Dynamic growth in the cosmetics market
The cosmetics and personal care market is booming and is one of the fastest growing consumer markets, driven in particular by the cosmetics and skincare segment.
The main reason for this strong growth is the generational shift with young consumers entering the market. At the same time, this shift is being reinforced by social media, internationalisation and eCommerce, which are having a lasting impact on cosmetics purchasing behaviour. Trends from around the world are spreading and changing everyday beauty routines.
The global cosmetics market size was USD 277.67 billion in 2020, but due to the pandemic, the global market showed a decline of 10.57 per cent compared to the average year-on-year growth from 2017-2019.
However, the market is forecast to continue growing from USD 287.94 billion in 2021 to USD 415.29 billion in 2028.
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Cosmetic products have become necessities of life and perfumes an indispensable part of a person's wardrobe.
What gives entrepreneurs an edge in the cosmetics market these days?
- a proven and reliable supplier
- eCommerce with a well-designed purchasing process
- efficient marketing
