Global Cosmetics Market
The Global Cosmetics market is expected to garnet $429.8 Billion by 2022, registering a CAGR of 4.3 % during the forecast period 2016-2022. Top factors impacting Global Cosmetics market.
Improvement in the current lifestyles of the individuals is majorly affecting the cosmetics market. Rising demand for natural, herbal and organic beauty products creates potential opportunities for manufacturers to innovate and develop new products in accordance to consumer preferences, Mens, and Organics and Herbal Cosmetics segments will grow.
Rising GDPs of all the regions
During recession 2007-2009, there was an overall global rise in GDP and economies across various regions. The cosmetics industry is resistant to economic downturns and poised for even more growth. In today's environment of rising per-capita incomes the beauty business is booming.
India's cosmetics market is growing with a CAGR of 17% over a five year period. India is the third largest economy in the world. The Indian Economy is growing by 7.6 percent, The Beauty Sector is slated to be USD 17 Billion by 2020. And it is the Budget or the Mass Brands which have a more attractive appeal in the market. Modi Revlon Pvt Ltd, launched Color Rich in 2014 to reach 50,000 doors in India. Make-up is a bigger focus than Skin-care, as by and large the Indian Consumer Market is young and Skincare doesn't have a super significant appeal. Online Channels is also an interest avenue of sale. Social Platforms and influencers and beauty blogs reach out to a young audience, which wants to experiment with nail or shimmer eyes with a good quality and good price value proposition.
Written by Simrita Dhillon.