The global goat milk cosmetics market was valued at USD 3.44 billion in 2022. It is estimated to reach USD 7.05 billion by 2031, growing at a CAGR of 8.31% during the forecast period (2023–2031). Online beauty expenditure, the spread of social networks, consumer interest in new, unusual, and premium products, expanding urbanization, an aging population, and an increase in upper-middle-class people have all contributed to the growth of the global goat milk cosmetics market in recent years.
Goat milk cosmetics include skincare, haircare, hand cream, foot cream, bathing accessories, and other cosmetics that use goat milk as an ingredient. Goat milk has long been thought to be an excellent cosmetic product. Goat milk contains various vitamins and other nutrients that benefit the skin. Vitamins A, E, and C, certain B vitamins, amino and citric acids, unsaturated fatty acids, and zinc are all present.
Goat milk also possesses several characteristics that are useful for acne-prone skin. Its antibacterial capabilities allow it to eliminate acne-causing germs and prevent them from multiplying. Goat milk also has anti-inflammatory effects that aid in healing dry, damaged skin. It also contains organic moisturizers such as natural emollients and triglycerides. Compared to other dairy farming, goat rearing is more appealing and conventional for human use.
|Market Size||USD 7.05 billion by 2031|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
The Asian market, especially China, is the primary driver of development in the global cosmetics industry's most important category, skincare, which accounts for 23% of the market. The unique skincare characteristics of goat milk cosmetics have made them extremely popular. As a result, the market's growth is primarily driven by rising demand for skincare cosmetics. The aging population in industrialized countries is another key aspect contributing to expanding the skincare market.
Another factor driving the expansion of the cosmetics industry is a growing awareness of the dangers of excessive sun exposure. Goat milk cosmetics offer anti-aging characteristics and can help minimize sun exposure's effects. Other skin conditions it helps include blemishes, acne, psoriasis, and eczema. As a result, goat milk is regarded as a vital ingredient in the global skincare business, and it is progressively being used in beauty and skincare product lines worldwide, thereby driving market growth.
The cosmetic business is witnessing an increase in the number of ethical labels. Natural elements are becoming more popular in cosmetics. Environmental issues, sustainability, ethical sourcing, and related label schemes are all gaining relevance. Changes in consumer behavior and lifestyles are also opening doors for natural components.
In the cosmetics sector, natural substances and organic certifications are well-established. In Europe, the number of natural components and organic certifications has risen from five in 2005 to more than 30 in 2018. In addition, the ethical labeling trend will likely gain traction over the forecast period, giving ingredient suppliers who follow these guidelines opportunities. Organic, natural ingredients and cruelty-free are among the features and certifications sought by goat milk cosmetics, thereby driving market expansion.
Consumers are increasingly looking for high-quality, effective, safe-to-use products with long shelf life and do not include animal products. Abandoning furs in clothes and increased demand for ethical farming techniques sparked the movement toward cruelty-free items. Cruelty-free cosmetics are becoming increasingly popular among customers. Cruelty-free cosmetics are the fastest-growing area of the beauty industry.
Consumers are becoming more aware of the substances used in cosmetic items, including animal products. On the other hand, consumer knowledge of animal testing has grown significantly over time. As a result of this increased knowledge, several consumers have decided to boycott unethical shops and businesses that use animal by-products as components. The increased desire for animal-free products is projected to put a damper on the expansion of goat milk cosmetics.
The cosmetics sector has seen significant changes due to the rise of social media. As a result, digital celebrity groups, often known as "social influencers," have emerged with massive reach and millions of followers and can significantly affect a brand's reputation. Over a dozen firms have reached billion-dollar valuations because of social-media-focused marketing that has shown to be extremely effective.
According to a poll, 80% of teens now acquire beauty advice from influencers. Trust is one of the main reasons for the rise of influencer culture. Approximately 63% of 18- to 34-year-olds trust influencers' opinions of brands more than brand promotion. As a result, niche beauty goods like goat milk are anticipated to benefit from more concentrated and growing social media marketing techniques. In addition, goat milk cosmetics are becoming increasingly popular as part of mainstream skincare lines. Several brands increasingly include goat milk products in their product lines, which may create opportunities for the market's spectacular expansion.
North America Dominates the Global Market
Based on region, the global goat milk cosmetics market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America is the most significant global goat milk cosmetics market shareholder and is anticipated to exhibit a CAGR of 6.76% during the forecast period. One of the most important markets for goat milk cosmetics is North America. Goat milk cosmetics are becoming more popular in the region's mainstream cosmetics sector. Goat milk skincare and other goat milk toiletries are becoming more widely available from various manufacturers. In addition, Bend Soap Company, Sommerville, Zum Bar, and Dionis are some of North America's most popular goat milk cosmetics products. Dionis is one of the most well-known goat milk skincare companies in the US, with a comprehensive selection of high-quality products. The US's average yearly expenditure on cosmetics is USD 255 per person. After South Korea, the US is the world's second-largest market for cosmetics spending per capita.
The US has one of the world's highest per capita cosmetics expenditure rates, making it one of the most promising markets for luxury cosmetics like goat milk. Canada is a high-potential market for goat milk cosmetic businesses established in the US. It is also a major supplier of goat milk to the cosmetics sector. All these factors drive regional market growth.
