World - Cosmetics - Market Analysis, Forecast, Size, Trends And Insights
Update: COVID-19 Impact
Personal Care Segment and Innovative Digital Services Buoy the Global Cosmetic Market
IndexBox has just published a new report: 'World - Cosmetics - Market Analysis, Forecast, Size, Trends And Insights'. Here is a summary of the report's key findings.
The global cosmetics market is estimated at approx. $97B (in wholesale prices, not including retail margins and indirect taxes). The store closure during the pandemic dealt a powerful blow to the cosmetics market, as more than 80% of beauty products are sold through retail channels. Online sales of cosmetics doubled during this period but were unable to offset losses of sales in retail stores.
Consumer preferences have changed significantly: the demand for decorative cosmetics and perfumes has dropped sharply, while the demand for cosmetics for hygiene and body care has increased significantly. This is particularly true for soap, which is regarded to be effective for preventing the spread of coronavirus disease.
Retail outlets are of particular importance to the beauty product market where consumers usually make a purchase only after seeing the product with their own eyes.
To offset falls in retail sales and the disadvantages of switching to online sales channels, some manufacturers focused on hygiene product production, while others began to look for new tools of decorative cosmetic promotion.
For example, L'Oréal launched the Makeup Genius - a digital service based on artificial intelligence. This application helping choose appropriate cosmetics for users was downloaded more than 20 million times during the first year since its release.
Hong Kong and Singapore Feature the Largest Cosmetics Consumption Per Capita
China (approx. 1.3M tonnes, accounting for near 22% of total volume) remains the largest consumer of cosmetics (with a share of 22.8% of world cosmetics consumption). The Chinese cosmetics retail sector was felling by 14% from January to February 2020 but began to recover in April 2020.
Cosmetics consumption in China exceeded the figures recorded by the second-largest consumer, the U.S. (550K tonnes), twofold. India (516K tonnes) ranked third in terms of total consumption with an 8.7% share.
However, the countries with the highest levels of cosmetics per capita consumption in 2019 were Hong Kong SAR (25 kg per person), Singapore (20 kg per person) and Canada (2.87 kg per person) (IndexBox estimates).
In value terms, China ($13.4B), India ($11.1B) and the U.S. ($10.8B) appeared to be the countries with the highest levels of market value, with a combined 36% share of the global market. These countries were followed by Japan, Brazil, Hong Kong SAR, Mexico, Singapore, Canada, Indonesia, the UK, Germany and France, which together accounted for a further 34%.
Source: IndexBox Platform
This report provides an in-depth analysis of the global cosmetics market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Importers on The Market and How They Succeed
The Largest Exporters on The Market and How They Succeed
The Largest Producers on The Market and Their Profiles
The Largest Markets And Their Profiles
Webinar: Global Solid Biofuels Market - Statistics, Trends, and Outlook
Join our live webinar to get insights into the global solid biofuels market.
Thursday, September 9th, 2021 @ 04:00 pm ET
Webinar: Global Beef Market - Statistics, Trends, and Outlook
Join our live webinar to get insights into the global beef market.
Thursday, September 16th, 2021 @ 04:00 pm ET
Webinar: Global Cement Market - Statistics, Trends, and Outlook
Join our live webinar to get insights into the global cement market.
Thursday, September 23rd, 2021 @ 04:00 pm ET