Beauty Care Products Are Fastest Growing Segment Fueling The Growth Of Cosmetology Market

 

The global Cosmetology Market is estimated to be valued at US$ 118.62 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Cosmetology refers to the beautification of the skin, hair and nails. It involves the use of products like face creams, cleansers, masks, serums, toners, moisturizers, hair care products, color cosmetics and nail polishes. These products help enhance physical appearance and boost confidence. There is an increasing demand for natural, organic and multipurpose cosmetic products due to rising health and environment consciousness.

Market key trends:
Growing preference for multifunctional and eco-friendly products is one of the major trends witnessed in the global cosmetology market. Rising awareness about harmful chemicals in cosmetic products is compelling consumers to opt for natural and organic products. Manufacturers are increasingly launching multifunctional products that can be used for multiple beauty care needs. For example, face creams that moisturize, cleanse and treat acne at the same time. This eases the shopping experience and provides value to consumers.

Segment Analysis
The global cosmetology market can be segmented based on product type, gender, distribution channel, and region. Based on product type, the skincare segment dominates the market and accounts for over 30% share of the global market. The rising awareness about aging skin and importance of proper skincare is driving the growth of this segment. Other major segments include haircare, makeup, and other personal care products.

Key Takeaways
The Global Cosmetology Market Size is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period 2023 to 2030, due to increasing spending on beauty and personal care products coupled with rising disposable incomes.

Regional analysis
Regionally, North America dominates the cosmetology market and is expected to continue its dominance over the forecast period. This is attributed to rising Western beauty standards and changing consumer preferences in the region for premium products. Asia Pacific is expected to exhibit the fastest growth owing to the rising middle class population and changing lifestyles in developing countries such as China and India.

Key players
Key players operating in the cosmetology market are L'Oréal, Estée Lauder Companies Inc., Coty Inc., and Shiseido Company, Limited. The market is highly competitive with these players introducing new products and adopting strategies like mergers & acquisitions to expand their business and market share. The global cosmetology market size for 2023 is US$ 118.62 Bn.

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