Thus, companies are increasingly focusing on online marketing campaigns that can increase their revenues with low investments. Cosmetic products, such as skin care, hair care, and fragrances are the most-sold products online. Smartphone shipments increased to 1.53 billion in 2017, and is expected to grow till the end of the forecast period, thus increasing the e-commerce market. Notably, the share of elderly people for cosmetic products is on rise.Į-commerce as a Distribution Channel is Expected to Grow Rapidly Whereas for men, the expected increase for men in the corresponding period is from 78.4 to 83.6 years. The life expectancy for women is predicted to rise from 82.8 years in 2005 to 86.3 years in 2050. Rapidly aging demographics has led to a robust demand for anti-aging products in order 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.īy 2050, the population over 60 years of age is expected to reach 2.09 billion. Strong desire among men and women to retain youthful appearances has groomed and nurtured the cosmetics industry, worldwide. Over the past two decades, declining fertility and mortality rates have resulted in a rise in the aging population, globally. This is because of continuing and growing usage of products by women, and increasingly by men across the world.Īging Population is the Major Driver for the Market However, one can count on the sales of cosmetics to maintain a certain volume overall. Overall sales are affected in the event of an economic downturn. The cosmetics or beauty products industry, globally, is one sector which remains impervious to the ups and downs. The study also emphasizes on various distribution channels, such as direct selling, supermarkets, specialty stores, pharmacies, and salons.īrowse the full report on cosmetic products market The scope of the report is limited to various products, like hair care, skin care, oral care, color cosmetic, fragrances, soaps and shower gels, and sun care products. Dallas United States - Ma/MarketersMEDIA/ - The global cosmetic products market was valued at USD 532.43 billion in 2017, and is expected to reach a market value of USD 805.61 billion by 2023, registering a CAGR of 7.14% during 2018-2023.
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