Cosmetics Market Investment And Opportunities For New Brands And Start-Up’s

The global cosmetics market, valued at a substantial USD 295.95 billion in 2023, is poised to experience significant growth, expanding at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2030. This surge is primarily fueled by a rising consumer awareness of personal appearance enhancement. Millennials, in particular, have embraced skincare, color cosmetics, and hair care products as indispensable elements of their daily routines. Moreover, the introduction of natural, non-toxic, and organic cosmetics has further stimulated market expansion.

Personal care products (PCPs) are a diverse category of items designed for personal hygiene, grooming, cleaning, and appearance enhancement. This encompasses a wide range of products, including hair and skincare items, UV protection creams, facial cleansers, insect repellents, fragrances, perfumes, soaps, detergents, shampoos, conditioners, and toothpaste.

A 2021 article published in the National Center for Biotechnology Information highlights PCPs as essential self-care items for personal hygiene, cleanliness, and grooming. Globally, a significant portion, approximately 30-40%, of dermatological prescriptions involve PCPs. Furthermore, the average individual utilizes at least two PCPs within a 24-hour period, underscoring their widespread use and importance in daily life.

Gather more insights about the market drivers, restrains and growth of the Cosmetics Market

Product Segmentation Insights

The growing awareness and importance of skincare among consumers has led to a significant shift in interest towards skincare products. As a result, skincare cosmetics accounted for a substantial revenue share of 43.3% in the year 2023. The increasing desire to maintain an ideal skincare routine has prompted manufacturers to focus on developing a diverse range of trendy skincare products. Numerous cosmetics companies are also entering the skincare market by launching new products, further contributing to the growing demand.

In addition to skincare, hair care cosmetics are also experiencing a surge in popularity. The demand for hair care products is expected to grow at a steady compound annual growth rate (CAGR) of 7.0% throughout the forecast period. Hair care is considered one of the key categories within the cosmetic products market, witnessing a rising demand among consumers. Well-known brands like Sunday Riley, The Inkey List, and Drunk Elephant have successfully blurred the lines between skincare and haircare. These brands leverage their expertise in product development, ingredient formulation, and addressing skin concerns to create specialized hair products that cater to the evolving needs of consumers.

Order a free sample PDF of the Cosmetics Market Intelligence Study, published by Grand View Research.