Skincare And Cosmetics Product Market – Australia
Australia is one of the important and emerging markets for organic and natural personal care products. Organic cosmetics, essential oils, and other personal care products approximately account for 2% of the total organic care market in the country. Skincare, hair care, and perfumes & fragrances are some of the important cosmetics in the organic market.
Australia Skincare and Cosmetic Product Market 2020 – 2024
In terms of revenue, the Skincare and Cosmetics products market dominates the industry with approximately $178.7 million in 2020, and the market is expected to grow and reach $219.3 million in 2024 with a CAGR of 5.25% during the forecasted period.
Australia Organic/Vegan Skincare Market 2020 – 2024
In terms of revenue, the Organic/Vegan Skincare market value was approximately $18.4 million in 2020, and the market is expected to grow and reach $23.4 million in 2024 with a CAGR of 6.3% during the forecasted period.
Australia Skincare And Cosmetic Products Market Dynamics
High Demand for Skincare
Skincare’s growth is attributable to the unique position it occupies amongst a variety of trends. The growing desire for health-promoting and self-care products, increasing interest in the power of regimens and routines, the ability of social media to more rapidly empower and inform consumers, and, uniquely, the ability of new technology to simplify the unusually complex choices consumers have when they interact with skincare brands.
Australia’s beauty industry is expected to reach $6.7 billion by 2025.
Technology Advancement
From artificial intelligence to 3D printing, augmented reality and DNA analysis, the beauty industry is becoming increasingly technology-driven. Personalization is a crucial area of development for beauty brands, tapping into consumer desire for products that can be customized to suit individual needs.
In 2020, Tesla Group introduced the “beauty meets technology” where the company developed creative and exciting methods by incorporating technology; from apps that can identify a user’s specific acne lesion type— by analyzing selfies. This process can help customers choose the right hair color, and right beauty products by scanning a QR code or using an NFC chip (Near Field Communication, so that a consumer can point at or scan a code to receive pertinent information— sent directly to their device).
Adoption of Vegan Products
Consumers are demonstrating a marked aversion to chemical-based beauty products, owing to safety reasons, and are drawn towards products that are deemed ‘natural’ and ‘safe’. This, in turn, is likely to push the adoption of vegan beauty products over the forecast period.
Consumer Behavior
The last four decades witnessed the country’s youth population falling from 31% to 22%. A report by the Australian Government states that over the next 40 years, the population above 65years is expected to grow two-fold to around 25%. The large demographic of the aging population has led to the robust demand for anti-aging products, creating room for innovations in professional skincare, thereby, boosting the growth of the industry.
Buying behavior of the consumers depends on their actual needs.
During a survey, 44% of Australian women who use skincare products answered that it was important for them that skincare products were not tested on animals.
Data Sources: Statista, TheVou.com, Research and markets, TheGlobalData
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