The global cosmetics market poised for growth on account of growing consumer demand for several skin-care care products such as face masks, peels, creams, etc. High demand for anti-ageing products is expected to drive cosmetics demand considerably over the forecast period. The market has witnessed shift in demand towards organic and natural cosmetics, which also provides avenues for growth. Factors such as increasing consumer awareness and rise in disposable income are estimated to contribute significantly towards industry growth over the next seven years. Factors such as increasing consumer awareness and rise in disposable income are estimated to contribute significantly towards industry growth over the next seven years.
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Consumers today are well-informed as well as connected, and seek to use product that are less harmful in terms of chemical composition of a product Over the last few years there has been a considerable shift in consumer preference towards organic or chemical-free products. On account of which vendors focus more on providing organic skin care products to keep pace with this newly emerging trend.
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Companies are often known to market these products devoid of any chemicals as organic or herbal products, which better meet the consumer requirements. Further, low consumption of products utilizing aluminum salts, phthalates and parabens and growing need to provide sustainable products has largely contributed in driving cosmetics market demand. However, factors such as fluctuations in raw material supply or price sensitivity associated with raw materials may pose a challenge to the industry growth.
The market is highly driven by innovation underpinned by quality. New product development and provision of an assortment of products is the key strategy adopted by key players in order to capture a sizeable market share in this segment.
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Rise in consumer disposable income along with improved living standards, particularly in developing countries such as China, India and Malaysia is expected to fuel the Asia Pacific cosmetics market demand. North America is a matured market, and is also expected to witness growth over the foreseeable future. This growth may be primarily attributed to high R&D developments and introduction of advanced and innovative products.
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