Cosmetics are in great demand in the beauty world. Cosmetics can be used to hide blemishes, enhance the appearance of one’s skin, or even to colorize your lips or cheeks. With so many products available, it can be confusing where to start.
The growing demand for natural and organic products is one of the major factors driving the cosmetics market. Consumers are becoming more aware of the harmful effects of chemicals used in conventional cosmetics and are therefore opting for natural alternatives.
Another factor fueling market growth is the increasing number of working women globally. Working women have less time to take care of their appearance and are therefore willing to spend more on cosmetics that can help them look good with minimal effort.
The key drivers behind the growth in cosmetics markets include an increase in disposable income, rising numbers of women who work, and growing awareness about the importance of personal appearance.
The increasing fashion trends and innovations in product formulations and formats, including hair color, are driving market growth. Side effects from frequent use of cosmetics are likely to hinder the market’s growth over this period.
The COVID-19 pandemic had an adverse impact on the global cosmetics sector due to disruptions of supply chain and manufacturing. There were also restrictions placed by governments on the opening or closing of retail stores. The COVID-19 outbreak caused major cosmetics manufacturer sales to drop, which also adversely affected the market. L’Oreal S.A. cited a 7.0% drop of net sales to be blamed on the COVID-19 crisis. Global cosmetics sales are expected to recover and grow due to the return of manufacturing activities and sales around the world.
Use cosmetics for their benefits:
It is no secret that cosmetics can be a great way to enhance one’s appearance. Did you know there are other benefits to cosmetics than just looking great? Here are some reasons cosmetics should be considered:
1. Cosmetics can increase self-esteem.
2. Cosmetics can be used to hide imperfections and flaws so you feel more confident in your skin.
3. Cosmetics are a great way to protect your skin from the harmful effects of pollution and UV rays.
4. Cosmetics can improve your natural beauty and boost your confidence when you are most in need.
5. Cosmetics can allow you to play with different styles and looks.
Risks associated with cosmetics
While cosmetics can enhance one’s appearance, there are also certain risks associated with their use. For example, cosmetics can sometimes cause skin irritations, especially if they are not applied correctly or if the person has sensitive skin. In rare cases, people can also have an allergic reaction to a particular ingredient in a cosmetic product.
Another potential risk of using cosmetics is that some products may be contaminated with bacteria, which can lead to infections. It is important to always clean makeup brushes and other applicators thoroughly before using them, and to avoid sharing makeup with others. Additionally, it is important to discard any cosmetic products that have been opened and used by someone else, as there is no way to know if they have been contaminated.
KEY INDUSTRY DEVELOPMENTS:
1. January 2020: Natura &Co acquired Avon Products, Inc., a company which offers personal and cosmetic care products. Natura would be able to benefit from this acquisition to expand its product portfolio.
2. February 2021 Revion joins MDR Brand Management in launching new products and expanding their retail reach. Greater consumer engagement in EMEA and APA.
Conclusion:
The cosmetics market is a hugely lucrative industry with great potential. A company can be successful in this competitive market with the right products, and the right marketing strategies. It is important that companies keep in mind the changing cosmetics market and adapt their products and marketing strategies to remain ahead.
