Cosmetics Market 2030: Unveiling North America's Beauty Trends

The global cosmetics market was valued at approximately USD 295.95 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2030. A significant driver behind this market growth is the growing awareness among consumers about the importance of improving their personal appearance. Within this trend, millennials are particularly focused on skincare, color cosmetics, and hair care products, which have become integral parts of their everyday grooming routines. Moreover, the rise in demand for cosmetics containing natural, non-toxic, and organic ingredients has also played a crucial role in boosting market expansion.

Personal care products (PCPs) are widely used for various purposes such as personal hygiene, grooming, cleaning, and enhancing one’s overall appearance. This broad category includes a diverse array of products, such as hair and skincare products, UV protection creams, facial cleansers, insect repellents, fragrances, perfumes, soaps, detergents, shampoos, conditioners, and toothpaste.

Gather more insights about the market drivers, restrains and growth of the Global Cosmetics Market

Regional Insights

The cosmetics market in North America accounted for 23.8% of global revenue in 2023. This market share is driven by the increasing number of consumers who are highly conscious of their appearance and a growing trend of cosmetic product adoption, particularly among middle- and high-income groups. The region benefits from the presence of well-established companies such as Procter & Gamble and Unilever, which have a strong foothold in the market. Additionally, the expanding number of retail outlets and e-commerce platforms offering beauty products is expected to further boost market growth in North America.

U.S. Cosmetics Market Trends

The U.S. cosmetics market is expected to grow at a CAGR of 6.1% from 2024 to 2030. This growth is largely driven by a combination of factors, including the growing desire for self-enhancement, the influence of societal beauty standards, and the significant impact of media and social platforms, which promote beauty trends and cosmetic products. Additionally, the cosmetics market in the U.S. offers a wide variety of products, allowing consumers to explore personal expression and creativity through makeup, skincare, and other beauty items, which further fuels the sector's popularity.

Europe Cosmetics Market Trends

Technological advancements, such as augmented reality (AR) for virtual makeup try-ons and apps for skincare analysis, have significantly enhanced the consumer shopping experience in Europe, driving demand for innovative cosmetic products. For example, in July 2022, U.S.-based Proven Skincare expanded its operations into the European Union and the U.K., employing artificial intelligence (AI) and big data to develop a unique five-product skincare line. The company uses its exclusive Skin Genome Project, a comprehensive beauty database, to offer personalized skincare solutions, reflecting the growing trend of tailored beauty products in the region.

Asia Pacific Cosmetics Market Trends

The Asia Pacific region held the largest market share of 45% in 2023, driven by a variety of factors, including a growing global awareness of environmental issues. Many consumers in Asia are increasingly seeking sustainable and eco-friendly alternatives in their beauty products. As a result, cosmetic brands across the region are incorporating a range of natural ingredients, such as green tea, ginseng, rice, aloe vera, and other botanical extracts, in response to consumer demand for products that are both sustainable and holistic. These ingredients are seen as not only beneficial for skin health but also aligned with environmental values, making them highly popular in the Asian beauty market.

Browse through Grand View Research's Homecare & Décor Industry Research Reports.

Key Cosmetics Company Insights

The market features both established global firms and emerging players. Key industry leaders prioritize product innovation, differentiation, and distinctive designs in line with evolving consumer preferences. Leveraging extensive global distribution networks, these major players effectively reach diverse customer bases and tap into emerging markets.

Key Cosmetics Companies:

The following are the leading companies in the cosmetics market. These companies collectively hold the largest market share and dictate industry trends.

  • Coty Inc.
  • L’Oréal Group
  • Estee Lauder Companies, Inc.
  • Revlon Consumer Products LLC
  • Avon Products, Inc.
  • Unilever
  • Company 7
  • Godrej Group
  • Procter & Gamble
  • Beiersdorf AG
  • Henkel AG & Co KGaA
  • Kao Corporation
  • Hoyu Co., Ltd.

Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.

Comments

Post a Comment

Popular posts from this blog

India Electric Vehicle Market Competitive Landscape Report to 2028

Image
India Electric Vehicle Industry Overview The India electric vehicle market size was valued at USD 220.1 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 94.4% from 2021 to 2030. The attractive incentives being offered by the Indian government on the production and purchase of electric vehicles to encourage the adoption of electric vehicles are anticipated to drive the growth of the market over the forecast period. The outbreak of the COVID-19 pandemic triggered a significant decline in the overall sales of passenger and commercial vehicles in 2020. However, the sales of electric vehicles in India remained unaffected. The post-lockdown sale of pure and hybrid electric vehicles is a prominent driving factor for the electric vehicle market in India. The stringent GreenHouse gas (GHG) emission norms drafted by the government, such as the Bharat Stage (BS) VI emission standards introduced by India’s Ministry of Road Transport and Highways (MoRTH), are a
Read more

LiDAR Market Historical Data & Forecasts 2030

Image
LiDAR Industry Overview The global LiDAR market size was valued at USD 1.81 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.8% from 2022 to 2030. The technological advancements in spatial resolution of LiDAR-based digital terrain models are providing better accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways. The growth of the market is attributed to the rising automation in LiDAR to reduce human efforts and increase efficiency. Gather more insights about the market drivers, restrains and growth of the Global LiDAR Market   The rising demand for 3D imagery in application areas such as military & defense, topographical surveys, civil engineering, and corridor mapping is expected to drive the market growth over the forecast period. Textured 3D imagery is applied in applications such as 3D mapping, city planning, and corridor mapping. The installation of advanced
Read more

Cyber Security Market 2030 - Advanced Solutions for Modern Businesses

Image
Data breaches, malware, and hacking attempts are all too common, forcing businesses and individuals to prioritize cybersecurity market  trends. The internet has become an essential part of our lives, and with it comes the ever-present threat of cyberattacks. Within the struggles of integrity, privacy, and trust, the domain of cybersecurity thrives with firewalls, encryption keys, and neural networks that safeguard our interconnected existence. The Market Landscape This blog explains the core of the cybersecurity market, examining its growth, challenges, and the valiant defenders who shield the virtual world. Numbers Beyond 0 & 1: The global cyber security market is no mere niche; it’s a thriving ecosystem fueled by relentless innovation and escalating threats. According to recent reports, here are the key figures: In 2023, the market was estimated at a staggering  USD 222.66 billion , growing at a projected compound annual growth rate of 12.3% from 2024 to 2030. By 2030, th
Read more