Vegan skincare brand Biossance creates its own eco-friendly squalene, an ingredient typically taken from shark livers. To use individual functions (e.g., mark statistics as favourites, set By geography, Asia Pacific and North America dominate, accounting for more than 70% of the total market size combined. Chanel first launched Boy de Chanel in South Korea, while Shiseido said its male makeup line saw double-digit growth amid the pandemic, bolstered by Japanese businessmen in their 40s. Gen Z-focused brands such as UK-based Plenaire and Bubble have also been on the rise. maccosmetics.com Audience Demographics Audience composition can reveal a site's current market share across various audiences. Globally, the UK has the seventh-largest cosmetics market, with the US and China taking the top 2 spots. 2023 Terakeet LLC. How much is the beauty industry worth? Title. Meanwhile, tools like Essies ModiFace-powered On Hand tool and Anastasia Beverly Hills The Brow App offer applications in nail polish try-on and brow shaping. A wave of startups and corporates are developing innovative material solutions to concentrate the active ingredients in shampoo, hand soaps, and more. The report covered all the points and was very detailed. However, its hard to pin down an exact definition for clean beauty. However, chemicals used in manufacturing of cosmetic products can harm an individuals skin or other parts of the body. Hair color brand Madison Reed, which grew sales by 130% and nearly doubled its customer base in 2020, offers live virtual try-on on its website for customers to explore different shades. Below we outline a few of these markets, which are becoming integral to defining the future of inclusive beauty and that should remain a high priority for brands looking to capitalize. Growth of the dermocosmetics market compared with the global beauty market . All at once, the Covid-19 pandemic has shifted shopping and socializing online and sparked desire for self-expression and self-care; virtual try-on technology has improved; and partnerships have made the tech more widespread than ever. Jun 30, 2020. Leading beauty brands In 2020, the leading beauty manufacturer was French cosmetics company L'Oral, which recorded $33.93 billion in revenue. Hair care products is where Amazon performed best in Google, with the second highest market share. (Clients can read more about independent and corporate-owned beauty accelerators and incubators here.). After seeing the success of independent players such as vertically integrated incubator Seed Beauty, which is behind ColourPop, Kylie Cosmetics, and more big beauty corporates have followed suit with their own incubators and accelerators, with examples including: LOrals Seed Phytonutrients and Unilevers Skinsei are just a few examples of internally incubated brands. These platforms typically include tools for booking and managing appointments, showcasing their work, and accepting payments. In makeup, Amazon ranked slightly better in position five. But thanks to new on-demand technologies, beauty services are no longer tied to traditional locations. The top 10 U.S. beauty markets were up 2% compared to 2019, while the remaining U.S. was up 10% compared to pre-pandemic levels. Haircare startup Prose, for instance, recently launched a subscription service for supplements which it says can prevent hair loss and promote healthier scalps. As a result, youll create the sort of lasting relationship that often ultimately leads to a purchase. While most analog brick-and-mortar retail is staring at the fate of a video rental store, MAC Cosmetics is taking the virtual road. Pause Well-Aging focuses on menopausal skincare products that address perimenopausal concerns such as hot flashes, night sweats, and skin elasticity. sell on social commerce platforms and 48% . Perhaps more than any other industry, the beauty industry is associated with influencer marketing. According to DECA, 80% of female teens said they were willing to spend more for clean beauty. After all, Mr. Pinatel avowed passionately that MAC has always lead in inclusivity.. The Definitive Guide, 10 Content Marketing Strategies for Beauty Brands + Examples, 9 Powerful Ecommerce Content Marketing Strategies for 2022, 10 Excellent Content Marketing Examples to Inspire Your Strategy, 10 Remarkable Benefits of Content Marketing. To tap into this massive market, among others, grants and accelerators for founders of color have emerged over the past year, including Glossiers and LOrals grants to Black-owned businesses and Sephoras recent accelerator cohort, which included only founders of color. The beauty category, while not recession-proof, has fared better than many other discretionary categories in economic downturns, reflecting the relatively low price point and the connection with the product Engagement with the beauty category remains strong, despite the uncertainty many guests are experiencing today. Ulta CEO Mary Dillon, Q120 earnings call. Most interestingly, 70% of the stores consumers personalized each product they bought with the stores custom printing; a prediction I have for high-levels of gift-giving this holiday season and beyond. Many cosmetics users, especially first time buyers, look to the internet to find advice. The market is projected to grow from USD 41.85 billion in 2022 to USD 61.34 billion by 2029, exhibiting a CAGR of 5.61% during the forecast period. The Perso app crunches data on a users skin condition via an uploaded selfie, environmental conditions via location data, and user-inputted skincare concerns to dispense custom formulas through the device. Last year, LOral launched Perso, its AI-powered device to formulate and dispense personalized skincare, lipstick, and foundation. Countries around the world imposed lockdowns, and curfews, which has hugely impacted lifestyles, health & wellbeing, and affected manufacturing industries. Neutrogena, for example, put out compostable wipes. The starting place is offering customers a superior buying experience, including both the products and themselves and the purchasing process. This also helps in increasing revenue of companies operating in this industry. On the basis of gender, the women segment led, in terms of the cosmetics market size in 2019, and is expected to continue to grow with robust CAGR during the cosmetics market forecast period. Moreover, cosmetics products have witnessed prominent adoption in the developing countries such as India, owing to swift change in consumer lifestyle, increase in disposable income, and surge in need for cosmetics products derived from natural extracts. It comes with the additional cost of $2500.00 contact sales. Synthetic biotech company Amyris recently acquired a majority stake in sustainable cosmetics brand EcoFabulous the seventh clean beauty brand in its portfolio. