Cosmetics and Toiletries refer to products such as perfumes, cosmetics, deodorants, creams, lotions and hair-care, which are used for improving the appearance of the body and taking care of it. Global Cosmetics and Toiletries market
is witnessing significant growth in terms of sales and technological advancements over the past few years because of increasing consumer awareness towards personal hygiene and health. Growing concerns regarding skin care is particularly fuelling the robust growth across all market segments and geographies. Increasing demand for organic and natural cosmetic and toiletries products is creating new growth opportunities in this field which is encouraging the emergence of new market players in this arena.
One of the major reasons behind the considerable growth of global cosmetic and toiletries industry is the shifting of production units to cost effective Asian economies like India and China. Although many exclusive cosmetics brands are available only through upscale departmental stores, the emergence of new distribution channels like online retailing, infomercials and tele home shopping have boosted the growth of this market. Increasing consumer preferences towards the use of herbal and natural cosmetic products is forcing the cosmetic and toiletries manufacturers to change and adapt strategies according to consumer preferences.
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One crucial factor for the Cosmetics and Toiletries market is the opportunity to build business in emerging markets, such as India, China and Brazil, where per capita income is increasing. The local goods in these markets are of poor quality and provides huge potential for international companies offering better quality products to establish strong foothold. Market segments that exibit strong potential includes men’s care, products for specific ethnic groups and dermatological skin care. Companies are investing in research and development and promotional campaigns to boost return from specific market niches with good growth potential.
Worldwide market for cosmetics and toiletries products was severely affected by economic downturn, but with the recovery in the global economy, the market witnessed a significant growth. However, difficulty in obtaining credit and weakening consumer confidence are affecting consumer spending on cosmetics and acts as major challenges faced by this industry. Cosmetics and toiletries market is still in its embryonic stage and holds strong growth potential.