“Cosmetics are personal care products that are used to enhance and beautify the appearance of individuals. Cosmetics comprise of a mixture of chemical compounds, which are made from synthetics and natural sources. Sun care, skin care, hair care, deodorants, makeup & color cosmetics, and fragrances are some of the popularly used cosmetics. A global increase in the use of sun screen lotions, moisturizing lotions, body lotions, facial wipes, face wash and make up products is fuelling the growth of the global cosmetics market. Retail stores and online portals are the two primary sales channels in this market. Over the past decade, the global cosmetics market has witnessed a steady growth and is anticipated to register a CAGR of 3.7% during the forecast period. Rising consciousness about external appearance among individuals coupled with the rise in disposable income is leading to the increased demand of cosmetics products.
Amongst the different key categories of cosmetics, skin & sun care is anticipated to constitute the largest market share of the global cosmetics market throughout the analysis period. The growth is primarily fuelled by the increasing usage of skin & sun care products amongst both men and women. Geographically, Europe dominates the global cosmetics market, accounting for around 1/3rd of the total cosmetics market revenue in 2014. The use of natural and organic beauty products, is a prominent trend which is fostering the growth of the cosmetics market in the region. The rising demand for natural, herbal and organic beauty products creates potential opportunities for manufacturers to innovate and develop newer products to suit consumer preferences. LAMEA (Latin America, Middle East and Africa) region exhibits a dynamic market for cosmetics. The market in the region is estimated to register a CAGR of 4.9% during 2015-2020.
Product launch, acquisitions and collaborations are the key strategies deployed in this industry. Large companies seek to...