According to a recent report from Allied Market Research, the global cosmetics industry generated $380.2 billion in 2019, and is expected to reach $463.5 billion by 2027, witnessing a CAGR of 5.3% from 2021 to 2027.
A surge in desire for skin care products, demand for natural ingredients in cosmetic products, and changes in packaging styles and marketing strategies are driving the growth of the global cosmetics market. However, the advent of advanced beauty treatments and awareness regarding probable side effects hinder the market growth. Still, increase in demand for organic cosmetics will create new opportunities in the coming years.
Published by Charles Sternberg on March 15, 2021
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