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LONDON, GREATER LONDON, UNITED KINGDOM, September 20, 2024 /EINPresswire.com/ -- The online cosmetics market has experienced robust growth in recent years, expanding from $12.27 billion in 2023 to $13.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to a rise in smartphone adoption, rise in home delivery services, increasing popularity of at-home beauty treatments, growth in awareness of product ingredients and benefits, and rise in the number of online beauty tutorials.
What Is The Estimated Market Size Of The Global Online Cosmetics Market And Its Annual Growth Rate?
The online cosmetics market is projected to continue its strong growth, reaching $18.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing consumer preference for online shopping, increasing demand for personalized beauty products, increasing adoption of e-commerce platforms, increasing investment in digital marketing by beauty brands, and increasing internet penetration. Major trends in the forecast period include technological advancements, virtual try-on technology, AI and machine learning, anti-aging products, and digital payments.
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Growth Driver Of The Online Cosmetics Market
The rising internet penetration is expected to propel the growth of the online cosmetics market going forward. Internet penetration refers to the extent to which internet access is available to a population within a particular geographic area, typically expressed as a percentage. The Internet penetration is due to expanded broadband and mobile networks, government initiatives, affordability of services and devices, technological advancements, public-private partnerships, digital literacy programs, relevant content and services, and overall economic development. The increasing use of the internet revolutionized the cosmetics industry by making it more accessible, informative, and convenient for consumers worldwide.
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Which Market Players Are Steering the Online Cosmetics Market Growth?
Key players in the online cosmetics market include LVMH Moët Hennessy Louis Vuitton SE, Johnson & Johnson, Parfums Christian Dior, L'Oréal S.A., Chanel S.A., Hermès International S.A., Kao Corporation, Shiseido Company Limited, Avon Products Inc., Clinique Laboratories LLC, Amorepacific Corporation, Clarins Group, Kosé Corporation, MAC Cosmetics, L'Occitane Groupe S.A., Elizabeth Arden Inc., Fenty Beauty by Rihanna, e.l.f. Cosmetics, Anastasia Beverly Hills LLC, Kiehl's LLC, Charlotte Tilbury Beauty Ltd., Bobbi Brown Professional Cosmetics Inc., NARS Cosmetics, SK-II, Kylie Cosmetics LLC.
What Are the Dominant Trends in Online Cosmetics Market Overview?
Major companies operating in the online cosmetics market are focusing on developing innovative products, such as cosmetics for Gen Z men, to cater to evolving consumer preferences and demographic trends. Cosmetics for Gen Z men are beauty and grooming products specifically designed to meet the skincare, grooming, and self-expression needs of younger male consumers born between 1997 and 2012.
How Is The Global Online Cosmetics Market Segmented?
1) By Type: Skin Care, Fragrance, Makeup, Hair Care, Sun Care, Bath And Shower
2) By Category: Mass, Premium
3) By Distribution Channel: Company Website, Retail Website
4) By Application: Men, Women
Geographical Insights: North America Leading The Online Cosmetics Market
North America was the largest region in the online cosmetics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online cosmetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Online Cosmetics Market Definition
Online cosmetics refer to beauty and personal care products that are sold and purchased over the internet. These products encompass a wide range of items accessible via websites and mobile apps. Online shopping offers convenience, extensive product selection, and often competitive pricing, transforming how consumers shop for cosmetics globally. Online cosmetics provide a convenient and diverse shopping experience for consumers looking for beauty and personal care products.
Online Cosmetics Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global online cosmetics market report covering trends, opportunities, strategies, and more
The Online Cosmetics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on online cosmetics market size, online cosmetics market drivers and trends, online cosmetics market major players, online cosmetics competitors' revenues, online cosmetics market positioning, and online cosmetics market growth across geographies. The online cosmetics market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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