Market Size of Canada Cosmetic Products Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 6.45 % |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Cosmetic in Canada Market Analysis
The Canada cosmetic product market is projected to register a CAGR of 6.45% during the forecast period.
- Over the long term, with the rising awareness about the benefits of natural ingredients, the popularity of natural cosmetics is expected to accelerate. This coupled with the steady rise in the purchase of premium functional products in the country over the years, is expected to aid the market's recovery over the forecast period.
- Moreover, the increasing demand for natural or organic, no animal tested, and cruelty-free cosmetic products and innovative and eco-friendly packaging designs is expected to enhance the market further in the country. In addition, social media and e-commerce channels have significantly increased the popularity and availability of cosmetics and skincare segments, driving the industry's growth.
- The country witnessed a significant increase in household expenditure, the inclination of people toward spending on appearance, and an increasing settlement of the ex-pat population in the country.
- For instance, according to StatCan, Canada's average annual household expenditure on makeup, skin care, and manicure products amounted to USD 188.8 in 2021. In 2021, the manufacturers focused more on innovative packaging of products as men and women were attracted to the design and exclusive product packaging. Also, there is a rise in the utilization of cosmetics among men in their daily regime. This is expected to further boost Canada's cosmetics products market in the forecast period.