2022 forecasts growth in the cosmetics industry, despite the pandemic
Posted by Chase Anderson on
The beauty and cosmetics industry has partially recovered from the sales slump that followed the epidemic and could reach 2019 levels this year. The beauty and personal care market displayed signals of hope despite the 8% decline in sales that was recorded in 2020 and relied on the variety of sales channels, increasing categories, and new consumer generations to reverse the decline.
In addition to the pandemic's evident consequences on sales and the ensuing economic collapse, the last year was difficult for all industries due to price hikes in freight, energy, and raw materials.
However, as evidenced by the positive results achieved by various product categories, the beauty market remained resilient, according to L'Oréal, a preeminent international beauty company, in its 2021 Annual Report.
The skincare market, which must be the focus of beauty businesses in the upcoming years, was responsible for most of this rise. Skincare is predicted to expand 10% in 2022 and represent 34% of the global beauty market by 2024. More particularly, industry sectors including dermo cosmetics and "clean beauty" skincare and haircare are expected to increase.
The success of the cosmetics and fragrance markets will be influenced by regional societal constraints and mask usage brought on by the pandemic.
The next few years will see significant growth in online distribution channels, particularly e-commerce and, more recently, social commerce.