For instance, in October 2022, Earth Rhythm announced its entry into the offline retail market with the launch of 12 kiosks in India's Tier 1 and Tier 2 cities, New Delhi, Chennai, Chandigarh, Raipur, Bangalore, Mumbai, and Dehradun. T&C*. 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. The company raised a $4M seed round in May 2021. Already popular in Asia, the trend of food, supplements, or drinks promising beauty benefits has continued to pick up steam. LOral has been a pioneer in social commerce through the years, including livestream shopping. Black dermatologists make up just 3% of the field in the US, which has marked effects on beauty product development. Despite their momentum, companies tying beauty to overall well-being face challenges around perceptions of effectiveness and trust. Propelling this growth were the 4.7 million non-prestige beauty shoppers who have begun purchasing in the prestige category. Which region held the highest market position in 2021? The online channel for beauty in the U.S. grew by 5.6% in 2020, while off-line sales contracted by 1.2% in the same year. Sustainability is a hot topic across virtually every sector, but its become a particularly important conversation within CPG, an industry with replenishable products historically featuring single-use packaging. According to perspective of top-level CXOs, innovation is the key for growth of the cosmetics market, in terms of value sales. An Infographic Representation of Makeup Market, To get information on various segments, share your queries with us. By combining its Beauty Board, Beauty Talk, and Ratings and Reviews, Sephora has nurtured a cohesive and immersive environment for its customers. Privacy Policy. We value them as a research company worthy of building long-term relationships., Well done Fortune Business Insights! Four of the top five skincare market share holders are online publishers. You need at least a Starter Account to use this feature. The 6 Biggest Issues Facing the $532 Billion Beauty Industry The beauty industry experienced deep pain over the past year as it saw some big shifts. C PRO Student Program. Virtual try-on tech leverages augmented reality to allow shoppers to test how different beauty products will look without needing to reach for the makeup remover wipes afterward. Some companies are simply revamping their labels to highlight clinical results. While this type of content marketing is relatively new, its going to be increasingly important this year and coming years. C-beauty brands have also leveraged partnerships to gain traction beyond local markets. At checkout, customers scan their wristbands and receive their items immediately. 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. Its AI Skin Diagnostic tool leverages AI-powered algorithms to analyze a users skin across dimensions including wrinkles, redness, oiliness, texture, and more to make personalized skincare product recommendations. However, the ultimate impact of these products will depend on how much consumers are willing to change their routines to adapt to these new formats, which may not be as convenient as traditional water-based products. At what CAGR is the market projected to grow in the forecast period (2022-2029)? As natural beauty ingredients are gaining popularity, the need for natural preservatives is also rising, resulting in research opportunities for organic and natural constituents. Start reading instantly.This Report and over 29,716+ more Reports, Available with Avenue Library. Moreover, increase in urbanization, rise in working class population, and competitive pricing boosts popularity of hypermarkets in developed and the developing region. Rising Awareness Regarding Adverse Effects of Chemical Formulations to Hamper Product Sales. In spite of an unprecedented crisis of supply in 2020, the global cosmetics market is a dynamic market which saw a significant recovery in the second half, driven by strong consumer demand. The base year calculated in the cosmetics market report is 2019. At the same time, beauty companies are looking to master voice-based shopping to ensure their brands remain top of mind for consumers. Here are just a handful of content marketing examples to consider for your strategy. Beauty brands are increasingly learning how to use social media channels for actual sales. But its place in the beauty world is more secure than ever. 