The Cosmetology Market is estimated to be valued at US$ 118.62 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Cosmetology deals with the beautification, grooming and overall enhancement of one’s appearance through the use of various makeup and skincare products. The cosmetology market offers a wide range of products like skin and hair care products, makeup, perfumes and deodorants. These products enhance facial qualities, protect and moisturize the skin from damaging UV rays, nourish hair follicles and lend an aesthetic appeal. Rising consciousness towards one’s appearance has boosted the need for cosmetology products globally.

Market key trends:
The global cosmetology market is witnessing high growth owing to rising e-commerce retail platform trends. Online sales of beauty and personal care products have witnessed a substantial increase in the past few years with growing number of people shopping through their mobile phones and internet connectivity. E-commerce giants are investing heavily in building their own beauty products portfolio and partnering with existing brands to strengthen their online presence. This has boosted the online sale of cosmetic products globally. Various players are adopting online marketing strategies and improving their e-websites or Apps for providing seamless shopping experience to online customers. Growing e-commerce trends is a major factor fuelling the demand for cosmetology products.

Porter’s Analysis

Threat of new entrants: New entrants face high capital requirements for R&D, branding and distribution.

Bargaining power of buyers: Buyers have high bargaining power due to large number of existing brands.

Bargaining power of suppliers: Suppliers have moderate power due to differentiation in raw materials.

Threat of new substitutes: Threat is moderate as new products require expensive certification.

Competitive rivalry: Intense competition among existing major players.

SWOT Analysis

Strengths: Strong brand image and loyalty, global expansion.

Weaknesses: High capital expenditure, price wars.

Opportunities: Emerging markets, social media marketing.

Threats: Stringent regulations, counterfeiting.

Key Takeaways

The Global Cosmetology Market Size is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing disposable income in developing countries. Asia Pacific dominates the global market, with China being the fastest growing market. The region is expected to grow at a CAGR of around 11% till 2030 owing to large population, growing middle class and their rising disposable income.

Regional analysis fastest growing and dominating region. The Asia Pacific region dominates the global cosmetology market and is expected to grow at the fastest pace during the forecast period. Countries such as China, India, Japan, and South Korea are major consumers of cosmetic products in the region. The Asia Pacific cosmetology market is estimated to reach around US$ 200 Bn by 2030, expanding at a CAGR of 11% from 2023-2030.

Key players related content comprises Key players operating in the cosmetology market are L'Oréal, Estée Lauder Companies Inc., Coty Inc., and Shiseido Company, Limited.

For More Insights, Read: https://www.newswirestats.com/cosmetology-market-demand-growth-and-regional-outlook-by-2030/