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market growth. The global cosmetics market size was valued at $380.2 billion in 2019, and is projected to reach $463.5 billion by 2027, registering a CAGR of 5.3% from 2021 to 2027. Social media marketing is essential for beauty companies, but choosing the best platform depends on the brands target audience. A. Asia-Pacific region holds the maximum market share of the cosmetics market. 2023 Allied Market Research. Pre-assembled Student Kits are available to purchase through Customer Service . Amyris brand Pipette, which was launched in 2019, expanded into Target in February 2021. A. opens in a new window Click Here. Conversely, some brands are looking to offer consumers an alternative to doctor visits for certain issues. Companies in the space often promote a feeling good is looking good ethos. Furthermore, China represents one of the fastest-growing markets for mens beauty and grooming products. All Rights Reserved. C-beauty brands have also leveraged partnerships to gain traction beyond local markets. Author(s) : Nitesh C, Himanshu V , Roshan D, Global Opportunity Analysis and Industry Forecast, 20212027, AVON PRODUCTS, INC, KAO CORPORATION, LORAL S.A., ORIFLAME COSMETICS S.A., REVLON, INC., SHISEIDO COMPANY, LIMITED, SKIN FOOD CO., LTD., THE ESTEE LAUDER COMPANIES INC, THE PROCTER& GAMBLE COMPANY, UNILEVER PLC. As the emphasis on ingredient education grows, brands are also shifting toward ingredients backed by scientific methods or endorsed by doctors and clinical professionals to prove safety and efficacy. By gender, it is divided into men, women, and unisex. During recessions and economic downturns like the Covid-19 crisis, beauty tends to be a resilient category due to whats known as the lipstick effect consumers tendency to see beauty as an affordable, small luxury during uncertain economic times. Here, you can ask questions, get tips, join challenges, receive recommendations, etc. As a result, youll create a stronger bond between your brand and your customers. Often, though, lesser-known beauty experts who have a more dedicated, loyal, and sincere following deliver better results for brands. Meanwhile, incumbent brands like Chanel, YSL, and others are revamping their product launch and marketing strategies to attract younger shoppers. The market of Europe is characterized by the occurrence of various international cosmetic brands in countries such as France, U.K., and others. The major currents trends will shape the market in the positive side. In doing so, the incumbent is diversifying its product portfolio and catering to new segments of shoppers whether they are seeking more affordable product lines, like The Ordinary, or more expensive ones, such as La Mer skincare, also owned by Este Lauder. Social media has become a critical way for teenagers to find the trendiest products in line with their clean beauty needs and beyond edutainment for beauty and skincare products. Instead, beauty retailers are connecting the customer journey across their online and offline stores to create seamless omnichannel experiences. Even as restrictions lift, the shift to e-commerce is unlikely to reverse. The cosmetics industry has an annual growth rate of 4.75%. Individuals can share tips and tricks with one another, help solve problems, and make recommendations based on their personal experience. Since then, Western shoppers have clamored for Korean beauty products, with items like sheet masks and snail cream becoming commonplace in beauty stores. Alongside ModiFace, Perfect Corp is a leader in the space, and its tech is used by myriad beauty and tech platforms. Join 840,000+ CB Insights newsletter readers. MAC doesnt claim to have anticipated an atmosphere of heightened germ-awareness, despite their concept store lending itself to a more touch-free experience. Total global cosmetic sales in 2020 was a whopping $483 billion. }); More than a year later, Covid-19 continues to shape the space, but brands are now better equipped to deal with the seismic shift in consumer values and expectations. Beauty conglomerates and indie brands alike have tapped into this trend: LOral, Este Lauder, and Unilever have all pledged to reduce single-use packaging, while brands like Pai Skincare and HiBar are reducing virgin plastic use or moving away from plastic entirely. Use of natural ingredients such as aloe vera, tea, and black sugar in cosmetics products reduce harmful effects of products, which drives growth of the cosmetics market globally. Safety and solidarity during the Covid-19 crisis, LOral demonstrates solidity and resilience, Committed to protecting people and the planet. Last published date: 2023-04-07 According to Euromonitor International's latest research, sales of beauty and personal care in China reached $88 billion in 2021, a rise of 10% on the previous year. Looking ahead, expect functional fragrances to be incorporated into more beauty products and categories, including experiential beauty offerings such as spas and wellness hotels. MAC Shanghai custom 3D prints eyeshadow palettes for customers, for example, while Shespoke has developed software that allows it to manufacture custom-mixed lipsticks at scale.
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