Global cosmetics market to reach $457.8 billion by 2027
The global cosmetics market value is expected to surpass $457.8 billion by 2027, progressing at a compound annual growth rate of 5.1%, according to Research Dive.
One of the key segments driving growth in the global cosmetics market is the implementation of new technologies and product launches by key market players. This includes Artificial Intelligence, Augmented Reality and 3D printing.
Growth is also expected from strategic alliances among market players to strengthen their footprint in the market, along with an increase in beauty consciousness.
The rising demand for skincare and haircare products made of natural ingredients and the expansion of Korean cosmetic brands are the two major factors anticipated to offer growth opportunities for the global cosmetics market by 2027.
By category, the skincare and suncare product sub-segments are projected to hold a "dominant" market share and generate a combined revenue of $164.2 billion during the forecast period. This is due to advantages such as anti-ageing properties, enhancing skin tone, protection against UVA and UVB radiations and concealing blemishes.
By gender, the women sub-segment is anticipated to have the highest growth rate and a revenue of $233.4 billion by 2027, due to the high adoption rate of beauty and cosmetic products among women.
By distribution channel, the online sales channel sub-segment is predicted to gather revenue of $49.1 billion. This is expected to be driven by the increasing popularity of ecommerce platforms, as they reach both local and international clients, as well as offer discounts that attract many customers.
Earlier this month, Technavio reported that the premium cosmetics market value is set to grow by $51.75 billion, progressing at a compound annual growth rate of 6.6% from 2021 to 2026.