Cosmetics Industry Statistics

20+ NEW Cosmetics Industry Statistics in 2024

Published on: December 29, 2023
Last Updated: December 29, 2023

20+ NEW Cosmetics Industry Statistics in 2024

Published on: December 29, 2023
Last Updated: December 29, 2023

Just like every industry all over the world is still in recovery after the pandemic, the cosmetics industry is still in recovery. 

Today, Cosmetic brands are navigating their way around their audiences and finding new and adaptive ways to connect or reconnect with existing and potential customers. 

In the grand scheme of things, top industry cosmetic brands have been expanding their product base and creating fresh and new web experiences for consumers. 

They are striving to meet the new demands of the current and future consumer base of potential customers. 

Let’s explore some cosmetics industry statistics to learn more about this market.

Resource Contents show

Key Statistics

  • In 2022, the cosmetic market generated $430 billion in revenue.
  • Skincare has the highest share of the overall cosmetic market at 41% as of 2022.
  • L’Oréal is the world’s largest beauty company with more than $40 billion in sales.
  • The United States accounts for the biggest market for the cosmetics sector in the world.
  • The cosmetics industry in eCommerce has more than 20% of the market share.
  • Social media has considerable influence in the cosmetic market. 
  • Asia Pacific is expected to contribute 38% to the growth of the global cosmetics market. 
  • Specialty stores account for the largest distribution share bringing in 35.6% of cosmetics revenue in 2022. 
  • The ASEAN organic cosmetics sector is expected to reach a valuation of roughly $9.5 million by 2033. 
  • The cosmetic market in Africa is expected to grow at a 7.54% CAGR between 2023 and 2027.

Top Cosmetic Industry Statistics in 2024

Cosmetics Industry 653

1. In 2022, The Cosmetic Market Generated About $430 Billion in Revenue.

The cosmetic sector includes things like makeup, haircare, skincare, fragrances, etc. It’s also referred to as the Beauty industry

Data reported by McKinsey & Company revealed that in 2022, the cosmetic industry generated around $430 billion (USD) in revenue. 

It’s also been predicted that by 2027, this market will achieve $580 billion which represents a CAGR of 6%. 

This means that the cosmetics market recovery is aligned with or better than other industries.

(McKinsey & Company)

2. Skincare Has the Highest Share of The Overall Cosmetic Market at 41% as Of 2022.

Of the segments within the cosmetics industry, skincare dominates this industry. As of 2022, skincare had a market share of 41% in the cosmetic industry.

Statista reported that the skincare segment is expected to maintain its domination in the market and will generate about $186 billion (USD) by 2028.

Skincare is and will continue to be an essential part of the overarching cosmetics world.

(Statista)

3. L’Oréal is the World’s Largest Beauty Company with More than $40 Billion in Sales.

L’Oréal is number one out of the top ten global beauty manufacturers as of 2022. 

In fact, L’Oréal alone is responsible for generating $40.3 billion (USD) in 2022. 

In highly competitive realm cosmetics, it’s quite an accomplishment made by L’Oréal. 

(Exploding Topics, Statista²)

4. The United States Accounts for The Biggest Market for The Cosmetics Sector in The World.

In terms of regional demographics, the United States is the world’s largest cosmetics market. 

More data suggests that the global cosmetics market has the potential to grow from $313.22 billion in 2023 to $417.24 billion by 2030. 

During this forecast time, the United States cosmetics market is expected to enjoy a 3.7% CAGR. 

(Fortune Business Insights)

5. The Cosmetics Industry in eCommerce Has More than 20% of The Market Share.

Cosmetics Industry 658

The eCommerce world has a nice share of 20% of the cosmetics/beauty market. In fact, in seven years (2015-2022) the eCommerce shares of this market almost quadrupled.

Some factors that have driven the growth in eCommerce in the cosmetic world include the growth in demand for beauty products, the expansion of cosmetic products in the United States and China (Amazon and Tmall), and the increasing popularity of digital options and sales. 

Today, it’s easier than ever to research, buy, and receive cosmetics without even going to a physical store.

(McKinsey & Company)

6. Social Media Has Considerable Influence in The Cosmetic Market. 

In the digital world of social media, there is a significant amount of influence in cosmetics. 

YouTube and Instagram are the two most influential social platforms for cosmetics across their target audiences. 

TikTok has even made it super easy to directly buy cosmetics right from the app. 

