Cosmetology is the branch of science that deals with the beautification and improvement of the skin, hair, and nails using natural and synthetic products. The key products in the cosmetology market include hair care products, skin care products, makeup products, and nail care products. Cosmetology products provide various benefits such as improved skin texture and tone, enhanced hair quality and growth, longer-lasting makeup and protection from external environmental damage. The growing focus on personal appearance and rising disposable income levels have been fueling the demand for diverse range of cosmetology products globally.

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 include 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 cosmetic products is expected to drive the market during the forecast period. Consumers are increasingly looking for cosmetics made from plant-based ingredients without harsh chemicals due to rising health concerns.

Technological advancements are aiding in development of novel ingredients, delivery systems and formulations. Features such as anti-ageing, skin brightening, moisture retention and SPF protection are being delivered through advanced delivery systems and nanotechnology.

Market Trends
Rise of customized/ personalized cosmetic products: Cosmetics companies are focusing on customized products developed based on specific skin types, concerns and preferences of individuals. 3D printing, AI and augmented reality are being utilized to design personalized formulations, colors and packaging.

Sustainability driven innovation: Companies are increasingly investing in green chemistry and biotechnology to develop eco-friendly products and sustainable packaging with reduced environmental footprint. Natural and vegan ingredients as well as renewable sourced materials are gaining popularity.

Market Opportunities
Increasing spending on men's grooming products: Earlier considered a women centric industry, the market is witnessing rising expenditure on men's cosmetic products including skincare, hair care and styling products.

Emerging markets in Asia to drive future growth: Countries like China, India and Indonesia offer lucrative prospects influenced by improving standards of living, growing middle class and shifting lifestyle patterns. E-commerce growth will further aid penetration in rural markets.

Impact of COVID-19 on Cosmetology Market Growth

The COVID-19 pandemic has significantly impacted the Cosmetology Market Growth. During the initial months of the pandemic in 2020, most of the cosmetic stores and salons were shut down as part of nationwide lockdowns imposed across various countries to curb the spread of the virus. This led to a massive decline in the sales of cosmetic products and services. However, with people spending more time at home, the demand for skincare and haircare products increased as people focused more on self-care. The sales of cosmetic products gradually recovered in late 2020 and continued to improve in 2021 as lockdown restrictions eased in most countries with advances made in vaccination.

The pandemic has accelerated the shift towards online retail channels for cosmetic products. Major players in the industry have increasingly focused on strengthening their online presence and direct-to-consumer sales approach. Concerns around safety and hygiene have also boosted demand for cosmetic products with natural and chemical-free formulations. Going forward, demand is expected to steadily recover to pre-pandemic levels by 2022 aided by widespread vaccination drives. Industry players will need to focus on continuous innovation, advanced formulations catering to evolving consumer preferences and expansion into emerging markets to maintain growth in the post-COVID scenario.

Regions with Highest Concentration of Cosmetology Market Value

The Asia Pacific region accounts for the highest concentration of market value for the cosmetology industry globally. This is attributed to the huge population, rapid urbanization and economic growth in countries such as China, India and Indonesia. The rising disposable incomes and growing beauty consciousness among consumers, especially in the larger Asian countries, continue to drive the massive demand for cosmetic products in the region. North America remains the second largest market concentrated in countries like the United States due to high per capita cosmetic expenditure.

Fastest Growing Region in the Cosmetology Market

The Southeast Asian region, consisting of countries such as Vietnam, Malaysia and Thailand, is poised to be the fastest growing region for the cosmetology market over the forecast period till 2031. This is driven by the huge young demographic dividend, growing middle-class population and expanding economy in many Southeast Asian nations. The region is witnessing heavy investments by major cosmetic manufacturers looking to tap into the fast-growing consumer markets. Advancements in skincare and haircare technologies coupled with increasing spending power will fuel the fast pace of growth for the cosmetology industry across Southeast Asia.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.

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