e-commerce sector to drive the growth of the cosmetics and skincare market

Dubai, United Arab Emirates (AETOSWire): Beauty and e-commerce have historically gone hand in hand, making it easier for customers to buy products online without having to set foot in a store, and for luxury brands and pharmacy to expand their reach and market to potential customers.

Global Cosmetics & Skincare Market was valued at USD 129.23 Billion in 2020 and is projected to grow USD 38 Billion between 2020 and 2024, accelerating at a compound annual growth rate (CAGR) of 5% during this forecast period.

The Covid-19 pandemic has had a lasting devastating impact on the beauty and cosmetics industry. Store closures due to strict lockdown measures globally have had dire consequences, with sales down 60%-70% from March to April 2020 globally.

The thriving e-commerce sector, however, is expected to revive market growth to pre-Covid levels. The pandemic has shifted the focus slightly away from cosmetics, with customers now turning to high-end brands with a greater focus on skincare. This effect has helped high-end skincare companies expand market share and innovate, create digital appeal and prestige, and enhance credibility.

Dr. Sabet Salahia CosmeSurge Jumeirah, says: “Companies have responded positively to the crisis by increasing their production capacities and focusing on immediate needs by offering hand sanitizers and cleaning agents. Research shows that consumers now intend to spend more on skin care products, instead of traditional beauty and care products. We also now see a consumer base that is more informed than ever about skincare formulations, aware of ingredients, and demanding social and economic responsibility from the brands they buy from.

“Currently, there is a growing demand for face creams, serums, sunscreens and body lotions across the globe as consumers have learned to prioritize skin care over different lockdowns when people were stuck at home.There are also many global skincare ‘trends’, the most recent of which is the skincare craze in Korea which led to many sales before the pandemic. This increased demand for flawless complexion is expected to have a positive impact on the growth of the market over the forecast period,” he added.

Face creams, moisturizers, serums and sheet masks are gaining more and more popularity as men and women continue to place great importance on looking their best and looking their best. The ease of access to online knowledge through Youtube, skincare blogs and forums has also raised awareness of easy-to-treat skin disorders, making it easier for customers to create their own skincare routines. Eco-friendly consumers, such as those who opt for cruelty-free, vegan, and plant-based skin care products, account for a significant share of the skin care market.

The online distribution model has significantly reshaped consumer shopping habits, as this channel offers advantages such as home delivery, easy payment methods, deep discounts and the availability of a wide range of products from anywhere in the world, on a single platform. . Notable market brands and distributors are strategically launching e-commerce websites in large lucrative markets due to growing internet penetration and a now largely digitized mobile shopping consumer base. Skincare enthusiasts can expect to see more quality skincare in the upcoming forecast period.


*Source: AETOWire

Omnia Tarek

© Press Release 2022