devices that can provide the salon level beauty treatments in the comfort of one’s home. Tools using laser or light technology to clean the face are being increasingly available in handheld devices.
• Hyaluronic Acid And Retinoid:
These two ingredients are taking the skincare industry by the storm because of their powerful anti-aging properties. These help in treating issues such as wrinkles, scars, acne, and sun damage and are very popular in the cosmeceuticals markets, as well.
• Probiotic Skincare:
In 2016, the market saw numerous launches of skincare products having probiotic ingredients. The probiotic bacteria that benefit the skin include lactobacillus and bifidobacterium. There can be more innovative product launches with such ingredients in 2017, too.
• Super food For The Skin:
Skincare preparation containing herbal or natural ingredients are already quite popular. The trend of including more and more kitchen products into the beauty concoctions might keep growing with the inclusion of substances like kale and moringa.
Top beauty companies and there stats globally
Over the past year, The Estée Lauder Companies (ELC) and L’Oréal, two of the strongest leaders in the beauty industry have leveraged their stakes and balanced their offerings. L’Oréal purchased Urban Decay, NYX and IT Cosmetics for full Indie immersion, while ELC continued to follow its pure prestige leaning by acquiring niche fragrance brands, most recently By Kilian, to join its 2014 acquisitions of Editions de Parfums Frédéric Malle, Rodin Olio Lusso and Le Labo—but also appealing to Millennials with wildly popular consumer influencers including Kendall Jenner and Victoria Beckham.
Four of the largest players have made major portfolio changes. Coty’s acquisition of 41 P&G brands and Revlon’s purchase of Elizabeth Arden promise to keep the industry on its toes—and promise to re-order our list of Top 20 Global Beauty Companies for next year.
Unilever suddenly stunned competitors a few months ago when it announced its purchase of Dollar Shave Club for $1 billion, instantly gaining a top position in the Men’s market.
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Different types of trade shows and fairs worldwide
CosmoProf (North America)
CosmoProf North America is ranked as one of the top US trade shows by Trade Show Executive, and it’s one of the fastest growing trade shows in America. A microcosm of the entire $50 billion dollar industry, this trade show should be at the top of your list.
International Salon & Spa Expo (Paris)
The International Salon & Spa Expo is the biggest trade show dedicated to beauty professionals on the West Coast. It’s your opportunity to connect with more than 40,000 licensed professionals specializing in Hair Care, Nail Care, and Skincare.
Salon International (London)
Salon International is a must-visit if your business has anything to do with hair care. Salon International boasts global reach, a senior-level attendee profile, and above- average spend. Salon owners, stylists, hairdressers, salon managers, color technicians, hair care specialists, wholesalers, and retailers make up the bulk of visitors.
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