Cosmetics Market Size, Share & Trends Analysis Report By Product (Skin Care, Hair Care), By End-user (Men, Women), By Distribution Channel (Offline, Online), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the cosmetics market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for cosmetics market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of cosmetics market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Cosmetics Market Categorization:

The cosmetics market was categorized into four segments, namely product (Skin Care, Hair Care, Makeup, Fragrance), end-user (Men, Women), distribution channel (Offline, Online), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The cosmetics market was segmented into product, end-user, distribution channel, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The cosmetics market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eight countries, namely, the U.S.; Germany; France, the UK.; China; India; Brazil; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Cosmetics market companies & financials:

The cosmetics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Cosmetics Market Companies & Financials -  The global cosmetics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Coty Inc. - Coty Inc. is a manufacturer, designer, distributor, and retailer of fragrances, cosmetics, skincare, nail care, and hair care products. The company sells a wide range of products under 77 brands, which are segmented into Coty Luxury, Coty Consumer Beauty, and Coty Professionals.

• L'Oréal Groupe - L'Oréal Groupe manufactures, retails, and markets products related to hair color, skincare, sun protection, make-up, perfume, and beauty care. The company has a vast portfolio of 34 international brands. L'Oréal Groupe ensures product safety through rigorous ingredient analysis, safe dose determination, in vitro and clinical studies, and post-marketing surveillance.

• Estee Lauder Companies, Inc. - Estee Lauder Companies, Inc. is a manufacturer, marketer, and distributor of skincare, makeup, fragrance, and hair care products. The company sells beauty and personal products under Aramis, Aveda, Clinique, La Mer, Smashbox, and other brands and its portfolio includes products pertaining to skincare, makeup, fragrance, haircare, men’s grooming, and others.

• Revlon Consumer Products LLC - Revlon Consumer Products LLC, an American multinational, manufactures and markets beauty care products, including cosmetics, hair care, skincare, and fragrances. It operates a diverse portfolio of 15+ brands, distributing its products in over 150 countries.

• Avon Products, Inc. - Avon Products, Inc. is a multinational cosmetic, perfume, skincare, and personal care company. It operates with a dedicated focus on innovation and quality in the beauty industry. In skincare, the company boasts a history of breakthroughs, including the exclusive Protinol, designed to restore collagen loss in just seven days, achieving healthier-looking skin.

• Unilever – Unilever is headquartered in London, UK. Unilever is a multinational consumer goods company with a diverse portfolio of cleaning agents, food, beverages, and personal care products. The brands under the company operate under five groups—beauty and wellbeing, personal care, home care, nutrition, and ice cream.

• Shiseido Co., Ltd. - Shiseido Co., Ltd. is a Japanese manufacturer, distributor, retailer, and seller of skin care, cosmetics, fragrance, and personal care products. The company owns numerous brands and subsidiaries globally, in addition to its founding label Shiseido.

• Godrej Group – Godrej Group, established during India's Swadeshi movement, has evolved into a diverse global conglomerate. Today, the group is active across consumer goods, real estate, appliances, agriculture, and other sectors, serving 1.1 billion consumers worldwide.

• Procter & Gamble - Procter & Gamble, along with its subsidiaries, manufactures and sells consumer products worldwide through 10 major segments: baby care, feminine care, fabric care, hair care, personal health, home care, oral care, family care, grooming, and skin and personal care.

• Beiersdorf AG - Beiersdorf AG is a manufacturer, retailer, distributor, and seller of personal care products and pressure-sensitive adhesives. Nivea, its subsidiary brand, offers a wide range of products segmented into categories such as body care, body wash, face care, shaving, and body. Florena and Chantecaille Beaute Inc. are some other brands that offer cosmetic products.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Cosmetics Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Cosmetics Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.