(Statista)

7. Asia Pacific Is Expected to Contribute 38% to The Growth of The Global Cosmetics Market. 

Between 2023 and 2027, the Asia Pacific region is expected to contribute 38% to the growth of the global cosmetics market. 

This region includes geographical demographics such as China, Japan, South Korea, etc. 

In recent years, there has been an uptake in the popularity of Korean beauty and anti-aging products. 

(Technavio)

8. Specialty Stores Account for The Largest Distribution Share Bringing in 35.6% of Cosmetics Revenue in 2022. 

In terms of distribution channels, specialty stores ranked at the top over Supermarkets & Hypermarkets, eCommerce, and other distribution channels. 

Specialty beauty stores generated 35.6% of all cosmetics revenue in 2022.

Where do you buy your cosmetics?

(Grandview Research)

9.  The ASEAN Organic Cosmetics Sector Is Expected to Reach a Valuation of Roughly $9.5 Million by 2033. 

The Association of Southeast Asian Nations, or ASEAN, is believed to reach a value of $9,484,400 by 2033.

Since the pandemic, more consumers are aware of the benefits of using organic cosmetics, which has made this portion of the market more popular than ever.

The current ASEAN organic cosmetic value is $5.605,400 (2023) and is expected to see an unpretentious 5.2% CAGR going into 2033. 

(FMI)

10. The Cosmetic Market in Africa Is Expected to Grow at A 7.54% CAGR Between 2023 and 2027.

Cosmetics Industry 654

In Africa, the personal care and beauty market (cosmetics) is expected to increase by $6.65 billion (USD) between 2023 and 2027.

The estimated CAGR for this market in Africa is expected to be 7.54% during the same forecast period.

Some driving factors in this region include innovative urbanization of several countries on the continent and the increasing attraction to the beauty market.

(Technavio Africa)

11. Beauty Technology Is Enhancing the Customer Experience.

We know that social media is playing a major role in the cosmetics influence arena. However, beauty technology in the cosmetic world is further enhancing the customer journey and customer experience. 

Beauty technology is the wave of the cosmetic industry’s future. What can you do with beauty tech?

If you have visited a cosmetic or beauty website recently, you know that you often land on a page where you can personalize your experience by inputting information about things like your skin type, color category, etc. 

Also, you may have seen the “try-on” technology where you can try on a lip color, foundation, blush, and other cosmetics to see how they look before you buy. Avon is one company that offers the try it on option.

(Statista)

12. By 2032, the Cosmetics Market Is Expected to Reach $864.6 Billion.

The growth of the global cosmetics market is expected to achieve a whopping $864.6 billion (USD) by 2032.

For reference, the global cosmetic market was valued at $429.2 billion (USD) in 2022. 

The CAGR during the forecast period is expected to be 7.1%. 

Things believed to contribute to this growth include the uptake in social media marketing in this market and the expansion of consumer reach.

(Allied Market Research)

13. The Cosmetics Industry Is a Female Dominated Market in The United States with 70% of Women Being Business Operators or Consumers.

In the United States, the cosmetics industry is made up of mostly females and those who identify as such. 

It’s estimated that around 70% of women in the United States are somehow engaging in the cosmetics market as consumers or business owners/operators/resellers.

This includes women of all ages who use cosmetics or otherwise engage in this market. 

The differences occur across age demographics with some looking for anti-aging solutions, some looking for acne solutions, and some just wanting to use quality cosmetics across all segments. 

(ZipDo)

14. Unilever Is Second to L’oreal in The Cosmetics Industry with Revenues of $25.11 Billion in 2023.

We have discussed the fact that L’Oréal ranks number one in revenue generation in the cosmetics industry with over $40 billion (USD) in sales. 

However, second in line is Unilever with $25.11 billion (USD) in revenue under their belt. 

Moreover, Estée Lauder is next (third) with revenue generation of $16.4 billion (USD) over 2023.

(Exploding Topics)

15. The Men’s Grooming Cosmetics Market Has Become a Rapidly Growing Sector Generating Over $198 Million in 2020.

Men Cosmetics 701

While the overall global cosmetics industry is mostly female dominated, the men’s cosmetics segment has become a rapidly growing arena generating over $198 million (USD) in 2020 alone. 

For most men, this is considered the “grooming market” as the growth in beard, hair, eyebrow, and mustache grooming becomes more popular among those in this gender demographic.

Therefore, most women and men do want to look good by engaging in good grooming and beauty habits.

