How big of an industry is cosmetics?
Beauty Industry Statistics and Market Research: Global & US. Globally, the industry is strong and only getting stronger. How big is the beauty industry? Up from $483B in 2020 to $511B in 2021 — and with an annual compounded growth rate of 4.75% worldwide — it’s predicted to exceed $716B by 2025.
What is the market share of cosmetics industry?
The global cosmetics market size was valued at $380.2 billion in 2019, and is projected to reach $463.5 billion by 2027, registering a CAGR of 5.3% from 2021 to 2027.
How much is the cosmetic industry growing?
4.75%
The cosmetics industry has an annual growth rate of 4.75%. The online channel for beauty in the U.S. grew by 5.6% in 2020, while off-line sales contracted by 1.2% in the same year.
How much is the cosmetic industry market worth?
The global cosmetics market size was USD 277.67 billion in 2020.
Is the cosmetics industry growing?
In the United States alone, the beauty services sector employs over 670,000 people, and its job growth outlook is “faster than average” according to BLS data at a rate of 13% (2016-2026). According to a study, it was worth $532.43 billion in 2017 and is expected to reach a market value of $805.61 billion by 2023.
What is the beauty industry lacking?
Chemical ridden products, vague ingredient labels, and hidden chemicals are three of the major problems with the beauty industry. All these problems stem from one major source: lack of regulation. Lack of regulation enables companies to put unsafe chemicals in products and vaguely label chemicals as “fragrances”.
What demographic buys the most cosmetics?
In the US, the cosmetics industry is worth around $50 billion. What age group buys the most skin care products? The age group between 18 and 24 is the one that buys the most skin care products, being in the 82nd percentile. They are followed by the up-to-17-year-old demographic.
How much is the cosmetic industry worth 2021?
The global beauty industry market is valued at $511 billion in 2021. The beauty and personal care market will hit a jaw-dropping market size of $716.6 billion by 2025. The US cosmetic market is worth a staggering $62.46 billion.
How much is the cosmetics industry worth 2021?
What age group spends the most on cosmetics?
According to a survey conducted in February 2021 in the United States, skin care was the most shopped-for beauty category across all age groups. The majority of Gen Z shoppers (aged 18 to 24 years) said skin care was the product category they currently spend the most on.
Which country spends the most on cosmetics?
The United States
The United States spends the most on cosmetics. In 2018, US consumers spent a total of $89.71 billion on cosmetics. The next highest country, China, only spent $58.26 billion — with about 4 times as many consumers.
What is in demand in the beauty industry?
Skincare and makeup for men is one of the fastest-growing trends in the beauty industry. The market for men’s skincare products was worth $12.3 billion last year and is forecasted to grow to $18.9 billion by 2027.
Which country uses most cosmetics?
Global leading beauty consuming countries 2018 In 2018, United States was the leading consumer of beauty products worldwide based on value. The consumption value of beauty products in the U.S. amounted to about 89.71 billion U.S. dollars in that year.
What are the challenges for the cosmetic industry today?
Here are the biggest issues to look out for in the beauty industry.
- The Retail Landscape Is Shifting.
- Ulta and Sephora Will Continue to Battle for the Top Spot.
- The Rise and Fall of the Indies.
- The Growth of Skincare.
- Other Trends to Watch.
- Social Media Will Move Toward Smaller-Scale Influencers.
What are the statistics of the cosmetic industry?
Cosmetics Industry – Statistics & Facts. In 2016, the global cosmetic market grew an estimated of four percent in comparison to the previous year. Skincare, hair care, make-up, perfumes, toiletries and deodorants, and oral cosmetics are the main product categories of the cosmetic market.
Who is responsible for the production of cosmetics?
The production of cosmetics and beauty products is controlled by a handful of multi-national corporations – L’Oréal, Unilever, Procter & Gamble Co. , The Estee Lauder Companies, Shiseido Company, and Lancôme to name a few. As of 2016, the French cosmetics company L’Oréal was the leading beauty manufacturer in…
What are the main product categories of the cosmetic market?
Skincare, hair care, make-up, perfumes, toiletries and deodorants, and oral cosmetics are the main product categories of the cosmetic market. Skincare was the leading category, accounting for about 42 percent of the global market. Hair care products made up a further 22 percent, while make-up accounted for 16 percent in 2020.
How has social media influenced the cosmetic industry?
The cosmetic industry has benefited from the increasing popularity of social media channels such as Instagram and YouTube. These platforms are not only highly influential amongst certain groups, but create a demand for beauty products and help fill the gap between cosmetics brands and consumers.