Cosmetology Market

Cosmetology Market Size (2023-2028)

As the demand for cosmetic surgical procedures increases for hair transplants, facelift the worldwide cosmetology market was valued at US$ 107.4 Billion in 2023, and is anticipated to reach nearly US$ 320.60 billion by 2028, with a rise in CAGR of 11.05% from 2023 to 2028.

Cosmetology Market Share Insights:

• Based on procedure, the non-surgical segment had the major share of the global market in 2022.
• Based on the Application Hair transplant segment accounted for the largest share of the global market in 2022.
• Based on region, North America dominated the cosmetology Market in 2022.

Impact of Covid-19 on the Cosmetology Market:

The pandemic crisis affects the cosmetology market in both ways positive as well as negative ways. During the initial stage of the pandemic crisis, there were more restrictions, and also implementation of lockdowns, and social isolation which result in the temporary closedown of salons, spas, and other beauty establishments which led to a decrease in demand for cosmetic services. Also during the crisis, there was a disruption in the supply chain due to factory closure, trade restrictions, and adverse conditions of transportation this led to a shortage of cosmetic products, and delayed deliveries, which majorly impacted the availability of cosmetic products. The pandemic also majorly impacted on employment in the cosmetology industry, many salons, and spas faced financial crises and also experienced a significant loss of income due to certain restrictions.

Though there were many challenges faced by the cosmetic industry during the pandemic crisis though some factors open the new opportunities for the cosmetology market. Due to certain restrictions in the pandemic situation, there was a significant shift of consumers towards online shopping for cosmetic products. There were an increased the demand for E-commerce platform to purchase cosmetic products. The pandemic also changed the consumer behavior and preference. As people were more focused on health and hygiene there was a rise in demand for personal care and hygiene products. Digital channels accelerate at a fast pace for selling the cosmetic product. Thus the pandemic affects the cosmetology market in both ways.

MARKET DRIVERS:

The most relevant factor driving the market growth of the cosmetology market is a rapid change in lifestyle and continuous changes in climatic conditions. Due to rapid change in the trend and due to globalization and digitalization, there is a change in the lifestyle of people. Adoption of a convenience-oriented lifestyle causes an increase in the demand for the cosmetic products especially for youngsters. The pandemic situation also impacted upon the consumer behavior related to cosmetic products, as people are more conscious about their health and safety every individual want quality product with more benefit. Thus increasing demand for the quality product boost the growth of the cosmetology market during the forecasted period. Changes in the climatic condition also help in boosting the market growth for cosmetics products, as there is a rapidly changed in weather causes a harsh impact on the skin, as many people are more conscious about their health they want quality skincare products that do not show any side effect, according to the recent report of NSD the worldwide skincare product market was valued at USD 135.60 billion in 2022 and expected to expand at CAGR of 4.8% by 2028, there will be an increase in demand for the face cream, sunscreens and body-lotion across the globe, thus this factor definitely boost the growth of cosmetology market during the projected period.

Another factor fueling the market growth of the cosmetology market is an increasing demand for the natural cosmetic product. As people are more conscious about their skin and health they want quality products that do not show any side effects thus many people nowadays shifting towards buying and usage of natural cosmetic products which do not compromise on quality and which do not show any side effects. Major cosmetic manufacturers such as Patanjali, Emami, and Himalaya, focus on developing of herbal and natural ingredient cosmetic products. Thus this factor also favors the market growth in upcoming years.

The third major driver driving the market growth of the cosmetology market is emerging of platforms such as E-commerce platform and social media platforms. Due to digitalization, a consumer is more active on the social media platform, also they are searching for cosmetic products on online platforms thus this platform help for the cosmetic industry to launch their product online and also they focus more on advertising of their product also they offer a discount on a product so this platform is very beneficial for the cosmetic industry to increase awareness and introduce there product to more customer with the help of a digital channel. According to Google 80% population searches for cosmetic products through social media platforms. Thus the rise in the usage of a digital platform for selling of cosmetic product boost the growth of the cosmetology market during the projected period.

The other factor which propels the cosmetology market growth are increasing awareness among people for grooming and personal hygiene, online advertisement of a cosmetic product via social media platform, rapid growth in consumer disposable income, awareness about the organic cosmetic product, and accessibility of advanced technological products to perform various surgical and non-surgical procedure majorly contributed for the growth of cosmetology product during the forecasted period.