Asia-Pacific is estimated to exhibit a CAGR of 10.23% over the forecast period. Product innovation is becoming more important in the Asia-Pacific beauty business. The Asia-Pacific area continues to drive global cosmetics trends, with South Korea and Japan, particularly in the skincare category, retaining leadership in innovative product concepts and performance. In the Asia-Pacific skincare cosmetics sector, goat milk products are a standout. On the other hand, consumer penetration is still lower compared to the North American and European cosmetics markets. Goat milk cosmetics still have plenty of room to grow because goat milk is slowly making an appearance in luxury product lines, especially in South Korea and Japan.
The Asia-Pacific region's goat milk market is predicted to develop quickly. The cosmetics market is severely fragmented in the Asia-Pacific cosmetics and personal care sector. The region's desire for distinctive Asian components used in cosmetics, such as snake venom, snails, and ginseng, is also increasing. As a result, goat milk cosmetics are becoming more competitive in the Asia-Pacific market.
The European market is largely supported by rising demand for high-end cosmetics and a customer preference for natural ingredients. Germany, the UK, France, and Italy are Europe's main markets for goat milk products. In 2020, Europe's per capita cosmetics spending was USD 26, with Denmark and Sweden having the highest per capita consumption, followed by Spain and France. The most significant increase in demand is projected in skincare, with anti-aging skincare products becoming the most profitable business in Europe. In addition, Germany is Europe's most attractive market for goat milk products since it is the area's largest market for luxury cosmetics. With the increased demand for high-end skincare, millennials aged 18 to 35 are likelier to purchase goat milk products.
The Latin American cosmetics and beauty care market has been evolving in terms of innovation and growth. Although the Latin American cosmetics business is less mature than the Asian or American markets, it offers tremendous development potential. Brazil is the largest and most promising cosmetics market in the area. In addition, with an annual per capita spending on cosmetics of USD 21 in 2020, Brazil is the largest market in Latin America. The region's rising customer base wants to try more sophisticated, safer, natural, and sustainable products. This has increased the number of brands available and expansions of current premium brands. The market is predicted to increase in response to the rising demand for safer natural components.
The global goat milk cosmetics market is segmented by product type and distribution channel.
Based on product type, the global goat milk cosmetics market is bifurcated into bathing accessories, skincare, hair care, foot, hand and nail care, and others.
The bathing accessories segment dominates the global market and is projected to exhibit a CAGR of 7.96% over the forecast period. Due to its hydrating and moisturizing capabilities, goat milk is significant in bathing soap, body wash, and other amenities. The most common goat milk cosmetic is goat milk soap. Many big and small brands also sell goat milk soaps on the market. These products specifically target consumers with dry skin, eczema, and psoriasis, among other skin disorders. The merchants focus on natural materials, handmade quality, and natural smells. The majority of the items are handcrafted with natural and organic ingredients.
Other substances included in the goods include honey, shea butter, oats, and activated charcoal. In terms of ingredient procurement, the merchants are likewise transparent. Goat milk soaps are substantially more expensive than the mass-produced soaps available on the market. Bathing lotion, body wash, and bath salt are among the additional goat milk bathing products available. Caprina, Lover's Care, Nubian, and Nature, among others, are some of the most popular goat milk body wash brands.
Haircare products made with goat milk have a smaller market share than skincare and bathing accessories. There are only a few well-known brands on the market, such as NEUD, Vilvah, Store, and Cami. Goat milk is abundant in protein and fatty acids, which help soften and maintain hair while restoring luster and shine and strengthening its structure. It also aids in the relief and improvement of eczema, psoriasis, and other scalp problems. In addition, consumers are increasingly searching out small-batch, locally-created artisanal products. These companies would obtain the product from the best providers who adhere to the highest ethical standards. Some of them even get their produce from their farms. Each item is handcrafted with the highest care and attention. In order to maintain better transparency with consumers, producers frequently use social media as a platform to highlight their ingredient procurement process.
Based on distribution channels, the global goat milk cosmetics market is divided into specialty stores, supermarkets and hypermarkets, drug stores, online channels, and others.
The specialty stores segment is the largest revenue contributor and is expected to exhibit a CAGR of 8.37% over the forecast period. Retail businesses, particularly specialty stores, remain the primary source of beauty products. The traditional approach of traveling to a store to confirm a product's legitimacy and learn more about it is still in use and continues to dominate the market trend. Ulta Beauty has become a household name in specialty stores across the US. It provides in-store salon services and a wide range of products, from drugstore brands like Maybelline and L'Oréal to higher-end prestige brands like Urban Decay and Benefit.
Since 2009, in-store sales have surged by more than 413%. The company opened 67 outlets in 2018 when many others were closing. Celebrity brands, such as Ulta Beauty, which had an exclusive in-store distribution arrangement for the Kylie Cosmetics line in November 2019, and its association with YouTube personality James Charles, have helped to boost the appeal of specialized stores.
A supermarket is a large retail establishment where consumers select products from sections organized logically. Supermarkets with a well-defined purchase structure facilitate the passage of customers along aisles using shopping carts or baskets, enabling them to select desired items. Hypermarkets are enormous stores that combine department stores and supermarkets. They are known as a one-stop store for all their daily needs, including food, medicine, clothing, etc.
In addition, the basic objective of the hypermarket is to facilitate the acquisition of all essential goods and services within a single, convenient location. The primary distinction between a hypermarket and a supermarket is that a hypermarket is a large retail establishment offering various discounted products. In contrast, a supermarket provides a diverse shopping experience where consumers can purchase various products at market prices.