Key drivers for beauty? Online sales and male grooming, new study claims
With the global cosmetics market expected to reach $390.07 billion by 2020 (registering a CAGR of 3.7%, according to the research), online sales are forecast to underpin this growth, increasing at a steady 5.3% globally across the forecast period.
It is already the top method of retail for cosmetics consumers in the US, accounting for around 60% of sales, and the trend is also expected to gain further traction in Asian countries such as Japan, India and China.
Male grooming
The beauty industry is also enjoying a boom in the male grooming category, the study states, as men turn in increasing numbers to cosmetic products such as moisturizing lotions, skin whitening creams, facial wipes, deodorants and sunscreen lotions.
Indeed, according to the study, skin and sun care is the category tipped to grow at the fastest CAGR, of 5.6%, during the 2015 - 2020 forecast period.
This male interest in personal care, the report suggests, will gradually increase the share of men's cosmetic products in global cosmetics market, so that women no longer control the 4/5th share of industry sales for which they currently account.
A marriage of convenience?
It seems that the growth of the online retail platform for cosmetics may in fact be somewhat to thank for boosting the fellow growth of the male grooming category, with the trends feeding into each other.
Mintel research shows that 3 out of every 4 young American men prefer to buy personal care products online, where they can shop on their terms, without being intimidated or feeling inhibited by their indulgence.
“It may not lead to an explosion in sales of men’s products, but online offers the best hope of the category fulfilling its potential,” veteran industry expert, Imogen Matthews, has previously confirmed to Cosmetics Design.