MARKET RESTRAINTS:

Some factors negatively impacted the cosmetology market which causes hinders the growth of the cosmetology market. The side effect of the cosmetic product is a major factor hampering the market growth of cosmetics. As many individuals use cosmetic products daily there may be chances that these cosmetic products cause the rise of an allergic condition, as many of the people have sensitive skin and daily usage of a cosmetic product causes the rise of allergic conditions for that individual, and also there is the possibility of rising the side effect consistent usage of the cosmetic product thus this factor negatively affect the growth of cosmetology market. Another factor associated with restraining cosmetic products is the high cost associated with that product. Due to the high cost associated with the product the people from middle and lower income refuse to buy the cosmetics products, as they demand cost-effective and affordable products, thus this factor also hinders the growth of the cosmetology market.

REPORT COVERAGE:

This research report on the Cosmetology Market has been segmented and sub-segmented based on the Procedure, Application and  Region

Cosmetology Market - Based on Procedure:

• Surgical
• Non-Surgical

Based on the procedure, the non-surgical segment is the longest segment that dominates the market during the forecasted period. This segment was valued at USD 58.07 billion in 2022 and is projected to expand at a CAGR of 13.22% during the forecasted period 2023 to 2028. Advanced technology and a growing emphasis on natural-looking results fuel the market growth for the non-surgical segment. Non-surgical procedures have fewer risks compared to surgical procedures thus this segment is expected to dominate the market during the projected period.

The surgical segment also expects to dominate the market during the forecasted period, as this procedure achieved the desired outcome and gives permanent results thus this segment also expects to dominate the market during the forecasted period.

Cosmetology Market - Based on Application:

• Breast Enhancement
• Facial Contouring And Rejuvenation
• Body Contouring
• Skin Rejuvenation
• Hair Transplant
• Buttock Enhancement

Based on the Application Hair transplant segment is expected to dominate the market during the forecasted period. As hair loss is a more common concern among many individuals, and factors such as genetics, hormonal imbalance, aging, and lifestyle choices majorly contribute to hair loss, as it continues to rise, many people searching for the proper treatment, thus this factor boost the growth of this segment during the projected period.

Facial contouring and rejuvenation is another segment expected to dominate the market during the forecasted period. As many individuals seek to maintain a youthful appearance and want to enhance facial features and reduce the visible effect of aging, also due to technological advancements have revolutionized facial contouring and rejuvenation procedures thus this segment is also expected to dominate the market during the forecasted period.

Cosmetology Market - Based on Region:

• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East and Africa

The North-America region is expected to dominate the market at the highest CAGR during the forecasted period. Globally cosmetology market accounted for 47.3% total market share such dominance is majorly due to the latest technologies such as a variety of Apps used for cosmetic surgeries, these factors fuel the market growth of cosmetics in this region.

The Europe region is also expected to dominate the market at a healthy CAGR during the forecasted period. As this region focuses more on personal grooming, also due to technological advancement and the rise in the preference of consumers for natural and organic products drive the demand for cosmetic products in this region.

The Asia-pacific region is also expected to dominate the cosmetology market at the fastest CAGR during the forecasted period. Globally this region was accounted for 43% market in 2022 and expected to grow to continue during the forecasted period. As there is increasing in population causes a change in the lifestyle of people which change consumer behavior, also there is a rise in the changing beauty standards, also due to technological advancement, and the large influence of social media platform fuel the market growth in this region.

The Latin America region is also expected to grow the cosmetology market at a steady CAGR during the forecasted period. As this region is more conscious about beauty culture, and also there is a rise in demand for skincare products, also there is an increase in the preference for natural products and rapidly increasing access to information and E-commerce platform driving the demand of the cosmetology market during the forecasted period.

The Middle-east and African regions also expect to dominate the market at a healthy CAGR during the forecasted period due to advancements in technologies.

KEY MARKET PLAYERS:

The prominent key player in the cosmetology market are GC Aesthetics, Mentor Worldwide LLC, Sientra Inc. Zimmer Holding Inc. 3M Health care, Allergen Inc. Implantech Associate Inc. Institut Straumann AG, Nobel Biocare Holding AG, Spectrum Design Medica which led the cosmetology market globally.

RECENT MARKET DEVELOPMENTS:

• In March 2023, According to the report by Euro Monitor, high-end cosmetic products will make up 54% of the market in China by 2028