Rising consciousness about external appearance among individuals coupled with the rise in disposable income is leading to the increased demand of cosmetics products. Rebounding consumer purchasing power will pave the way for new product development and introduction, while industry manufacturer’s efforts to expand to currently underpenetrated markets will enlarge the industry's scope. Cosmetics, also known as make-up, are care substances used to enhance the appearance or odor of the human body. They are generally mixtures of chemical compounds, some being derived from natural sources and many being synthetics. Cosmetics include skin-care creams, lotions, powders, perfumes, lipsticks, fingernail and toe nail polish, eye and facial makeup, hair colors, hair sprays and gels, deodorants and many other types of products. A subset of cosmetics is called "make-up," which refers primarily to coloring products intended to alter the user’s appearance.
According to recently published report of Bonafide Research “India Cosmetic Market Overview, 2022-28”, India cosmetic market is expected to surpass INR 200000 Crore by the forecast period. Sun care, skin care, hair care, deodorants, makeup & color cosmetics, and fragrances are some of the popularly used cosmetics. A global increase in the use of sun screen lotions, moisturizing lotions, body lotions, facial wipes, face wash and make up products is fueling the growth of the global cosmetics market. Retail stores and online portals are the two primary sales channels in this market.
Amongst the different key categories of cosmetic, skin care is likely to constitute the largest market share of the cosmetic market in the forecast period. The growth is primarily fueled by the increasing usage of skin & sun care products amongst both men and women. The use of natural and organic beauty products is a prominent trend which is nurturing the growth of the cosmetic market in the region. The rising demand for natural, herbal and organic beauty products creates potential opportunities for manufacturers to innovate and develop newer products to suit consumer preferences. In the coming years, the industry is poised for strong growth, despite its maturity in developed markets.
The industry is growing slightly more quickly than the general economy in part because a number of geographical markets (e.g., emerging markets) and product segments (e.g., men's skin care) represent areas of particularly strong growth for the industry, while traditional markets (e.g., North America and Western Europe) and everyday product lines (e.g., dental floss and shampoo) have exhibited more restrained, steady increases.
As for the global market, China and Brazil remain the most promising markets by 2021. However, strong growth is also expected in Indonesia and India, as well as in the United States and Saudi Arabia. Argentina, Iran, Mexico, Thailand and Turkey also show excellent prospects for further growth. Asian markets remain the main growth driver for skincare products. 80 per cent of global skin care revenue gains by 2021 will come from Asia, with China set to account for 75 per cent of the total regional absolute growth. However, the skin care market is not only growing but also transforming in terms of product diversification and exploration of innovative growth concepts.