Market Growth and Trends in the Cosmetics Industry

A cosmetic scientist with over 30 years of experience, Pragna Chakravarti previously held senior executive positions with companies such as Revlon and JAFRA. Now, she uses her experience in leading Pragna Chakravarti Consulting, a firm that helps startup companies navigate the cosmetics industry. 

According to a recent report released by the market research company Technavio, the global cosmetics industry will experience steady growth through at least 2023. Specifically, the report predicts that the market will post a compound annual growth rate (CAGR) of approximately six percent over the next four years. The increasing popularity of premium cosmetic brands among affluent consumers will be a major factor driving growth in the industry. 

Another key trend boosting the global cosmetics market is a growing preference for organic or chemical-free skincare and makeup products. In addition to natural fragrances, these products use natural raw materials such as soybeans, guar gum, fish oil, and aloe vera. Other notable trends highlighted in the Technavio report include the ongoing dominance of the facial skincare market segment, which is expected to continue to lead the industry throughout the forecast period.