Cosmetics & Personal Care – A Detailed Review:
INTRODUCTION:
Cosmetics and personal care products are made for the purpose of beautifying, cleansing, and improving the features. Skin care is not a fashion of today, as a matter of fact, people in the past and every civilization have been using different skin care and cosmetics to preserve and beautify their skin – which naturally gives us enough evidence that this is an ancient need.
Although skin care and cosmetics products have transformed over the course of time, the common concept of using cosmetics to improve the body features has not changed at all. Preserving and resurrecting a youthful pigmentation has been the primary objective ever since Cleopatra entered into her ancient milk bath almost two thousand years ago.
When Hitler tried to ban cosmetics and skin care products in Germany, German women declined to work. Women in the Roman times would try to dye their hair in darker shades using a combination of boiled leeks and walnuts. The first moisturizing cream was created by a Greek physician, Galen.
People from different cultures herbal mixtures with different constituents like sage, henna, and chamomile to beautify and color their hair in darker shades.
During the late 19th century, women in Western nations would secretly wear make make-up crafted from domestic products since makeup was supposed to be the primary domain of the female celebrities.
In the 20th century, cosmetics and skin care products for the first time were openly put-up for sale and during the second world war when people were celebrating the return of their loved ones, the rise in the sales for cosmetic and skin care products surged which continues to flourish until now.
INDUSTRY REVIEW:
Being a beauty products manufacturer, distributor or any other owner of the business, you work in an industry encountering uncountable expansion/growth throughout the overseas and country. The personal care and cosmetics industry brags about nearly 750 organizations that manufacture and produce affiliated revenue of about $40 billion per annum. Fifty of the most prominent organizations produce about 70 percent of the complete revenue.
However, the market will endure stiff competition from small and medium-sized firms that can provide a personalized product or target a specific market.
Some of the renowned leaders in the industry include organizations like Johnson & Johnson, Kimberly-Clark, Alberto-Culver, Colgate-Palmolive, L’Oreal, Avon, Revlon, P&G, and Parlux Fragrances. Organizations within the industry manufacture, formulate and sell a vast range of cosmetics and personal care items:
• According to an estimated report, deodorant, makeup, and nail products incorporate about 33 percent of the beauty and healthcare revenue within the industry.
• Mouthwashes, perfumes, shaving items, and other products comprise about 21 percent of the revenue for cosmetics and personal care products.
• Similarly, hair care products generate about 25 percent of entire revenue, with lotions and creams generating about 21 percent.
MARKET TRENDS AND STATISTICS:
As per the report prepared by Lucintel, the cosmetics and personal care industry is predicted to reach about $135 billion by the end of 2021, with countless opportunities in sun protection, anti-aging, body lotion, and multi-functional skin cream increasing at a considerable speed.
Facial products, in particular, are forecasted to surpass its above-average growth in the coming years and skin care lotions and creams that provide double-duty – for instance, amalgamating anti-aging properties and sun protection – will enhance the market as well. Some of the current market trends regarding the skincare and cosmetics industry are as follows:
1) Organic Skincare Products On The Loose:
More customers are pursuing free form and natural products when shopping for cosmetics and personal care products with the trend of damaging the skincare market. Organically manufactured and produced skincare products market is predicted to improve its CAGR of ten percent from 2016 to 2025, as per the report predicted by Grand View Research.
Expanding disposable income as well as changing the lifestyles of the customers are assisting to improve the market for organic skin care; however, the costs for high manufacturing products are a preventing factor.
2) Better & Improved Anti-Aging Products:
Given the expanding aging population all over the world, it’s not a surprise that many cosmetics and skin care companies are focusing their attention towards the anti-aging market. The demand for anti-aging lotions, creams, and other products are on a high, but good news for customers is that the efficacy of the anti-aging products has revamped.
3) Facial Oils – Another Trend In The Market:
If you are planning to connect face oil with breakouts, then think again. Exclusive facial oils are now being sold in an improved but in small bottles manufactured and produced to cater particular skin problems like wrinkles and dry skin. Facial oils at times have the anti-inflammatory antioxidants and properties, which play an essential role in stopping the face from being damaged by harmful elements.
4) South Korean Cosmetics Industry:
More and more customers from around the world are exploring the options and privileges provided by the products from the South Korean market and grabbing multi-step solutions for improved facial beauty and glow. K-beauty is the most renowned trend currently revolving around the United States and the world for some years now, as per the reports generated by Kline & Company, Inc.
Cosmetics and personal care products from South Korea since 2011 have enlarged from the United States retailers online and beauty shops into merchandising a vast range of products. Some significant shops in this regard are Target and Sephora.
GLOBAL MARKET:
Russia and Brazil at a country level have reinstated their place as the emerging markets for cosmetics and personal products industry. While the economy of Brazil has expanded at a rapid rate in recent years, the owners of cosmetic brands also utilized measures like promotional offers and economic innovation to keep the demand complete.
In the meanwhile, Russian cosmetic organizations like Faberlic and Natura Siberica experienced growth in the market with customers purchasing more of the cosmetics and personal care products from the local brands instead of buying the international ones. Because of these changing conditions in the market, both Russia and Brazil experienced growths of about 9.8 percent and 4.8 percent respectively.
By the end of 2016, countries like Indonesia and India dived into the cosmetics market and experienced growth of about 10.6 percent and 9.2 percent, while their market got bigger in comparison to the 2011-2016 market. Both of these markets are forecasted to improve with a speed of about $4.6 billion and $12 billion respectively.
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