13 Sep
2022
There has been a remarkable surge in the demand for cosmetics in the past couple of years due to increase in standard of living and rapid urbanization. The five major product categories in cosmetics include skincare, haircare, decorative cosmetics, oral care, and perfumes. Of these, skincare products top the category, occupying dominating market share in the global cosmetics market. There has also been an increase in the awareness among people about the quality of different types of cosmetic products. Consumers are increasingly concerned about the contents and quality of these products, due to the immense availability of cosmetics that contain a lot of harmful chemicals. Thus, they are inclined towards completely organic cosmetic products that are cruelty-free, paraben-free, and silicon-free. The cultural and traditional background of the consumer also plays an important role when it comes to adoption of cosmetics. People who are more inclined toward the Arabic traditions and cultures might indigenously choose halal cosmetics, whereas a consumer engaged in veganism are inclined toward vegan cosmetics.
Five Major Product Categories in Cosmetics
More and more women are increasingly inclined towards various cosmetic products to not only ensure good health of skin, hair and body but also enhance their attractiveness. Five categories of cosmetics are given below:
According to report published by Allied Market Research, the cosmetics market is expected to reach $463.5 billion by 2027, registering a CAGR of 5.3% from 2021 to 2027. Companies are increasingly focusing on developing chemical-free products that further create remunerative opportunities for the market. Companies are increasingly focusing on developing impressive cosmetics products that further create remunerative opportunities for the growth of the market.
Numerous players of the market in various countries are launching new cosmetics products to effectively cater to needs of people. For instance, RENEE Cosmetics, one of the leading cosmetic brands in India, announced the launch of its first essential base products line, Face Base.
The new range of Face Base include liquid and stick foundation, concealer, illuminating primer, loose powder, and compact. Five shades will be provided with the compact, concealer, liquid foundation, and stick foundation, whereas four shades would be provided with the loose powder to cater to different Indian skin tones. All of these new products from the company are paraben-free, cruelty-free, silicon-free, and vegan.
Thus, new organic cosmetic products launch, increase in the standard of living, and growth of the online retail channels are expected to create ample opportunities for the growth of the market.
Koyel Ghosh
Authors Bio- Koyel Ghosh is a blogger with a strong passion and enjoys writing in miscellaneous domains, as she believes it lets her explore a wide variety of niches. She has an innate interest in creativity and enjoys experimenting with different writing styles. A writer who never stops imagining, she has been serving the corporate industry for the last five years.
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