Global Beauty Industry Trends in XXI Century
Miroslaw Loboda and
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Miroslaw Loboda: Maria Curie-Sklodowska University, Poland
Aleksandra Lopaciuk: Maria Curie-Sklodowska University, Poland
This paper provides an overview of the global beauty care products industry at the beginning of the XXI century, tracking product categories, main geographic regions and mass/premium cosmetics segments. The study presents annual trend analysis that highlights market size, industry dynamics, consumers attitudes and new ways of engaging with beauty shoppers. Worldwide market for cosmetics and toiletries products was severely affected by economic downturn, but with the global economy recovering, this market is projected to witness a significant growth. Rising consumer income and changing lifestyles drive the global beauty market. This growth is driven mostly by richer, ageing baby-boomers and increased discretionary income in the West, and by the growing middle classes in developing countries (China, Brazil) which are turning into huge, emerging Markets. These emerging markets, still in its embryonic stage, offer great potential for value growth thanks to rising disposable incomes and growing consumer demand for better products. The cosmetic and toiletries producers face strong challenges and obstacles in their expansion in these emerging markets, which hold strong growth potential in near future. One of the major reasons behind the considerable growth of global beauty industry is the off-shoring of production units to cost effective Asian economies. Emergence of new distribution channels like online retailing is driving the growth of this market. Increasing consumer preferences towards the use of natural cosmetic products is forcing the cosmetic and toiletries manufacturers to change strategies according to consumer preferences.
Keywords: global beauty industry; global market for cosmetics and toiletries products (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:tkp:mklp13:1079-1087
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