Global Cosmetic Overview
In 2017, the Global Cosmetic Market was valued at USD 532.43 billion. The value is projected to increase to USD 805.61 billion by 2023, registering a CAGR of 7.15% during 2018-2023. The continuing and growing usage of cosmetics products by women, and increasingly by men across the world is the reason why the sales of cosmetics to maintain at a certain volume .
According to a research by Ibis World (2017), the global cosmetics market in 2016 may be determined by five (5) indicators :
1) Manufacturing industry revenue
2) Industry breakdown by type
3) Market share by region
4) Major player in cosmetics manufacturing by market share
5) Distribution channel
Furthermore, the main driver that will accelerate the global cosmetics market is aging population and longer life expectancy . The world population over 60 years is expected to reach 2.09 billion in 2050. Rapidly aging demographics has led to a robust demand for anti-aging products to prevent wrinkles, age spots, dry skin, uneven skin tone, and even hair damages, creating room for new innovations in cosmetics, thus boosting the industry growth. Strong desire among men and women to retain youthful appearances has groomed and nurtured the cosmetics industry, worldwide.
1)Orbis Research (2018), Global Cosmetics Products Market Analysis of Growth, Trends and Forecasts (2018 – 2023)
2)Ibisworld (2017), Global Cosmetics Manufacturing Industry Market Research Report.
3)Orbis Research (2018), Global Cosmetics Products Market Analysis of Growth, Trends and Forecasts (2018 – 2023)