May 22, 2024

Cosmetology Market Poised to Witness High Growth owing to Rising Disposable Incomes

The cosmetology market comprises products such as skin and hair care products, deodorants, perfumes, makeup tools, and more. These products cater to enhancing the appearance and aesthetics of individuals. Skincare products moisturize, cleanse, and nourish the skin while hair care products add shine, control frizz, and strengthen hair. Makeup products such as foundations, concealers, lipsticks, and eye makeup allow consumers to accentuate their features. The demand for these cosmetic and personal care items is increasing owing to rising disposable incomes, growing beauty consciousness, and social media influence.

The Global cosmetology market is estimated to be valued at US$ 136.66 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players: Key players operating in The Cosmetology Market are 3M, Aditya Birla Management Corp. Pvt. Ltd., Atul Ltd., BASF SE, Solvay, Huntsman International LLC, Kukdo Chemical Co., Ltd., Olin Corporation, Sika AG, Nan Ya Plastics Corp., Jiangsu Sanmu Group Co., Ltd., Jubail Chemical Industries LLC, China Petrochemical & Chemical Corporation (SINOPEC), Hexion, Kolon Industries, Inc., Techstorm, and Nagase & Co., Ltd.

Key opportunities: The market provides opportunities for innovations, expansion in emerging countries, and customization of products as per consumer preferences. Increasing investments are being made to develop natural and organic cosmetic products with lesser side effects.

Global expansion: Leading players are expanding their manufacturing and distribution facilities globally to strengthen their presence across countries. Mergers and acquisitions are allowing companies to enter new markets and enhance their product portfolios. More private label products are also being launched through partnerships with retailers.

Market drivers: Rising disposable incomes are allowing consumers to spend more on personal grooming and beauty products. Growing awareness about personal care via digital and social media marketing is another key driver. Increasing concerns about anti-aging and harnessing the benefits of cosmetics are further propelling the demand in the global market.

PEST Analysis
Political: Regulations around cosmetic product safety and ingredients can impact the market. Changes in regulations may require manufacturers to reformulate products.

Economic: Consumer spending on beauty and personal care is influenced by economic conditions. Higher disposable incomes generally lead to more spending on cosmetics.

Social: Evolving social trends like an increased focus on natural and organic ingredients as well as customization influence product demand. Greater concerns about testing on animals also impact some consumers’ purchasing decisions.

Technological: Advanced technologies enable customization and personalized formulations. Manufacturers increasingly utilize artificial intelligence and data analytics to develop new products tailored for specific consumer needs.

The market in terms of value is most concentrated in North America and Europe. Europe accounts for a large portion of the global market value due to the presence of leading brands and manufacturers in countries like France, Germany, and Italy. North America is another major regional market driven by heavy spending on cosmetics and personal care in the United States.

The Asia Pacific region, specifically China, is growing the fastest for the cosmetology market. Rising incomes and changing lifestyles in developing nations are fueling increased demand for beauty products. The growing middle class is driving above average spending on cosmetics for skincare and haircare. Manufacturers are increasingly targeting the Asian market through new product launches and marketing campaigns catered to local preferences.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it