(ZipDo)

16. Skin Care and Sun Care Products Account for A Large Global Portion of The Cosmetics Industry.

We discussed briefly how skincare has the largest share of usage in the cosmetics market earlier, but sun care products are also part of that segment. 

In 2022 and 2023, this area of cosmetic products dominated the overarching industry. 

Also, in 2022 and 2023, hair care products saw the most growth over the year and is second to skin and sun care products. 

Makeup and color cosmetics are roughly the same as hair care products. 

(Allied Market Research)

17. 22% of Women Said They Altered Their Skin Care Routine During the Global Pandemic.

One survey regarding personal care changes during the lockdowns and the global pandemic revealed that 22% of women said they changed their skin care routine during that time.

In fact, the data shows they were spending more money and time on their cosmetics during the pandemic.

Most women use at least 5 skin care products daily on average.

Moreover, 40% of those who use facial skin care products said they used them more often than usual. This includes products like cleansers, scrubs, exfoliators, and moisturizers. 

(Exploding Topics)

18. The United Kingdom’s Share of The Cosmetics Market Accounted for 39.04 Billion (GBP) in 2022. 

In the United Kingdom, the cosmetics market share in 2022 was reported at 39.04 billion (GBP). 

In the United States, we know that this figure is in the hundreds of billions, but there is a significant gap in the populations of these regions.

The United States has a population of about 339,996, 563 as of 2023 and the United Kingdom’s population is at 67,736,802 as of mid 2023.

(GlobalData UK)

19. In China, $58.3 Billion Is Spent on Cosmetics Compared to $89.7 Billion in The United States.

The United States may dominate the cosmetic market in sales revenue and overall usage, but China’s got a significant portion in terms of spending on cosmetics at $58.3 billion (USD). 

For comparison, the United States population spends roughly $89.7 billion per year (nearly $90 billion) on cosmetics. 

Japan falls third to China with $36.9 billion in cosmetics spending. 

Keep in mind that we found data that shows the Asia Pacific (China, Japan, etc.) is a rapidly growing regional sector in this industry.

(Zippia)

20. In the ASEAN Region There Is Growth in The Organic and Vegan Cosmetics Sectors.

Vegan Cosmetics 703

For a variety of reasons, people in China, Japan, and other Asian and Muslim countries, there is a rising demand for organic and vegan options in cosmetics.

One driver for Muslim consumers is the use of animal (pork) byproducts used in traditional cosmetics that they are prohibited from using. So, they seek vegan and halal-certified organic cosmetics. 

The growing trend of using organic cosmetics isn’t solely in Asia, but it’s growing faster there.

(Future Market Insights)

FAQs

What Are Some Top Companies in The Cosmetics Industry?

We found these are the top cosmetics companies in the world:

L’Oréal, Unilever, Avon, Kao, Revlon, Shiseido, Limited, Oriflame, Proctor & Gamble, Skin Food, etc.

This list accounts for the leading cosmetics leaders from all over the world.

How Has the Global COVID-19 Pandemic Impacted the Cosmetic Industry?

The sudden and unexpected outbreak of the COVID-19 global pandemic resulted in changes in consumer behaviors and habits in their buying and usage of cosmetics.

They also changed how they bought their cosmetics, turning to online outlets to buy them.

What Factors Drive the Cosmetics/beauty/personal Care Market?

Market expansion is the primary driver in the cosmetics industry.

It involves the awareness and rising usage of people who are conscious of their appearance. 

Also, personalization and beauty tech are driving more interest in buying online and in buying cosmetics in general. 

Elements like answering questions about your skin type and color and using the online Try-On technology to see how it looks on you are driving sales and engagement.

Among millennials, but also other generations, cosmetics have been and are still becoming an essential part of their daily grooming habits. 

Conclusion

If you’re a marketer, you should have the insights and data to create or improve your existing beauty marketing campaigns. 

If you’re a cosmetics brand or business, these insights can help you expand and enhance your customer database across demographics. 

If you’re a consumer, you now have the scoop on what’s happening in the world of beauty and cosmetics. 

We hope that these cosmetics industry statistics have been enlightening and helpful to you. 

Sources

McKinsey & CompanyStatistaExploding Topics
Fortune Business InsightsTechnavioGrandview Research
FMITechnavio AfricaAllied Market Research
ZipDoGlobalData UKZippia

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Written by Kelly Indah

I’m a statistics researcher here at EarthWeb with a special interest in privacy, tech, diversity, equality and human rights. I have a master’s degree in Computer Science and I have my Certified Information Systems Security Professional (CISSP) certification.