According to Fortune Business Insights, Europe holds the second-largest share of the global cosmetics market. It is projected to record a CAGR of 4.0% during the forecast period of 2023-2030. The global market is projected to grow from USD 313.22 billion in 2023 to USD 417.24 billion by 2030.
Information Source:
https://www.fortunebusinessinsights.com/europe-cosmetics-market-108001
Key Companies Covered in Europe Cosmetics Market:
- L’Oréal S.A. (France)
- Unilever plc (U.K.)
- The Procter & Gamble Company (U.S.)
- The Estée Lauder Companies Inc. (U.S.)
- Beiersdorf AG (Germany)
- Shiseido Co., Ltd. (Japan)
- Coty Inc. (U.S.)
- Kao Corporation (Japan)
- Johnson & Johnson Services, Inc. (U.S.)
- Amorepacific Corporation (South Korea)
Segmentation:
In terms of category, the market is divided into hair care, skin care, makeup, and others.
Based on gender, the market is bifurcated into men and women.
In terms of distribution channels, the market is segmented into specialty stores, hypermarkets/supermarkets, online channels, and others.
This report on the European cosmetics market covers the following countries/regions – Germany, France, Spain, Italy, the U.K., and the Rest of Europe.
Drivers and Restraints:
Rising Incidence of Skin Issues among Europeans will Drive Product Sales
Sustainable cosmetics that are equipped with natural ingredients can play a vital role in successfully treating a wide range of skin conditions, such as marks, acne, skin irritation, and problems in skin texture. According to data presented by the National Library of Medicine, and the National Center for Biotechnology Information (NCBI), in March 2022, around 94 million European citizens complained that they were suffering from uncomfortable sensations on their skin surface, such as dryness, irritation, and burning. These factors and findings by reputed organizations will contribute to the strong sales of cosmetic products.
However, growing awareness regarding health complications associated with the overuse of skin care products is expected to hamper the market growth in the coming years.
Competitive Landscape:
Some of the leading manufacturers capturing a large Europe cosmetics market share are opting for a wide range of business strategies, such as joint ventures, new product launches, acquisitions & mergers, partnerships, and business expansions to improve their product portfolios and production capacities while strengthening their position in the Europe market. For example, Europe-based cosmetics firm flânerie skincare announced that it launched a new skincare lineup to expand its product range. The new range is said to be infused with enriching formulas and active ingredients to restore the skin’s ideal pH level.
Key Industry Development:
November 2022: Kerastase, a L’Oreal S.A.-owned luxury hair care brand, announced the launch of Chroma Absolu, a brand-new range of seven at-home cosmetic products for user’s hair color treatments.
