The huge demand for cosmetics is influenced by awareness among people about the benefits of cosmetics for their skin and hair which uplifted their average expenditure on cosmetics. Moreover, the increasing trend for sun care products, night skin repair creams, fresh face mists is likely to boost demand for cosmetic products in future, hence, paving a way for the growth in the market during the forecast period 2021-2026.
Based on the Product Category segment, the skincare category is expected to grow the fastest during the forecast period. Many of the skin concerns such as pollution, sun protection, workplace stress reaching near-epidemic levels is driving the interest in skincare products. Moreover, there is a growing desire for health-promoting and self-care products, as well as the ability of social media to empower and inform consumers more quickly, and, perhaps most importantly, the ability of new technology to simplify the unusually complex choices consumers face when dealing with skincare brands.
Growth in the Online Market
The online segment is expected to grow at the fastest rate during the forecast period. The advantages of e-commerce have benefited not only businesses but also customers in terms of cost and a wide range of possibilities. Furthermore, the internet distribution method has attracted new customers with surging demand for cosmetics worldwide. The rising fashion and entertainment industries in major and emerging countries including the United States, France, and South Korea have boosted the demand for cosmetics. Furthermore, the internet distribution method has attracted new customers with surging demand for cosmetics worldwide. The rising fashion and entertainment industries in major and emerging countries including the United States, France, and South Korea have boosted the demand for cosmetics. While consumers in large metros are opting for online retail and e-commerce for most of their purchases, the trend is slowly penetrating in non-metro cities as well.
Vegan Beauty Industry
The cruelty-free and vegan beauty industry is reaching new heights, according to a new market study. Vegan Cosmetics Market will reach an estimated valuation of USD 23.60 billion by 2027, while registering this growth at a rate of 6.52% for the forecast period of 2020 to 2027. Advancement in the cosmetic industry is expected to create new opportunity for the market. Colloquially, ‘vegan’ and ‘cruelty-free’ are often used interchangeably, despite the fact that they mean different things.
There is a shift in the beauty industry driven by ethically-conscious consumers demanding vegan products. In the UK, vegan beauty product’s sales increased by 38% in 2018. And, 56% of UK consumers are adopting vegan buying behaviours.
Rising awareness is driving consumers to demand beauty products that are not only vegan but also cruelty-free. There has been increased awareness on vanity animal testing causing consumers to turn away from unethical brands. In “best case scenarios”, brands have completely transformed themselves.
Such awareness is impacting purchase behaviours and product development. Brands offering vegan products are now marketing them more clearly by product labelling, signage, or official certification. The article states the need for disruptive innovation in the category to challenge big brands and inspire others.
Cruelty-free cosmetics are those which have not been tested on animals, but they can include animal ingredients. For instance, beeswax, lanolin (derived from wool), or dairy may appear on the ingredient lists of cruelty-free products. The definitive meaning of vegan cosmetics is less clear. In 2019, the New York Times reported that ‘it’s possible for a vegan item to have been tested on an animal and a cruelty-free product to contain animal ingredients’. However, many certifiers disagree. BIORIUS, for example, monitors the regulatory compliance of cosmetics brands across Europe.
The company only offers its vegan certification to products which contain no animal ingredients or genetically modified organisms involving animal genes. Further, animal testing must not be used for any of the ingredients or for the final product.
An international Vegan Cosmetics Market report takes into consideration key market dynamics of the sector. The current market scenario and future prospects of the sector have also been examined here. Further, it presents the company profile, product specifications, production value, contact information of manufacturer and market shares for company. All the numerical data included in the report is backed up by excellent tools such as SWOT analysis, Porter’s Five Forces Analysis and others. The statistics are signified in graphical and tabular format for a clear understanding on facts and figures. The comprehensive Vegan Cosmetics Market report also analyses emerging trends along with major drivers, challenges and opportunities in the market.
Growing Demand for Anti-Acne Cosmetics
The growing demand for Anti-Acne Cosmetics, owing to increasing skin issues among youths. The negative social stigma related to acne and the increasing consumption of cosmetics products by men as well as women, from the emerging economies, are the major variables driving the market development. With rising awareness about personal hygiene globally, the cosmetics industry is estimated to expand in the near future. Increasing appearance consciousness among consumers is fuelling the growth of the cosmetic industry.
One of the market’s primary drivers is the rising demand for cosmetic products owing to the increasing concerns related to skin problems and self-consciousness about appearance. Increasing pollution and unhealthy lifestyles have driven adoption of cosmetic products across the globe. The increasing number of working women population is ensuing high demand for anti-acne cosmetic products. Women employees working across different industries are concerned about their appearance, which is expected to drive demand for anti-acne cosmetics.
Anti-acne cosmetics are the type of cosmetics used to reduce acne on the skin, which is a chronic skin disorder that causes pimples and spots on the face, back, neck, or shoulders. Acne is a very common skin problem among adolescents and the main cause of seeing a dermatologist. Acne appears when hair follicles become persisted with dead skin cells and oil. Anti-acne cosmetics include different products such as skincare facial cleansers, toners, face masks, moisturizers, emulsions, and other spot treatment products.
Global Anti-Acne Cosmetics Market is classified on the basis of Product into Mask, Creams & Lotions, Cleansers & Toners, and Others. Based on end-user, the global Anti-Acne Cosmetics Market is fragmented into Men and Women. Global Anti-Acne Cosmetics Market is classified on the basis of Distribution Channels into Online, Hypermarkets/Supermarkets, Specialty Stores, and Departmental Stores.
