The cosmetic industry is booming at an excellent rate and it is expected to witness a huge jump in the coming time. According to the available data, the beauty and personal care industry, is expected to reach $429.8 billion by 2020 with growth at a CAGR of 4.3% during the forecast period, 2016-22.
What are the contributing factors in the high growth of the cosmetics industry? Well, plenty of factors are responsible for it. One of the important factors is technological advancement across the world. Cosmetic brands are now utilizing innovative technologies to produce wonderful products. Here are the factors responsible for the high growth of the global cosmetic industry.
Availability of Innovative Products
Due to the use of innovative technologies, cosmetic brands have come up with a plethora of products to help people manage their personal care routines in an easy way. Now, it is possible to protect the skin from harmful chemicals by making the use of a long lasting primer. Cosmetic brands carry out deep research work to release innovative personal care products into the market.
Rise of Ecommerce Sector
Over the last few years, the eCommerce sector has witnessed a huge growth due to which the sale of cosmetic products has increased a lot. The increasing digitization is the major reason responsible for this and it is helping people choose their different products from different eCommerce stores. One can easily choose a cream for acne by analyzing various different products on online stores.
Male Grooming Demand
Cosmetic products are not just limited to females as their demand is also increasing among males. Things have changed as compared to the earlier times and the men community has also started using various personal care products in a daily routine. Among males, the use of hair care products and deodorants has increased a lot.
Another reason responsible for the high growth of the global cosmetic industry is the availability of plant-based products. Many brands have released organic products into the market to help people utilize them in managing their personal care routine. One can seek natural acne treatment by making use of plant-based cosmetic products in everyday routine.
Awareness About Grooming
Overall, it is the rising awareness about grooming that is prompting people to buy various products for everyday use. Working professionals are buying cosmetic products to improve their looks and presentation in front of other individuals. And it is something that is leading to the high demand of various cosmetic products in the market.