Emerging economies such as China, India and Brazil are responding differently to the global economic downturn than developed markets such as Western Europe and the US. Presence of large domestic markets has cushioned these emerging economies from the deepening economic crisis. According to new report by Global Industry Analysts, Inc.: “the cosmetics and toiletries market in emerging economies is still in its nascent stage, and holds promise for dynamic growth in upcoming years,”
Males are another driver for growth of the cosmetics market. “Consumption of cosmetics and toiletries is not restricted to the female population alone. Male grooming products have also emerged as an attractive segment. Skin and hair care products, face cleansers, and premium shaving products are proving attractive offerings for the male grooming products market,” the study reveals.
In parallel, cosmetics containing natural and organic ingredients are becoming a rage in European and North American markets. Rising environmental concerns, growing awareness about sustaining resources, carcinogenic nature of synthetic cosmetic ingredients have propelled growth of natural and organic ingredients in cosmetics. According to Global Industry Analysts, the ageing baby boomer population is the dominant consumer group for natural or organic ingredients-based cosmetics.
Eventually, the global market for cosmetic chemicals is projected to reach US$19.2 billion by 2015.
