The global cosmetic companies manufacture various beauty care products with a mixture of chemicals. These cosmetic products are widely used by consumers to enhance the appearance or odor of their bodies. The factors that were fueling the growth of the market before the COVID-19 pandemic include the improvements in the current lifestyle, rising disposable income coupled with the growth in concern related to appearance. Additionally, the companies are using social media platforms such as Instagram, YouTube to promote their products and engage more customer base. With the aid of social media influencer, the companies are showcasing their products on various platforms.
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However, with the outbreak of Covid-19 since January 2020, the market of global cosmetic products has shown declining results in the growth rate. Due to the lockdown situation going on across the globe cosmetic manufacturers had to shut down their production units as a result of the labor shortage. Additionally, numerous cosmetic stores were also shut down as the result of the COVID-19 pandemic.
The global cosmetic industry report is segmented based on product type into skincare, haircare, make-up, toiletries & perfumes, and oral cosmetics. Almost all the segments of the cosmetic industry have experienced a similar downfall in sales during the outbreak due to the closing of offline stores at various locations across the globe.
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Effect of COVID-19 on the cosmetic industry can be observed globally in all the regions including North America, Europe, Asia Pacific and Rest of the Word. In the US, the lockdown situation is going on for a long period of time as per the government guidelines. Most of the companies also had to cut down the workforce or had to send their employee for work from home leading to a decline in production rate. Additionally, the same downfall of the cosmetic industry was also experienced in the European region. Also, Italy is known as fashion capital globally had suffered most since most of the fashion shows got cancelled due to the COVID-19 outbreak. Now, the outbreak has spread in the other parts of the region also including Spain, Germany, France, and UK which is further expected to decrease the demand for cosmetic products in the region.
Verticals Affected Most
• Skin Care
• Hair Care
• Toiletries & Perfumes
• Oral Cosmetics
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Global Impact of COVID-19 on Global Cosmetic Industry– Segment by Region
• United States
• United Kingdom
• Rest of Europe
• Rest of Asia-Pacific
Rest of the World
• Middle East & Africa
• Latin America
• Amorepacific Group
• Avon Products, Inc.
• Beiersdorf AG
• Chanel S.A.
• Coty Inc.
• Estee Lauder Companies Inc.
• Henkel AG & Co., KGaA
• Johnson & Johnson
• Kao Corp.
• L Brands, Inc.
• L'Oreal SA
• LVMH Moet Hennessy – Louis Vuitton SE
• The Procter & Gamble Co.
• Shiseido Co. Ltd
• Unilever PLC
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