The global natural skincare market comprises a wide range of products including face creams, lotions, cleansers, essences, toners, and oils. These products are made using natural ingredients such as botanical extracts, essential oils, vitamins, antioxidants and other active ingredients that hydrate, cleanse and nourish the skin without any harsh chemicals. The rising awareness about the ill-effects of chemical-based cosmetics and growing preference for organic and natural personal care solutions among consumers have boosted the demand for natural skincare products.
The Global Cosmetology Market is estimated to be valued at US$ 136.66 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in The Cosmetology Market are 3M, Aditya Birla Management Corp. Pvt. Ltd., Atul Ltd., BASF SE, Solvay, Huntsman International LLC, Kukdo Chemical Co., Ltd., Olin Corporation, Sika AG, Nan Ya Plastics Corp., Jiangsu Sanmu Group Co., Ltd., Jubail Chemical Industries LLC, China Petrochemical & Chemical Corporation (SINOPEC), Hexion, Kolon Industries, Inc., Techstorm, and Nagase & Co., Ltd.
The growing demand for natural and organic personal care products is one of the major drivers of the market. Consumers, especially millennials, are inclined towards natural ingredients-based products due to rising health concerns related to chemical-based cosmetics. Strong online presence of major brands and influence of social media platforms have further boosted the sales of natural skincare products in recent years.
Geographically, the market is witnessing high growth in Asia Pacific and Middle East & Africa. Evolving lifestyle, increasing disposable income and growing beautyconscious youth population in developing countries are supporting the demand in these regions. Leading global players have also expanded their presence through online and offline retail partnerships to tap the demand from untapped rural markets.
Market Key Trends
One of the key trends in the Cosmetology Market is the growing popularity of vegan and cruelty-free products. Many consumers are switching to vegan brands that do not contain any animal-derived ingredients or have not been tested on animals. Brands are widely promoting their vegan and cruelty-free credentials to appeal to this growing consumer segment. Another major trend is the rise of customized skincare products developed using face mapping and artificial intelligence technology. This allows customers to get personalized product recommendations based on their specific skin concerns and needs.
Porter’s Analysis
Threat of new entrants: The cosmetology market has high capital requirements for R&D and manufacturing facilities which limits threat of new entrants. Bargaining power of buyers: The cosmetology market has many global brands and product options available, giving buyers more bargaining power. Bargaining power of suppliers: Key raw materials are commoditiesavailable from many suppliers globally, limiting suppliers’ bargaining power. Threat of new substitutes: Potential for new technologies and ingredients but regulatory and customer familiarity hurdles exist for widespread substitutions. Competitive rivalry: Fierce competition exists among major brands to develop new products and capture market share.
The geographical region where the cosmetology market is most concentrated in terms of value is Asia Pacific. North America and Western Europe are also major regional markets due to high per capita cosmetic expenditures.
The fastest growing region for the cosmetology market between 2024-2031 is expected to be Asia Pacific. Rising incomes, growing middle class populations and heightened social and beauty standards will drive cosmetic sales growth particularly in China, India and other developing economies in the region. Improved availability of multinational brands and local manufacturers expanding product lines will support market expansion.