Global C&T market to rise 3.7% by 2020

Published: 29-May-2015

Skin and sun care products will fuel growth, says Allied Market Research

The global cosmetics market is forecast to reach $390.07bn by 2020, registering a CAGR of 3.7% between 2015 and 2020, according to a new report by Allied Market Research.

The report finds that the increasing use of skin and sun care products, amongst both men and women, is primarily fuelling market growth, and is estimated to grow at the fastest CAGR of 5.6% during 2015 - 2020.

Specifically, the market is seeing a global increase in the use of sun screen lotions, moisturising lotions, body lotions, facial wipes, face wash and make up products. Rising awareness about overall appearance among individuals, an increase in the professional population, and higher levels of disposable income account for the increased demand of cosmetics products.

Meanwhile, the main factors limiting further growth of this market are the introduction of advanced beauty treatments and rising health concerns associated with the use of cosmetic products, says the report.

Europe dominates C&T sales

Looking at the market by region, Europe dominates the global market in terms of sales, acounting for one third of total revenue in 2014. The demand for natural, herbal and organic beauty products is stimulating growth in the region, notes Allied. Europe is expected to register a CAGR of 4.9%, exceeding the global average, between 2015-2020.

Meanwhile in the US, the report's key finding shows that online retail has become the country's leading distribution channel for cosmetics – it accounted for 60% of total sales in 2014.

Online sales are expected to gain traction in countries such as Japan, India and China, and globally this platform is expected to grow at a CAGR of 5.3% during the forecast period.

Allied Market Research's report, entitled Global Cosmetics Market (Category, Distribution Channel, Gender and Geography) - Size, Share, Trends, Company Profiles, Demand, Analysis, Growth, Opportunities, and Forecast, 2014 – 2020, was published yesterday.

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