Global Cosmetics Market Projection to Surpass €457 Billion by 2027

According to the report, the global cosmetics market is projected to surpass a revenue of $457.8 billion and grow at 5.1% CAGR during the 2020-2027 forecast period.

Dynamics of the Cosmetics Market

Drivers: The continuous implementation of new technologies and product launches by key market players to attract customers are some factors predicted to drive the growth of the global cosmetics market during the forecast years. Moreover, strategic alliances among market players to strengthen their footprint in the competitive market along with an increase in beauty consciousness among people are estimated to further boost the market growth by 2027.

Opportunities: The rising demand for skin and hair care products made of natural ingredients and the expansion of Korean cosmetic brands are the two major factors anticipated to offer abundant growth opportunities for the global cosmetics market by 2027. Moreover, the integration of some latest technologies like AI, 3D printing, and augmented reality into the world of beauty is also predicted to augment the market development during the forecast period.

Restraints: Side-effects of chemical-based cosmetics is the prime hindering factor for the market growth.

Covid-19 Impact on the Cosmetics Market

The onset of the covid-19 catastrophe has had an adverse effect on the global cosmetics market due to complete lockdown situations across the globe that led to the shutdown of beauty stores. Since governments declared work-from-home rules, social distancing norms, and compulsion to wear masks, people refrained from wearing makeup which resulted in declined demand for cosmetic products worldwide. Moreover, import-export restrictions also led to disruptions in the supply chains while labour shortages resulted in delayed manufacturing processes. All these factors have negatively impacted the overall market growth.