The global cosmetics market is anticipated to reach $429.8 billion by 2022, registering a CAGR of 4.3% throughout the forecast period from 2016-2022.
Cosmetics are defined as care substances used to enhance the appearance or odor of the human body. This may include hair care, nail care, color cosmetics like makeup, oral care, perfume and deodorants.
What is driving the cosmetics market?
Most of the market’s success can be attributed to an aging population. “Strong desire among men and women to retain youthful appearances has groomed and nurtured the cosmetics industry, worldwide,” says Mordor Intelligence. The population of people over the age of 60 is expected to reach 2.09 billion by the year 2050, prompting more activity in the cosmetics market.
The rise of the internet and social media has also attributed to a substantial increase in the cosmetics market. In fact, cosmetic products are the most-sold products online. Marketing online is a small investment for companies and ordering online is an easy alternative to in-person shopping, making it a win-win for both the business and the consumer.