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Global Goat Milk Cosmetics Market - Outlook and Forecast 2022-2027
The Goat Milk Cosmetics market had a value of USD 3.18 billion in 2021 and is expected to reach USD 5.19 billion by 2027, with a compound annual growth rate (CAGR) of 8.51% during the period from 2022 to 2027. Although the market concentration is increasing as more small firms enter the market, global cosmetic giants have not yet gained dominant positions. Indigenous brands are rapidly entering the industry with products that highlight natural ingredients claiming to have medicinal properties, which are likely to attract customers’ attention.
Goat milk cosmetics offer various skincare benefits and unique nutritional features, making them suitable for a wide range of products, from shaving creams to moisturizers. Goat milk soap, in particular, is highly popular and holds a significant market share. Vendors prioritize natural ingredients, handcrafted quality, and natural fragrances.
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USD 3.2 billion in 2020
Product Type, Distribution Channel, and Geography
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In the United States, there is a strong consumer demand for organically derived components. Brands that focus on organic and natural products with sustainable and ethical packaging are expected to succeed. Manufacturers are increasingly using locally sourced ingredients and emphasizing ethical practices such as cruelty-free and fair trade. Women, who are the primary consumers in the cosmetics sector, drive the market. They are more willing to try independent brands and prefer to sample different products before making a purchase.
Customers are shifting their preferences from branded items to products that prioritize quality and efficacy. While demand for branded products has decreased, it has not become obsolete. The rise of natural, environmentally-friendly, and handcrafted products has created opportunities for new brands to enter the market.
The growing trend of premiumization is expected to drive the global expansion of the goat milk cosmetic industry. The market is projected to witness further growth as new companies enter the industry and established brands quickly adapt their product lines to gain a larger market share.
To capture a larger customer base, some companies are expanding their product ranges. Several firms have introduced goat milk shampoo, conditioner, toner, mask, nail and cuticle cream, and foot care products. As a result of this diversification, there is an anticipated increase in demand for goat milk beauty and cosmetic products from customers.
The market is segmented based on various factors, including product type, distribution channel, geography.
Segmentation by Product Type
Foot Hand & Nail Care
Segmentation by Distribution Channel
Supermarkets & Hypermarkets
Segmentation by Geography
North America – US, Canada
Europe – Germany, France, UK, Italy
APAC – China, Japan, India, South Korea
Latin America – Brazil, Mexico
Middle East & Africa -Saudi Arabia, UAE
In 2021, Bathing Accessories accounted for the largest share of the goat milk cosmetics industry, and this trend is expected to continue in the projected period. The Asia-Pacific (APAC) region is anticipated to contribute significantly to the bathing accessories segment during this period. Goat milk soaps, as a type of goat milk bathing accessory, currently dominate the goat milk cosmetics market. However, vendors are increasingly diversifying their product offerings to include goat milk skincare, hair care, and other items. The goat milk skincare segment, in particular, is highly lucrative due to the global trend of increased demand for skincare products. It is projected to experience the largest absolute revenue growth, reaching USD 5 billion by 2027. Haircare, hand cream, foot cream, and nail cream are relatively new entrants to the market, but they are expected to witness significant development as vendors differentiate their products through unique innovations. Increased consumer awareness in developed nations regarding environmental effects and labels such as cruelty-free, not tested on animals, and paraben-free is becoming increasingly important.
Specialty stores held the largest market share in 2021, while the online mode of selling products is expected to experience the second-highest growth rate. This category benefits consumers by providing them with easy access to a wide range of products through a single platform at their convenience. The North American goat milk cosmetics market is expected to have the highest growth rate through the online channel, with a compound annual growth rate (CAGR) of around 8%. The retail sales of goat milk cosmetics are predicted to be most impacted by COVID-19, whereas online sales are projected to see an increase in demand.
The global goat milk cosmetics market is more established in North America and Europe, while rapid expansion is being observed in the APAC, Latin America, and Middle East and Africa regions. The growth in these regions is fueled by increasing awareness of skincare and the growing skincare trend in the industry.
In terms of market growth, Western European countries, including the UK, Germany, and Spain, serve as hotspots for the launch of premium and luxury goat milk cosmetics products in Europe. In the United States, consumers’ preference for organically derived ingredients remains high, as an increasing number of people associate well-being with the use of cleaner products. North America dominated the goat milk cosmetics market in 2021, with a market share of 35%.
The goat milk cosmetics industry exhibits a high degree of fragmentation, characterized by the presence of local, regional, and multinational suppliers operating globally. However, the number of global players is limited, and the increasing demand for natural cosmetics has led to the emergence of numerous domestic and local vendors, presenting a significant challenge to international suppliers. As the industry moves forward, it is anticipated to face a competitive and demanding landscape, with suppliers striving to establish market dominance and achieve maximum penetration among their target customer segments.
Key companies profiled in this report include Dionis, Bend Soap Company, Ziaja, Gorgeous Soaps, Sunaroma, Crabtree & Evelyn, Legend’s Creek, Horse O Peace, Dr Squatch, Zum Bars, Beekman, Nubian Heritage, Windrift Hills, Bates Family Farm, Lover’s Care, Goat Milk Stuff, Harvest Hill Skincare, Sun Hill Skincarel, Little Seed Farm, Kate Somerville, Haute Goat, Chivas Skin Care, Whey Organic Cosmetics, Mt Capra (Whey Organic Cosmetics), Billie Goat Soap.
Key Questions Answered
HOW LARGE IS THE GOAT MILK COSMETICS MARKET?
The size of the global goat milk cosmetics market is estimated to reach USD 5 billion by 2027, exhibiting a CAGR of over 8% during the period from 2021 to 2027.
WHO ARE THE PRINCIPAL VENDORS IN THE GOAT MILK COSMETICS MARKET?
Key players in the goat milk cosmetics market include Dionis, Ziaja, Gorgeous Soaps, Sunaroma, Crabtree & Evelyn, Legend’s Creek, Horse O Peace, and Dr Squatch.
WHAT ARE THE LATEST TRENDS IN THE GOAT MILK COSMETICS MARKET?
The latest trends in the goat milk cosmetics market include premiumization of beauty products, diversification of product portfolios, and the influence of social influencers reshaping the cosmetics industry.
WHAT ARE THE GROWTH DRIVERS IN THE GOAT MILK COSMETICS MARKET?
Some of the growth factors in the goat milk cosmetics market are the shifting demand from luxury brands to artisanal products and the increasing demand for natural and organic cosmetics.
WHICH REGION CONTRIBUTES THE LARGEST SHARE TO THE GOAT MILK COSMETICS MARKET?
The Asia-Pacific (APAC) region is expected to contribute the largest share to the goat milk cosmetics market.