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, hygiene and perfumes related to human skin and hair. It consists of products such as anti-aging cream, lipstick, lotions, perfumes etc which are used to enhance beauty. Cosmetology products are commonly used on regular basis by both male and female population.

Market Dynamics:
Growing geriatric population base globally has resulted in high demand for anti-aging products which is a key driver for the cosmetology market growth. According to United Nations report, number of people aged 60 years and above is estimated to reach 2.1 billion by 2050 from 1.3 billion in 2023. Further, rising urbanization and changing lifestyles has increased consciousness regarding looks which is also boosting market expansion. However, stringent regulations regarding manufacturing and ingredients used in cosmetology products pose challenges for market players.

SWOT Analysis

Strength: The Cosmetology Market has a strong brand awareness among consumers across the globe. The increased spending on personal care and cosmetic products has further boosted the market growth. Rising disposable income allows customers to spend more on premium beauty products.

Weakness: Fluctuations in the prices of raw materials directly impact the overall production cost for manufacturers. Strict government regulations regarding ingredients and compositions can inhibit product innovation.

Opportunity: Growing cosmetic industry in emerging economies offers lucrative growth opportunities. Rapid urbanization and changing lifestyles increasing the demand for advanced cosmetic products.

Threats: Easy availability of counterfeit cosmetic products online threatens the brand value of leading players. Economic slowdowns can lower the discretionary spending on cosmetic products.

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 spending on personal care products. Rising working population and growing awareness about self-grooming are driving the demand for skin care, hair care, and other cosmetic products.

Regional analysis: North America dominates the global cosmetology market, holding around 35% of the total market share in 2023. Easy availability of new products due to presence of international brands and strong economy increases the adoption of premium cosmetic products. Asia Pacific exhibits the fastest growth attributed to expanding middle-class population in countries like China and India. Changing lifestyles along with rising disposable income are increasing consumer spending on personal care in the region.

Key players operating in the Cosmetology market are L'Oréal, Estée Lauder Companies Inc., Coty Inc., and Shiseido Company, Limited. L'Oréal leads the market with wide range of skin care, hair care and color cosmetic products catering to the needs of consumers across demographics. Estée Lauder focuses on premium cosmetic products through its Clinique, MAC, Estée Lauder and La Mer brands.

For More Insights, Read: https://www.trendingwebwire.com/cosmetology-market-trends-growth-and-regional-outlook-2023-2030/