South Africa Cosmetics Market Size Expands at Steady CAGR of 5.59% to Reach USD 2.15 Billion by 2029

Published | 29 December 2023

South Africa Cosmetics Market is flourishing because of the growing beauty consciousness and increasing adoption of innovations in beauty product formulations.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the South Africa Cosmetics Market size at USD 2.15 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the South Africa Cosmetics Market size to grow at a CAGR of 5.59% reaching a value of USD 2.98 billion by 2029. Major growth drivers for the South Africa Cosmetics Market include growing population, rapid urbanization, and rising in per capita spending on beauty products. The demand for skincare products is experiencing a surge, propelled by the increasing availability of affordable options and the growing working population in the country. For instance, Statistics South Africa reveals a growing trend, indicating that in the first quarter of 2022, the working-age female population in South Africa increased to almost 20.2 million, while the working-age male population reached around 19.8 million. This reflects a year-on-year growth of 1.4% and 1.5% compared to the first quarter of 2021. Also, the augmentation of the quality of life, the rising positive impact of skincare on self-esteem and social interactions, and the progressively growing consumer preference for premium and luxury brands are anticipated to fuel market growth throughout the forecast period. The demand for men's grooming products is witnessing a significant increase, driven by a rising preference for multifunctional products. Also, the growing consumer inclination toward natural and organic personal care and cosmetics products, spurred by the desire to avoid specific ingredients like parabens, is expected to further boost the growth of organic cosmetic products during the forecast period. However, stringent regulations and environmental concerns are anticipated to restrain the overall market growth during the period in analysis.

Opportunity – Increasing demand for natural and organic cosmetic products

Beauty brands are recognizing the growing inclination of Gen Z and millennial consumers to pay extra for eco-friendly products, prompting a heightened focus on sustainability. In emerging economies, there is a rising demand for beauty brands that prioritize sustainability, driven by societal norms and a sense of responsibility toward environmental preservation. As a result, these brands are adopting positive, planet-friendly strategies to align with the values and preferences of environmentally conscious consumers.

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Impact of COVID-19 on South Africa Cosmetics Market

Covid-19 pandemic had a mixed impact on the South Africa Cosmetics Market, with disruptions in production and supply chains. South Africa, a major cosmetics market, declared a national state of disaster just ten days after reporting its first case. During lockdowns, non-essential categories like color cosmetics and fragrances faced production halts, while essential products continued with reduced workforces. L'Oréal repurposed its facility to produce hand sanitizers, aligning with relief efforts. Lockdowns led to operational shutdowns, impacting services, retail, and supply chains. The pandemic also highlighted the importance of technology, with online platforms adapting to offer essential items. Small, digitally native brands focused on direct-to-consumer strategies, emphasizing content around wellness during lockdowns.

South Africa Cosmetics Market – By Distribution Channel

Based on distribution channel, the South Africa Cosmetics Market is divided into Hypermarket/Supermarkets, Specialty Stores, and Online Sales Channels segments. The hypermarket/supermarket segment holds the highest share in the South Africa Cosmetics Market by distribution channel. Hypermarkets and supermarkets are retail establishments that concentrate on offering a specific range of products and related items. These stores maintain a significant variety of premium-priced products within their specialized product category. Manufacturers consistently strive to enhance the visibility of their products on store shelves, with a particular focus on hypermarkets and supermarkets. Consequently, a diverse array of cosmetic products is accessible in these retail outlets. Furthermore, these stores offer substantial discounts, drawing in a growing number of customers and thereby contributing to the expansion of the South Africa Cosmetics Market.

Competitive Landscape

Major players operating in the South Africa Cosmetics Market include Cosmetix, L'Oreal SA, The Estée Lauder Companies Inc., Adcock Ingram (Lulu & Marula), Revlon, AVI Limited (Indigo Brands Pty Ltd), Natura & Co, Genome Cosmetics LLC (ObeyYourBody), and Beiersdorf Consumer Products (Pty) Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the South Africa Cosmetics Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of South Africa Cosmetics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South Africa Cosmetics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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