Cosmetic Products Market Growth, Trends and Forecasts (2021 - 2026)
|出版商||Mordor Intelligence Pvt Ltd||商品編碼||990458|
|出版日期||內容資訊||英文 120 Pages
|化妝品市場增長，趨勢和預測（2021-2026） Cosmetic Products Market Growth, Trends and Forecasts (2021 - 2026)|
|出版日期: 2021年02月01日||內容資訊: 英文 120 Pages||
The global cosmetic products market is projected to witness a CAGR of 4.36 % during the forecast period (2021 - 2026).
Inclination Toward Organic, Vegan and Cruelty-Free Cosmetic Products
In the recent years organic, cruelty-free (no animal testing), vegetarian (no byproducts of animal slaughter), and vegan (no animal ingredients at all) cosmetics market have gained increasing popularity in developed countries, and it has been finding its space in the developing market such as India, China, Brazil, etc. market. Moreover, with the advancement of vegan products, consumers are paying extra attention to not only a particular shade of lipstick that suits them but also its manufacturing process.
Owing to the above factor, in May 2014, the Ministry of Health & Family of India banned cosmetic testing, with the new rule "148-C. The prohibition of testing of cosmetics on animals was added to the existing Drugs and Cosmetics Rules, 1945. Also, in June 2020, a bill restricting the testing of personal care products on animals and the sale and import of animal-tested cosmetics passed its final vote in the Colombian SenateThe prohibition of testing of cosmetics on animals was added to the existing Drugs and Cosmetics Rules, 1945. Therefore, factor such as these are driving the sales of organic, vegan and cruelty-free cosmetics in the global market
Increasing Consumption of Cosmetic Products in Asia-Pacific
The colour cosmetics industry (including eye, facial, and lip makeup category) is the most prosperous industry in India, China and others. The local companies, such as the Shahnaz Husain Group from India, are exclusively providing herbal/ayurvedic cosmetics products, due to the prolonged health benefits it offers to the skin.
Also, the premium global brands are registering increased sales as Indian consumers move from functional items to more advanced and specialized cosmetic products. Many international brands, like Revlon, Elle18 MAC, Sephora, L'Oreal, and Oriflame, are increasing their presence further, by introducing more products in the Indian market, particularly with the convenient and attractive packaging types and vegan ingredients, in order to attract the youth in the country.
The market studied is highly competitive, with many regional small- to medium-scale players and key global players such as L'oreal SA, Estee Lauder Inc., Oriflame Group, etc.
In order to gain a competitive advantage, key players differentiate their offerings and compete on different factors, including product offerings, ingredients, packaging, price, functionality, and marketing activities.
Companies are increasing their investments in R&D and marketing, and they are expanding their distribution channels to maintain their position in the market. Moreover, companies are following strategies that include provision of products through e-commerce (own website and third parties) websites, to facilitate a larger targeted audience.