The cosmetics and beauty products market has been growing significantly in recent years with an increasing focus on personal well-being and relevant advancements such as introducing personalization and sustainable cosmetics. The shifting consumer preference towards vegan products and brands focusing on non-toxic formulas should drive growth. Furthermore, the Gen Y and Gen Z population has entered the job market and are increasingly becoming important in bolstering the industry. The cosmetic industry grew by an estimated 8% compared to the previous sales year, even amid the COVID-19 slowdown in 2021.
On top of it, the aging population and its desire to retain a youthful appearance and the rise of e-commerce have become drivers of the beauty products market. The global cosmetic products market is expected to reach $805.61 billion by 2028, registering a CAGR of 7.1% between 2022 to 2028.
