Cosmetics Market 2030: E-Commerce Growth in Asia Pacific

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.

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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.