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. Vegan skincare brand Biossance creates its own eco-friendly squalene, an ingredient typically taken from shark livers. Plus, keep in mind that roughly 70% of the clicks in Google go to the organic listings. In October 2018, MAC Cosmetics launched matte Powder Kiss lipsticks in different shades. When we zoom in to examine 109 product-related keywords within the Skincare market (which represent 4.64 million annual Google searches in the U.S.), six of the top 10 Google search results are publishers or blogs. For example, D2C cosmetics brand. It certainly looks that way. to incorporate the statistic into your presentation at any time. The top six market share holders for informational searches are publications. The approach is already popular in Asia, but it has started to make inroads in markets like the US. Labor shortages in factories and logistics operations due to the pandemic continue to have a serious impact on supply chains around the world. Male grooming has expanded beyond face washes, moisturizers, and basic hygiene products to include eye creams, face masks, sunscreen, makeup, and more over the past few decades. China - Cosmetics and Toiletries Industry In February 2021, biotech beauty company Codex Beauty Labs announced a new labeling strategy to include clinical efficacy data on packaging for all its skincare products. But, why is the beauty industry growing? In 2020, the cosmetics market was named the third-largest market operating in the UK. Across the skincare queries that Terakeet examined, Amazon ranked eighth in organic market share. Myro and By Humankind allow users to refill deodorant, while Kjaer Weis and Asa Beauty allow consumers to restock makeup. Some beauty brands are exploring more creative solutions, using materials like mushrooms, wood pulp, or agar. Beauty sales declined as much as 30% in the first half of the year, according to McKinsey. The beauty industry is a behemoth that shows no signs of slowing in growth. The beauty industry has been awash with incubators in recent years. Each in-store experience is based on community and a feeling of hyper-local branding. Big beauty corporates are also attempting to penetrate new markets, especially in South Asia and Africa. LOral is looking to bring it to 10,000 salons in coming years and says it can save up to 80% of water used in rinsings. Many key manufacturers such as L'Oral S.A., Este Lauder Companies, Honasa Consumer Private Limited, and others in this industry also shifted their production toward natural cosmetic products. While product personalization isnt a new trend, beauty brands are continuing to adopt new tech and refine their methods to create more customized formulations for consumers from tailor-made lip color to individualized hair treatment. Meanwhile, incumbent brands like Chanel, YSL, and others are revamping their product launch and marketing strategies to attract younger shoppers. Also, the COVID-19 crisis restricted supply chains in every industry, including fashion and cosmetics. Other companies in the space are developing devices for spa services at home, for example: But the movement isnt limited to cosmetic services its also expanding to wellness. Historically, the lions share of beauty products have been purchased in brick-and-mortar stores, but thats changing rapidly, with online sales projected to make up 48% of the total by 2023. A look at how skincare valuation multiples are faring. Darker skin reacts differently to skin conditions like acne, eczema, and keloids, and is more susceptible to hyperpigmentation due to higher amounts of melanin. For instance, in May 2021, Huda Beauty, a cosmetic brand headquartered in Dubai, UAE, announced the launch of its new cosmetic collection, GloWish. Supply Chain Disruptions Due to the Pandemic Affected the Market Growth. Copyright 2023 CB Information Services, Inc. All rights reserved. Este Lauder purchased a majority stake in Deciem at a $2.2B valuation in February 2021. And even among more product-focused searches, informational websites like Allure, Good Housekeeping, and Byrdie performed well. Going forward, expect to see beauty brands and tech giants alike turn to virtual try-on to gather shopper data and make more personalized product recommendations. 2020 Annual Report. Source: Codex Beauty. Join 840,000+ CB Insights newsletter readers. All Rights Reserved. These keywords span three vital markets, including skincare, makeup, and hair care. Growth of the dermocosmetics market compared with the global beauty market . This includes Asian beauty markets like China, which is a hotbed for virtual beauty thanks to its advanced mobile technologies and tech giants. Mac Cosmetics brand awareness, usage, popularity, loyalty, and buzz among beauty and health online shop users in the United States in 2022 [Graph]. Consumers are continuing to realize that not all synthetic ingredients are detrimental, and that biosynthetic ingredients offer a viable, more sustainable alternative. How much is the beauty industry worth? 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. In makeup, examples include Fenty and Milk Makeup, as well as indie startups like Fluide and Jecca Blac. Some companies are also introducing waterless or water-reduced initiatives to salons. The largest age group of visitors are 25 - 34 year olds (Desktop). Jun 30, 2021. Ultimately, AR is no longer a gimmick, but a proven technology integral to beauty shoppers experiences, both online and in the store. Furthermore, China represents one of the fastest-growing markets for mens beauty and grooming products. Presently, cosmetics have become an indispensable feature of modern lifestyle of individuals. Each virtual look is created based on whats trending and popular near each respective store. Brand representatives can also interact