Skin Care Segment Dominated due to Their Daily Usage by Wide Range of Population

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Skin Care

In recent times, demand for makeup and skincare products has surged dramatically. Both men and women use it to enhance their overall appearance. The industry offers a wide variety of products, such as hair care, face care, lip care, and others. Additionally, the increasing demand for anti-aging creams and serums and the development of advanced tools and innovative packaging are attracting consumers.

Besides, the new trend of personalized products for a specific person, based on their hair type, skin tone & texture, and eye color, is generating traction. The manufacturers are also trying to grab consumers’ attention by coming up with sustainable packaging and chemical-free products to cater to the demands of every individual.

By category, the industry is segmented into hair care, skincare, makeup, and others. By gender, it is bifurcated into men and women. By distribution channel, it is divided into specialty stores, hyperindustry/superindustry, online channels, and others. Finally, based on region, the industry is categorized into North America, Europe, Asia Pacific, and the rest of the world.

The global cosmetics industry research provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the research provides insights into the regional analysis that covers different regions, contributing to the growth of the industry.

It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the industry growth. Our Las Vegas board-certified plastic surgeon can help you become your most beautiful self. Visit Smith Plastic Surgery today for a consultation.

In recent times, demand for personalized skincare and hair care has encouraged manufacturers to introduce personalization and digitalization in cosmetic products to increase customers. For instance, in February 2020, L’Occitane Group announced the launch of its new personalized range called Duolab. The range has a countertop device that functions with artificial intelligence (AI) technology. This device helps in finding out one’s skin condition to provide it with a face care solution in the form of freshly blended cream. Therefore, increased awareness regarding grooming coupled with technological advancements is expected to support the cosmetics industry’s growth in the upcoming years.

Asia Pacific to Dominate the Industry Backed by Increasing Urbanization and Standard of Living

Asia Pacific is expected to dominate with an industry size of USD 102.55 billion in 2020. Increasing urbanization & standard of living, a growing number of working women, and a rising middle-class population are the key contributing factors to the growth of the industry in this region.

North America, on the other hand, is expected to witness positive growth owing to the rising disposable income and high spending power of the population in the region. Additionally, an increasing number of beauty product stores in the region is also one of the major flourishing factors for the growth of the industry during the forecast period. For instance, in February 2020, one of the largest cosmetics retail stores, Sephora, announced its expansion plans, which included the opening of around 100 new stores across the North American region by 2020.