Organic Cosmetics Market is Projected to be Valued at US$ 20.5 Billion in 2023 & is Rising to US$ 33.7 Billion by 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Most of the new launch skincare products are projected to drive the organic cosmetics industry in the future. The United States is anticipated to lead the global organic cosmetics market over the forecast period. Insights on the Natural and Organic Cosmetics $33.7 Billion Global Market to 2033 - Key Drivers, Restraints and Trends.
DUBAI, United Arab Emirates, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The organic cosmetics market is expected to be valued at US$ 20.5 Billion in 2023, growing at a CAGR of 5.1% during the forecast period. The revenue from the sales of organic cosmetics is anticipated to surpass US$ 33.7 Billion by 2033. Demand for organic cosmetics is anticipated to increase during the forecast period as a result of rising customer desire for chemical-free cosmetics and the growth of creams, serums, and moisturizers supplemented with organic ingredients. These goods are anticipated to be more efficient and to have fewer negative effects, which ought to increase customer acceptance.
The industry is predicted to benefit from several technical advancements used to improve the shelf life of skin care products. New product development, higher consumer spending capacity for luxury goods, distribution channel growth, and expanded internet reach are some of the drivers driving the organic cosmetics market. However, the high price of organic cosmetics may act as a deterrent to market expansion.
The market is being driven by the increasing concern over the damaging effects of inorganic cosmetics on the skin. This has forced industry leaders to make significant investments in the creation of organic cosmetics, which is fostering market expansion. Additionally, the public's expanding use of social media and the aggressive marketing strategies used by major rivals are promoting market expansion.
Additionally, as people's knowledge of animal suffering and unethical practices in cosmetics clinical research has grown, more individuals are switching to organic cosmetics, which is good news for the industry nationwide. The general population's expanding disposable income levels are one of the additional variables influencing market expansion.
Market participants are constantly looking for new methods to bring innovation through new functionality and features. Increasing consumer knowledge of the benefits of organic consumer items, as well as backing from powerful local corporations, are significant reasons driving worldwide demand for organic or green cosmetics. Sustainable ingredient product manufacturing is more eco-friendly than traditional product manufacturing. Furthermore, organic consumer items have fewer adverse effects. As a result of these factors, the demand for organic cosmetics is increasing.
Organic Cosmetics Market Key Takeaway
From 2017 to 2022, the hypermarket/supermarket was a larger distribution channel, with a revenue share growing at a CAGR of 3.2%.
Skincare is an important aspect of women's care, and it is expected to increase at a CAGR of 3.1% between 2017 and 2022.
North America is one of the leading regions within the global market space and is anticipated to continue throughout the course or duration of the forecast period.
From 2017 through 2022, China will grow at a CAGR of 6.3%.
36% of Gen Z and Millennial females in Western Europe are interested in trying these products.
Growing millennial preference towards organic cosmetics is anticipated to drive market growth in the future.
To remain in the fiercely competitive market, key players are implementing a variety of techniques. These businesses are concentrating on innovations to remain ahead of customer desires and requirements to build brand recognition and survive in the competitive climate.
Vendors are providing distinctive packaging materials and styles to assist establish a distinctive brand identity. Through standout shape, texture, and visual package aspects, the act aims to engage consumers' many senses. To acquire a competitive edge, businesses actively engage in strategic alliances and collaborations. In addition, there is still a lot of attention given to new debuts.
A top organic beauty brand in France, SO'BiO étic, debuted its organic beauty product line in the United States in June 2021. It consists of items including a hydrating day cream, organic brightening moisturizing cream, tone-correcting serum, and organic cleaning foam.
Garnier introduced a new organic range in 2019. To better satisfy consumers' shifting preferences, it announced a new line of skincare products.
Key companies in the market include Estee Lauder, L’Oréal Group, WELEDA Inc., Groupe L’ OCCITANE, KORRES Group, The Clorox Company, The Honest Company, Himalaya Drug Company, Babylist Inc., Avalon Organics, KORA Organics, and others.
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