Cosmetics and toiletries include products ranging from perfumes, deodorants, creams to lotions and hair-care products. These products are used for enhancing the general appearance of a user. The global cosmetics and toiletries market has been experiencing a considerable demand in recent years because of the growing consumer awareness about personal hygiene. Moreover, growing skin and dermatology problems too have created ample business opportunities for the development of the global market for cosmetics and toiletries.
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Global Cosmetics and Toiletries Market – Notable Developments
The global cosmetics and toiletries market features a fragmented competitive landscape. This fragmentation of the market is because of the presence of several notable brands and also emergence of promising players.
Some of the key players in the global cosmetics and toiletries market include names such as Shiseido, Kao, Avon, Johnson & Johnson, Beiersdorf, Colgate-Palmolive, Estee Lauder, L’Oreal, Unilever, and Procter & Gamble, among others.
These leading players in the market are constantly striving to develop and introduce new and innovative products so as to attract more customers. Moreover, they pay special attention in maintaining the quality of the product so as to retain a robust brand value and loyalty of the consumers.
- In August 2018, L’Oréal announced that the company has successfully taken over Logocos Naturkosmetik, a German beauty brand that sells vegan and organic beauty products.
Global Cosmetics and Toiletries Market – Drivers and Restraints
There are numerous reasons behind the recent growth of the global cosmetics and toiletries market. One of the biggest driving factors for the market growth has been shifting of manufacturing plants to cost-efficient Asian countries such as China and India. Even though several exclusive and well-known cosmetics brands are available at high brow departmental stores, the rise of new channels of distribution such as tele-home shopping, infomercials, or online retailing has all helped in boosting the growth of the global market.
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Another important trend that has been observed in the global cosmetics and toiletries market is the growing preference towards natural, organic, and herbal cosmetic products. People are extremely inclined to buy such products to save their skin from harmful chemicals used in synthetic products. This has brought in a complete shift in terms of marketing products by the manufacturers and is thus creating lucrative business opportunities. This too is expected to drive the growth of the global market for cosmetics and toiletries.
In terms of regional segmentation, the global cosmetics and toiletries market has five key regions. These regional segments are Latin America, the Middle East, and Africa, Asia Pacific, Europe, and North America. Of these, currently, the global market for cosmetics and toiletries has been dominated by the region of North America. In recent years, increasing demand for these products has been the key driving factor for the growth of the North America market. Europe too has been experiencing a huge demand for cosmetics and toiletries in recent. This has also put the development of the Europe market on the course for achieving stellar valuation.
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On the other hand, the regional segment of Asia Pacific is expected to show promising growth in the coming years of the forecast period. Changing lifestyle trends and spending habits in the region has been influencing the development of the cosmetics and toiletries market. Moreover, with the growing spending power of people in emerging economies such as India and China, the growth of the cosmetics and toiletries market is expected to flourish even further.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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