III. Industry Analysis
The cosmetic industry is historically not affected by economic downfalls. Every woman and some men use some type of cosmetic product to maintain a healthy and fresh look, thus the market potential is vast. According to a market research firm, the global cosmetics market size is expected to gain momentum by reaching $415.29 billion over the next five years.
Another trend in this industry is the exploration of safer raw materials for the production of cosmetic and beauty care products. The truth is that people all over the world are looking for cosmetics and beauty care products that contain fewer chemicals, thus increasing the demand for cosmetics and beauty care products produced from natural materials.
The cosmetic and beauty products manufacturing industry has also started to adopt eco–friendly packaging. As a matter of fact, this adoption will likely persuade environmentally conscious consumers to buy its products while increasing operators’ efficiency.