Demographic Factor
At the moment, the percentage of the female population in Canada is slightly higher than the male population – 50.4% (Sisko et al., 2019). This is caused, among other things, by the influx of emigrants who have new special needs for cosmetics. This demographic trend creates an opportunity for the production of local specialized cosmetic products that do not have a large number of competitors.
Socio-Cultural Factor
A sociocultural trend in Canada is the pursuit of minimalism and natural beauty (Oloriz & Parlee, 2020). It poses a threat to the cosmetics industry as buyers begin to use fewer cosmetics.
Economic Factor
The economic trend in Canada is the stable position of the dollar (Xu et al., 2019). This indicates the preservation of the level of solvency of customers. This represents an opportunity for the cosmetics industry, as buyers are willing to pay the appropriate price for a quality product.
Technological Factor
The technological trend in Canada is the desire for computerization (Rotz et al., 2019). As a result, many cosmetic production processes can be automated. This represents an opportunity for the cosmetics industry market, as it will reduce the costs necessary to pay salaries to employees.
Competitive/Industry Factor
The competitive industry in Canada is the plastic surgery market. There is an active popularization of operations to remove signs of aging and correction of facial features, such as sculpting cheekbones or removal of Bichat lumps (Zhang et al., 2021). This poses a threat to the cosmetics industry market, as customers no longer need to use a large number of facial products.
Regulatory Factor
Health Canada is tightening the requirements regarding the production technologies of cosmetics (Ribeiro, 2022). This poses a threat to the cosmetic industry, as it requires high costs for higher-quality ingredients, and more strict control over production technologies.
References
Oloriz, C., & Parlee, B. (2020). Towards biocultural conservation: Local and indigenous knowledge, cultural values and governance of the White Sturgeon (Canada). Sustainability, 12(7320), 1-16. Web.
Ribeiro, H. (2022). Overview of cosmetic regulatory frameworks around the world. Cosmetics, 9(4), 72. Web.
Rotz, S., Duncan, E., Small, M., Botschner, J., Dara, R., Mosby, I., Reed, M., & Fraser, E. D. (2019). The politics of digital agricultural technologies: A preliminary review. Sociologia Ruralis, 59(2), 204-229. Web.
Sisko, A. M., Keehan, S. P., Poisal, J. A., Cuckler, G. A., Smith, S. D., Madison, A. J., Rennie, K. E., Butler, B., & Hardesty, J. A. (2019). National health expenditure projections, 2018–27: Economic and demographic trends drive spending and enrollment growth. Health Affairs, 38(3), 492-502. Web.
Xu, X., Wei, Z., Ji, Q., Wang, C., & Gao, G. (2019). Global renewable energy development: Influencing factors, trend predictions and countermeasures. Resources Policy, 63(154), 70-81. Web.
Zhang, Z., Calder, L., Finestone, P. J., Liu, R., Bucevska, M., & Arneja, J. S. (2021). Medico-legal closed case trends in Canadian plastic surgery: A retrospective descriptive study. Plastic and Reconstructive Surgery, 9(8). Web.