Market Analysis - Research in Clinical Dermatology (2019) Volume 2, Issue 1
3rd International Conference on Cosmetic Surgery and Cosmetology| London, UK | June 08-09, 2020
Dr. Asmae Rasso
E-mail: [email protected]
Cosmetics are care substances used to enhance the appearance or smell of the human body. Traditionally cosmetics include skin care, color cosmetics, hair care, nail care, oral care and perfume and deodorant.
In terms of value, US sales account for 13-14 per cent of total market share, with the EU growing at a good pace due to a large population and a high economic growth rate accounting for 20 per cent of the market share of global consumption. The increasing demand for skin care is driving the fast-growing Cosmetics industry.
An American Society of Plastic Surgeons report states that Americans are spending more than $16 billion on plastic cosmetic surgeries in 2017, the most the U.S. has ever spent on operations. It's evident that plastic surgery, once reserved for the rich and famous, is now more mainstream, safer and affordable, according to New York City plastic surgeon Dr. Alan Matarasso, an ASPS spokesman.
Breast enhancement surgeries, especially breast implants, outpaced other surgeries with nearly 3,00,000 operations nationwide. Breast augmentations and the 2,23,018 nose reshaping surgeries both benefitted doctors more than a billion dollars in the year 2016. Liposuction also remains at the top, with 2,35,237 surgeries across the U.S. costing around $750 million. Those of the age group 35 to 50 years are the most likely to have surgeries, accounting for 39 percent of all procedures in 2017. Geographically, about 26% of all cosmetic procedures occur in the South Atlantic region, including South Carolina, Delaware, Georgia, North and Florida, Virginia, and West Virginia.
In 2016, the cosmetic surgery market value was 26 billion U.S. dollars. And by 2026, it is expected to hike up to 46 billion dollars.
This statistic shows the top ten surgical cosmetic procedures worldwide in the year 2017, based on number of procedures of the year. More than 1.35 million procedures were done in total globally. Statistics show us that the Breast augmentation is the most popular procedure done, with a total of 7,732 women undergoing this surgery in 2016. The second most popular type of cosmetic surgery was Blepharoplasty that had a total of 3,548 women undergoing it. The industry was worth £750 million in the UK in 2005, £2.3 billion in 2010 and is forecast to reach £3.6 billion by 2015.
The tremendous growth of the cosmetic surgery market is due to:
1) Improvising healthcare infrastructure
2) Growing medical tourism
3) Quick availability of high-quality services
4) Increasing safety of surgeries
6) Presence of skilled surgeons
7) Growing awareness
The significant increase in the volume of cosmetic procedures can be credited to the rising demand by people to boost self-esteem, the popularity of digital photography and increasing affordability of cosmetic surgeries in the developing countries. In addition, the risks accompanying cosmetic surgery has decreased due to technological advancements and presence of skilled surgeons.
The global market for cosmetics is growing due to increasing consumer demand for a number of skin care products, such as face masks, peels, creams, etc. The high demand for anti-aging products is expected to drive the demand for cosmetics considerably over the forecast period. The market has witnessed a shift in demand towards organic and natural cosmetics, which also provides opportunities for growth. Factors such as increasing consumer awareness and increasing disposable income are estimated to contribute significantly to the growth of industry over the next seven years. Factors such as increasing consumer awareness and increasing disposable income are estimated to make a significant contribution to industry growth over the preceding seven years.
Consumers today are well-informed as well as connected and seek to use a product that is less harmful in terms of the chemical composition of the product Over the last few years, there has been a considerable shift in consumer preference towards organic or chemical-free products. In order to keep pace with this emerging trend, suppliers focus more on providing organic skin care products.
Companies are often known to market these products without any chemicals, such as organic or herbal products, which are better suited to consumer requirements. Furthermore, the low consumption of products using aluminum salts, phthalates and parabens and the growing need for sustainable products have contributed significantly to the market demand for cosmetics. However, factors such as fluctuations in the supply of raw materials or the price sensitivity associated with raw materials may pose a challenge to the growth of the industry.
The market is highly driven by quality-based innovation. New product development and product assortment delivery is the key strategy adopted by key players with a view to capturing significant market share in this segment.
Consumer disposable income increases along with improved living standards, particularly in developing countries such as China, India and Malaysia, are expected to fuel demand on the Asian Pacific cosmetics market. North America is a mature market and is also expected to see growth in the foreseeable future. This growth can be mainly attributed to the high development of R&D and the introduction of advanced and innovative products.
Skin care products are the fastest growing segment of the cosmetics market. Shampoos and other hair care products are expected to experience slow growth due to market saturation and the presence of several companies offering similar products. In recent times, anti-aging products have emerged as the most popular segment due to consumer demand to improve their appearance and look young.
The development of an effective sales channel plays a crucial role in this sector. Companies market their products primarily through e-commerce websites, department stores, supermarkets, wholesalers, etc. Online sales channels currently have high sales growth opportunities due to the upsurge of several e-commerce websites. The digital revolution has played a crucial role in driving the demand for cosmetics worldwide. Online sales and marketing channels are adopted by a number of vendors, enabling them to reach mass markets and foster closer relations with consumers. Digital or social media helps companies reach out to their customers, raise product-related awareness and attract new potential customers, which may further fuel the demand for cosmetics over the forecast period.
Key industries of Global Cosmetic Surgery Market:
Key industries dominating in the cosmetic surgery market are companies like Johnson & Johnson, Cutera, Inc., Syneron Medical Ltd., Valeant Pharmaceuticals International ; Merz Pharma; Genesis Biosystems, Nestlé and others.Contact :
Program Manager | Cosmetics 2020
E: [email protected]
W: (44) 178 550 8016