Innovation and Quality are driving forces in the cosmetics industry. The growth of the cosmetic industry depends upon the demand for an improved range of beauty products. Consumers seek out durable make-up, which adds glamour and helps them maintain a healthy skin regime. The ability of manufacturers to promote their products through effective advertising and marketing is also an integral part. A range of products catering to various needs of consumers results from effective production and distribution.
According to Allied Market Research, the global market value of cosmetics was USD 380.2 Billion in 2019, with an estimated growth of USD 463.5 Billion by 2027.
Technology Driven Beauty Products
Manufacturers produce brands for consumers on evidence-based skin analysis and AI as modes of production. Evidence-based skin analysis allows users to undergo a virtual demonstration of products before purchasing and using them. Technology brands are incorporating mechanisms to monitor skin changes. Thus, enabling them to address the requirements of consumers. A frost and Sullivan Data writes on the increase in demand for cosmetic products.
Top Global Brands for Cosmetics
The French brand has been a global producer of luxurious beauty products for women. It offers a wide range of cosmetics for women, covering a product well suited for every occasion. Foundations to lip-liners, eye-liners to foundations and, hair-care products, L'Oreal has a one-stop solution for all. According to reports by Statista Research Department, L'Oreal's brand value, set at 29.47 Billion USD.
The French fashion house founded by Coco Chanel in 1910 continues to reign the market of luxurious cosmetic products that redefine style and glamour. Chanel has introduced a wide range of clothes, accessories and, cosmetics under its brand name. Chanel has carved a niche in the markets with its range of night creams, serums, moisturizers. Chanel's marketing strategy is a contributing force for its growth in the upcoming years. In this regard, Chanel has utilized e-commerce stores, super-markets by making their products available worldwide.
Founded in 1946, this luxury brand is leading in its manufacture of affordable and luxury brands. As their tagline suggests- "Bringing the best to everyone we touch," The Estee Lauder Companies Inc. reported a roaring net sales of $4.85 billion, for 31st December 2020. With a global presence in more than 150 countries, several brand names are present under its name. Bobbi Brown, Clinique, Aramis, Michael Kors and, Tommy Hilfiger, to name a few.
The multi-national consumer goods brand was the fourth largest FMCG company in terms of sales. Axe, Dove, Vaseline, Lifebuoy are some of the leading brands under Unilever. The Safety and Environment Assurance Centre(SEAC) assesses the sustainability of products before distribution. Millions of consumers worldwide are users of this brand, which has gained prominence over the years.
According to Statista Research Department(https://www.statista.com/statistics/762073/dior-sales-value-perfumes-cosmetics-worldwide/), sale for Dior cosmetics had reached 6.8 billion euros. With its headquarters in Paris, Dior has successfully made its worldwide presence through its fragrance range, Miss Dior, J'Adore, or Dior Homme.
Consumer Demand for Organic Products
Information Technology has opened up vast areas of communication between consumers and manufacturers through the world wide web at their disposal. The Cosmetics market is witnessing a shift in consumer demands to a more organic range of natural cosmetics. Advanced and innovative products combined with strong R&D enable the producers' to retain a stronghold in the market.