HERBEL COSMETICS MARKET GLOBAL
May 18, 2023 | 137 7 minutes read
The herbal cosmetics market size is estimated to grow by USD 34.64 billion during 2022-2027. Moreover, the growth momentum will progress at a CAGR of 6.83 percent.
The market is segmented by distribution channel (offline and online), product (skin care, hair care, and body care), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
The offline segment will account for a significant share of market growth during the forecast period. Specialty stores, supermarkets/hypermarkets, department stores, drugstores/pharmacies, health and wellness stores, and salons and spas are some of the offline channels. These channels provide consumers with easy access to a wide variety of products, which will drive the growth of the market during the forecast period. The expansion of organized retailing is driving market growth. Providers are focusing on strengthening their distribution networks in the organized retail sector to increase sales volume. Organized retail distribution channels such as hypermarkets, supermarkets, and specialty stores allow consumers to physically examine the product before purchasing. They help vendors with marketing, advertising, and promotion. The number of retail outlets is increasing globally, which is increasing the reach and awareness of luxury personal care products, including herbal cosmetics. These factors are expected estimated to fuel the growth of the market during the forecast period.
Herbal cosmetics market insights -
In 2017, the herbal cosmetics market was valued at USD 70.60 billion. From a regional perspective, APAC held the largest market share, valued at USD 26.12 billion.
Herbal cosmetics market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –
Herbal cosmetics market - Vendor insights
The global herbal cosmetics market is fragmented due to the presence of several international and domestic players. Established players have a competitive advantage owing to their large scale of operations and the high popularity of their brand names. The competition among vendors is mainly based on product line extensions and innovative offerings. In addition, vendors are investing actively in R&D activities due to regulations regarding product safety. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including.
Herbal cosmetics market – Market dynamics
Major trends
Personalized home salon services have become an emerging trend globally. The number of application-based service providers offering at-home makeup services has increased significantly in the past decade. These mobile applications enable consumers to access makeup services at their preferred addresses. The use of such services has increased the consumption of herbal cosmetics such as herbal body lotion, hair care, and face cream. For instance, GLAMSQUAD Inc. (GLAMSQUAD) provides hair, makeup, and special event services. The demand for these services is high, which, in turn, will support market growth during the forecast period.
Key challenges
Herbal cosmetics are often marketed as luxury products, and their prices are high. As a result, they are unaffordable for various customers. Manufacturers use high-quality raw materials to adhere to strict government regulations. For instance, European importers of herbal ingredients are required to register with the Central Authority for the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH). As a result, manufacturers are compelled to sell their products at high prices. These factors will challenge the growth of the market during the forecast period.
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