Growth in Packaging and Label Needs
Along side these rising trends in cosmetics we’ll see the growth of packaging and labels needs. The global cosmetic packaging market size was USD 29.81 billion in 2020. The market is projected to grow from USD 30.98 billion in 2021 to USD 40.96 billion in 2028 at a CAGR of 4.1% during the 2021-2028 period. This information is stated by Fortune Business Insights™ in its report titled, “Cosmetic Packaging Market, 2021-2028.”
Cosmetics packaging plays an essential part in the promotion and advertising of several cosmetics products by enticing consumer attention. Numerous graphical and packaging designs are crucial to make cosmetics packaging seem attractive. The COVID-19 pandemic led to various disruptions, including widespread economic instability. Consequently, consumer spending on non-essential items including cosmetics experienced a decline during 2020. In addition, with the majority of consumers staying at home due to lockdowns, the use of cosmetics dropped considerably. As a result, shifting preferences of consumers and changing purchasing behaviors impacted cosmetics demand globally, affecting the demand for cosmetics packaging.
The global cosmetic packaging and labelling market is projected to grow from $30.98 billion in 2021 to $40.96 billion in 2028. The demand for eco-friendly Cosmetic Packaging solutions is substantially increasing with increasing consumer awareness toward the environment. Customers have become more conscious in choosing packaging and products that endorse eco-friendly or ‘green’ packaging solutions. As a result, green packaging is no longer a fringe to the industry and manufacturers are buckling up to increase the amount of green packaging solutions in this industry. This transformation is driven by the outrage amongst consumers, as the hazards of conventional packaging are being reported. Moreover, lawmakers are keen on the implementation of stringent environmental norms which is compelling packaging manufacturers to adopt and invent green packaging solution for various industries.
The cosmetics industry is expanding rapidly across developed as well as developing countries. Rise in disposable incomes of consumers and shifting preference towards premium beauty and cosmetics products is a key trend worldwide. Consumers are increasingly choosing cosmetics with green, organic and cleaner ingredients. While cosmetics brands design better products, they are also branding their products smartly through innovative packaging to attract more and more consumers.
Lucrative Digital Opportunities Amid Growing Call for Environmental Concerns
Digital transformation is creating lucrative opportunities as more consumers become aware about the different products availability in the market through social media and online platforms. Due to rapid digital transformation, the competition in the customized and specialized Cosmetic Packaging space is rapidly heating up. Emerging cosmetic brands are adopting innovative packaging solutions to expand their market presence and gain a competitive advantage over established players.
Plastics are the most widely used packaging material in this industry and most of it is dumped into landfills. According to EPA (United States Environmental Protection Agency), approximately 70% of the plastic waste generated by the cosmetics market is not recycled, leading its way to the landfills.
Moreover, most of the primary packaging are made of single use plastic paper and a significant number amongst them are multilayered to make them look premium, which adds to the excessive wastage of plastics. Further, it was found that micro beads, small plastic particles that are added to exfoliate in rinse-off personal care products, causing serious damage to the marine environment and other water bodies.
As a result, in 2014 Personal Care Products Council (PCPC) announced phase-out of micro beads in the U.S. and same action was taken in Europe in 2015. As of today many countries have banned the use of micro beads in cosmetics. These countries include Taiwan, UK, France, Canada, New Zealand, Italy, Sweden, South Africa and many others. This showcases the increasing awareness on the usage of plastics in formulations as well as packaging across the world and changing consumer preferences
Based on material, the global market is divided into glass, paper & board, plastic, metal and others. Glass packaging accounts for a significant share in the market owing to its relatively high cost as compared to other packaging materials and the high adoption in luxury packaging segment. Glass provides a premium look to the product and is also considered to be an eco-friendly packaging solution as it can be easily recycled. Furthermore, materials such as paper & board and metal are expected to witness slight high growth in terms of volumes and value over plastics, as a result of changing consumer preference. Paper & board-based packaging is the fastest growing segment. Hot stamping and lamination added significantly to the luxury appeal offered by paper based secondary packaging.
With increasing demand and utilization of highly versatile Cosmetic Packaging, leading brands such as Amcor, ALPLA Group, and Berlin Packaging are expanding their production capacity.
Key market players are accelerating R&D efforts to develop better-quality packaging solutions built to meet the specific requirements of the cosmetics industry. With evolving trends in beauty & cosmetics, companies are forming strategic alliances to further elevate R&D efforts and expand their presence in the rapidly growing market.
The major players covered in the cosmetic skin care market report are L’Oréal, Unilever, New Avon Company, Estée Lauder Companies, Espa, THE BODY SHOP INTERNATIONAL LIMITED, Shiseido Co.,Ltd., Coty Inc., Bo International, A One Cosmetics Products, Lancôme, Clinique Laboratories, llc., Galderma Laboratories, L.P., AVON Beauty Products India Pvt Ltd, Nutriglow Cosmetics Pvt. Ltd, Shree Cosmetics Ltd, Kao Corporation, Johnson & Johnson Services, Inc., Procter & Gamble, and Beiersdorf, among other domestic and global players. It’s important to know who the major players are and follow their lead, if they are being responsible leaders in the cosmetic industry.
