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 is attracting consumers.
Besides, the new trend of personalized products for a specific person, based on their hair type, skin tone & texture, eye color, is generating traction. The manufacturers are also trying to grab consumers’ attraction by coming up with sustainable packaging and chemical-free products to cater to the demand for every individual.
By category, the industry is segmented into haircare, skincare, makeup, and others. By gender, it is bifurcated into men and women. By distribution channel, it is divided into specialty stores, hype industry/super industry, online channels, and others. Finally, based on region, the industry is categorized into North America, Europe, Asia Pacific, and the rest of the world.
Customized Products to Rise Business Growth
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.
In recent times, demand for personalized skincare, hair care is promoting manufacturers on introducing personalization and digitalization in cosmetic products to increase customers. For instance, in February 2020, L’Occitane Group announced the launch of its new range of personalized range called Duolab.
The range has a countertop device that functions 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 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, the growing number of working women, and the rising middle-class population are the key contributing factors for 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 store Sephora announced its expansion plans, which included the opening of around 100 new stores across the North American region by 2020.
Key Players to Focus on Partnerships and New Launches to Strengthen Industry Growth
This industry is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its industry prospects. Below is the industry developments:
You may be wondering what the distinction between product personalization and customization is. Personalization is best thought of as dealing with personas, tailoring services or products to meet the needs of groups of people rather than individuals.
Customization does not group people together, which makes them more personalized, and possibly even unique. It’s worth noting that it’s usually not a matter of choosing between personalization and customization, but rather of taking personalization to its logical conclusion.