![]() The growing consumer preference for natural products, combined with increased knowledge of natural ingredients-based cosmetics and their impact on the body continue to drive the market expansion. The industry is experiencing considerable expansion as a result of the aging population since older consumers are increasingly using anti-aging treatments and hair dye to change the color of their hair.Ī significant opportunity for the market is expected to emerge in the near future as a result of the global trend toward organic cosmetics goods. The future market potential will also be greatly influenced by cosmetic manufacturers' increasing innovation and product development.Ĭonsumer preference for organic cosmetics over products with chemical bases is supported by growing knowledge about these goods and their beneficial effects on the skin, which is further fueling the market expansion.Ĭelebrities and millennials continue to favor fragrance products, which is expected to contribute to the market's expansion over the forecast period. Over the forecast period, another motivating factor is the rising awareness of skincare cosmetics products and their beneficial effects on the skin. Moreover, growing financial independence among women and increasing beauty awareness among men are important factors influencing the demand for cosmetics items over the predicted period. Product Insightsīased on the product, the global cosmetics industry is further classified into skincare, haircare, makeup, fragrance, and others (hygiene and personal care products). ![]() Among these, the skincare segment contributed to a larger market share of more than 38% in 2022. The significant trend toward skincare cosmetics such as face cream, powder, and sunscreens lotions due to wide availability in different varieties is a major factor that contributes to its largest market share. Moreover, the significant popularity of personalized skincare products among developed economies such as the US, U.K., and others further contributed to the segmental growth. Moreover, the availability ofskin care products with active ingredients that have healing and nurturing properties further supported the growth of the market. The hair care segment is expected to grow with a significant CAGR of 3.9% from 2023 to 2030 in terms of revenue.
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