How Is The Global Online Cosmetics Market Defined?
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 provides data on the global online cosmetics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The online cosmetics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Online Cosmetics Market Projected?
The online cosmetics market has seen significant growth in recent years. It is projected to increase from $12.27 billion in 2023 to $13.36 billion in 2024, with a compound annual growth rate (CAGR) of 8.9%. The historical growth can be attributed to factors such as the rise in smartphone adoption, the growth of home delivery services, the increasing popularity of at-home beauty treatments, more awareness about product ingredients, and the surge in online beauty tutorials. The market is expected to grow further, reaching $18.99 billion by 2028, with a CAGR of 9.2%. This growth will be driven by a shift toward online shopping, an increasing demand for personalized beauty products, more e-commerce platform adoption, greater investment in digital marketing by beauty brands, and higher internet penetration. Major trends include technological advancements, virtual try-on technology, the use of AI and machine learning, the rise of anti-aging products, and the expansion of digital payment options.
What Are The Primary Growth Drivers In The Online Cosmetics Market?
The rapid increase in internet penetration is driving the growth of the online cosmetics market. Internet penetration reflects the proportion of a population with internet access in a particular geographic area, typically expressed as a percentage. Factors such as expanded broadband infrastructure, government initiatives, affordable services, technological advancements, and public-private partnerships are contributing to greater digital accessibility. The cosmetics industry has leveraged the internet to improve accessibility, offer comprehensive product information, and enhance consumer convenience globally. For example, in February 2024, the International Telecommunication Union, a Switzerland-based specialized agency, reported that internet users increased from 5.1 billion in 2022 to 5.4 billion in 2023. This expansion of internet usage is fueling the growth of the online cosmetics industry.
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What Is The Segmentation Of The Global Online Cosmetics Market?
The online cosmetics market covered in this report is 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
What Emerging Trends Are Shaping The Online Cosmetics Market?
In the online cosmetics market, companies are focusing on developing products tailored to the evolving needs of Gen Z men, reflecting changing consumer preferences. These cosmetics are designed to meet the skincare, grooming, and self-expression requirements of young male consumers born between 1997 and 2012. For example, in December 2022, Kao Corporation launched UNLICS, a cosmetics brand catering to Gen Z men. The brand emphasizes self-expression and inclusivity, offering a range of versatile products designed for diverse skin types and needs. Along with the brand launch, an online retail site was introduced to foster direct engagement with consumers and provide easy access to the products.
Which Region Has The Fastest Expansion In 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.
