Cosmetics Market Worth to Cross a Value of $367.69Bn Globally by 2030 - Exclusive Report by The Insight Partners

Grand News Network | November 7, 2023

Pune, India, Nov. 07, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Cosmetics Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type, Category, Distribution Channel, and Geography," the cosmetics market is expected to grow from $262.21 billion in 2022 to $367.69 billion by 2030; it is estimated to grow at a CAGR of 4.6% from 2022 to 2030.

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Cosmetic product manufacturers and end users across the globe are investing significantly in strategic initiatives such as product innovation, expansion, and mergers & acquisitions of their businesses to attract large number of consumers and enhance their market position. To maintain their strategic position in the market, key players are investing significantly in the quality enhancement of various cosmetics. People face various skin-related problems such as rashes, acne, and sensitivity in many regions owing to environmental conditions like UV rays, deserts, and pollution. Thus, manufacturers are launching products with hydrating properties. For instance, in June 2022, Biologi, an Australian clean cosmeceutical business, unveiled an anti-pollution serum with a wild-harvested extract containing vitamin C, niacinamide, and salicylic acid.

Moreover, the demand for anti-aging creams for younger skin is increasing. The market players are adopting innovative strategies such as product innovations, mergers, and acquisitions to strengthen their position in the anti-aging segment. In September 2022, L'Oréal signed an agreement to acquire SkinBetter Science, a physician-dispensed American skincare brand. Skinbetter Science is known for formulating innovative products with active ingredients for anti-aging, moisturizing, cleansing, exfoliating, skin peeling, and sun protection. Such product innovation by key players helps to create a strong foothold in the cosmetics market.

The increasing prevalence of skin diseases caused by synthetic ingredients in beauty products and cosmetics fuels the demand for organic skin care products. Thus, manufacturers are launching different organic skin care products. For instance, Lady Green – an organic beauty brand based in France, launched a range of organic makeup and face care products, including face wash, face cream, mascara, and BB cream, for blemished, acne-prone skin in February 2021. Such product innovation increases the demand for organic and natural skin care products, which is expected to boost the cosmetics market share in the forecast period.

Moreover, Key market players are expanding their presence in various countries to cater to the increasing demand by collaborating with other companies or acquiring other businesses. In January 2022, Procter & Gamble acquired the US-based luxury skincare brand Tula. Tula is a ...

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