According to a new report by Future Market Insights (FMI), the global waterless cosmetics sales are expected to grow at a healthy CAGR of over 13.3 percent during the study forecast period 2021-2031.
Sustainable Beauty Products
The research study tracks waterless cosmetics sales in 20+ countries, offering a lucid analysis on how growth trend will unfold. Rising demand for sustainable beauty products will enable the waterless cosmetics market reach a valuation of USD 8.9 Bn by 2021.
The focus on sustainability is increasing in the cosmetics industry with more consumers opting to purchase less disposable products and wanting companies to make their products more sustainable. Changing consumer behavior has been compelling beauty companies to focus on waterless beauty,
upcycling, carbon neutrality, and reusable or refillable packaging.
Moving Towards Greener Alternatives
From the packaging used to better-for-the-environment products, the cosmetics industry is moving towards greener, more natural alternatives. Waterless formulation will continue to be a realistic option, for the companies in order to promote environmental protection.
In terms of product type, skincare products account for over 37 percent of sales in the market. The category covers a range of waterless products which include creams, lotions, serums, cleansers, and others. The increasing importance of natural and organic cosmetics is expected to drive the sales of waterless cosmetics in the coming years.
Besides high awareness, willingness to spend on sustainable beauty formula will drive waterless cosmetics sales in the U.S., which is expected to account for nearly 80 percent of the North America market.
Source: Future Market Insights (FMI)