In the future, the cosmetics and personal care industry is predicted to record gains within all segments. Particularly strong growth is expected for sun protection and anti-aging products as consumers become increasingly aware of the dangers of sun exposure and more concerned with preserving a youthful appearance. Emerging nations represent huge potential for international companies, offering better quality products than locally produced goods to populations with rising income levels.
Rising income means that consumers are more concerned with product effectiveness and ingredients used rather than cheaper products. Manufacturers are, therefore, focused on advertising their products as superior to those of rival companies, rather than systematically seeking to undercut market prices. Digitalization has shifted cosmetics and personal care into the online realm, where shoppers have access to a wide range of products, reviews, and delivery options.
Beauty and personal care market value worldwide from 2018 to 2028, by category (in billion U.S. dollars)
Further details: Visit original statistic Beauty and personal care market value worldwide from 2018 to 2028, by category (in billion U.S. dollars)
The global beauty and personal care market was estimated to be worth more than 620 billion U.S. dollars in 2023. By 2028, the market is projected to reach over 700 billion U.S. dollars in value. The ongoing growth of the industry displays the consumer's sustained interest in beauty and cosmetic regimes, as well as in basic personal care and hygiene practices.
Cosmetics industry worldwideBreakdown of the cosmetic market worldwide from 2011 to 2023, by product category
Further details: Visit original statistic Breakdown of the cosmetic market worldwide from 2011 to 2023, by product category
Skincare products made up 40 percent of the total global cosmetics market in 2023. Haircare and make-up ranked in second and third places, with market shares of 21 percent and 17 percent, respectively.
Skincare's share of the total cosmetics market has increased in recent years; the industry has witnessed a shift from demand from older consumers to a growing younger consumer base. People are beginning to use skin care at an increasingly young age in a bid to delay the signs of aging.
Revenue of the natural cosmetics market worldwide from 2018 to 2029 (in billion U.S. dollars)
Further details: Visit original statistic Revenue of the natural cosmetics market worldwide from 2018 to 2029 (in billion U.S. dollars)
Consumers are shopping in a more sustainable way, increasingly choosing all-natural beauty products, as well as items with claims such as "chemical-free" or "organic". This trend can be observed across many other consumer goods categories, and even younger generations are more and more interested in these product types. The global revenue of the natural and organic cosmetics market added up to nearly 13 billion U.S. dollars in 2023, and it was forecast to notably increase by 2028.
Revenue growth of natural cosmetics worldwide 2019-2028Revenue of the leading 10 beauty manufacturers worldwide in 2023 (in billion U.S. dollars)
Further details: Visit original statistic Revenue of the leading 10 beauty manufacturers worldwide in 2023 (in billion U.S. dollars)
L'Oréal's worldwide revenue totaled over 40 billion U.S. dollars in 2023, nearly 20 billion U.S. dollars more than their closest competitor - Unilever. Other leading beauty manufacturers include Estée Lauder Companies and Procter & Gamble.
Founded in 1909, the L'Oréal Group has become the largest cosmetics and beauty company in the world. Globally, the company employs about 90,293 people. Around 36,839 employees are located in Europe and about 23,783 in North Asia.
Breakdown of the cosmetic market worldwide in 2023, by geographic zone
Further details: Visit original statistic Breakdown of the cosmetic market worldwide in 2023, by geographic zone
The shift in consumers' needs and priorities heavily influenced the beauty market, alongside emerging trends and markets like the K-Beauty one. In 2022, North Asia took the top spot for the largest cosmetic market globally, along with North America, both with a market share of 29 percent. These were followed by Europe, with a market share of 24 percent.
Cosmetics market in China
The cosmetics and personal care market is usually divided into five main business segments: skincare, haircare, make-up, fragrances, and toiletries. These segments are complementary and through their diversity able to satisfy all consumers’ needs and expectations with regard to cosmetics. Beauty products can be subdivided into premium and mass production segments, according to the brand prestige, price, and distribution channels used. As in many other consumer goods industries, natural and organic cosmetics and personal care products are widely available to consumers and make up a large share of the market.
Some of the market leaders within this industry include L'Oréal, Estée Lauder Companies, Procter & Gamble, Beiersdorf, and Shiseido. Data on market size, segmentation, regional outlooks, shopping behavior, and company facts can be found on the Statista platform.
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