with group members, answering questions, addressing any problems that arise, and even getting feedback on various topics. In recent years, homegrown beauty brands such as Perfect Diary, Florasis, and Judydoll have emerged to address native demand in the second-largest market for makeup. Source: Alizila. The ModiFace app uses AI to scrape and analyze images and descriptions of products from brands and social media posts to produce a more realistic augmented reality (AR) projection on users. As a result, brands are shifting focus away from highlighting natural ingredients and toward transparency and educating consumers on the ingredients they include or leave out. Here, you can ask questions, get tips, join challenges, receive recommendations, etc. Innovative strategies such as new product launches with natural ingredients and appealing packaging have been adopted by manufacturing companies to increase sales of their cosmetics products. Porters five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplierbuyer network. Macerich stock price target cut to $11 from $30 at J.P. Morgan. Similarly, cosmetics brand Kiko Milano opened a concept store in Italy in 2016 featuring in-store technology from Mercaux. A wave of startups and corporates are developing innovative material solutions to concentrate the active ingredients in shampoo, hand soaps, and more. "Mac Cosmetics Brand Awareness, Usage, Popularity, Loyalty, and Buzz among Beauty and Health Online Shop Users in The United States in 2022. Meanwhile, unicorn Zenoti, which raised $160M in Series D funding earlier this year, provides services management software for salons in over 50 countries. Overall, the online channel for beauty in the U.S. grew by 5.6% in 2020, whereas the offline channel contracted by 1.2%, according to Statista. We cater to it all., MAC COSMETICS INNOVATION LAB QUEENS CENTER. Several brands are experimenting with biosynthetic ingredients: Beauty conglomerates have been active in developing biotechnology partnerships as well. "Assisting You in Establishing Data Driven Brands", Region : Global | Format: PDF | Report ID: FBI102587. This digital marketing channel is especially effective when combined with SEO. The dermocosmetics market 2020 The only cosmetics market that recorded growth in 2020. The rising popularity of powder foundations among young users who demand light coverage is driving segmental growth. Apart from this, the online segment is anticipated to hold the fastest growing CAGR during the forecast period owing to the rapid boom of e-portals during 2020. Growth of the dermocosmetics market compared with the global beauty market., proportion of e-commerce in the beauty market compared with 14% in 2019. In makeup, Amazon ranked slightly better in position five. Companies like OmeCares OmeSkin, Alll, Skinshift, and others are offering beauty-focused DNA testing kits, which can curate product recommendations or branded, personalized products based on users genomic skin traits. Other alternatives include paper and fiber-based packaging being developed by early-stage companies like Paboco, Paper Water Bottle, and Ecologic. Presently, along with women, there is a rise in use of cosmetics among men in their daily routine, which complements growth of the global cosmetics market demand. A Forrester study found that 77% of consumers have chosen, recommended, or paid more for a brand that provides a personalized service or experience, while Accenture found that 75% of consumers are more likely to make a purchase when recommendations are personalized to them, propelling the push for brands to personalize and differentiate offerings. The MAC Cosmetics Black Friday sale is an awesome way to get quality makeup at a discounted price point. Based on geography, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. According to the brand, the collection is cruelty-free and vegan, with sustainable packaging and ingredients. Removing water from product design and shipping is a key emerging theme across beauty brands efforts to improve operational sustainability. The only cosmetics market that recorded growth in 2020. Hence, sustainability has become a priority across all industries. The coronavirus crisis has acted as a catalyst in the adoption of augmented and virtual reality to facilitate the shopping experience: 20% of retailers in the United States now want to offer virtual try-ons, compared with 8% before the crisis. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. Remarkable job and great efforts by your research team. Revenue of the cosmetic & beauty industry in the U.S. 2002-2022, Value of the leading global textile exporters in 2021, by country, Vegetable oils: global consumption 2013/14 to 2022/23, by oil type, Cocoa bean production worldwide 2020/2021-2022/2023, by country, World coffee per capita consumption: major consumer countries 2015, Cosmetics industry in the U.S. - statistics & facts, To access this forecast, you need one of our, Research Manager Consumer & Business Insights, Profit from additional features with an Employee Account.
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