Is natural and organic the new trend, or is affordability what everyone’s raving about?
Beauty brands are getting more innovative, while the number of products is rising. These days, it’s hard to stay away from purchasing and becoming a part of that multi-billion-dollar industry. The statistics below highlight some of the most exciting and captivating facts that will blow your mind.
Top Cosmetics Industry Statistics: Editor’s Choice
- L’Oreal is the world’s leading personal care brand for 2020, with $29.46 billion in revenue.
- The premium cosmetics market size will grow by $44.2 billion by 2024.
- Organic cosmetics and personal care industry statistics forecast a $54.5 billion market value by 2027 globally.
- In 2020, the global skincare market was valued at $145.3 billion.
- The demand for skincare specialists will grow by 17% in the next eight years.
- 33% of men aged 18–29 years would consider using makeup.
- The latest findings reveal that 0.81 million Americans spent $500 on makeup products within three months in 2020.
- The fragrances and perfumes market in the US was valued at $11.8 billion in 2020.
Cosmetic Industry Statistics Worldwide
These global statistics about the cosmetic industry are a great way to get familiar with how powerful this machinery is. With millions of employees and billions in revenue, it’s time that we went into more detail about this industry.
1. L’Oreal is a beauty brand that drives the most audience conversations, having over 3 million posts.
L’Oreal is one of the top cosmetic manufacturers. Still, ILIA Beauty got people’s votes on social media for brand favorability, brand trust, and organic beauty.
L’Oreal is indeed undisputed. However, according to customers, ILIA is one of the top natural beauty brands.
2. L’Oreal is the world’s leading personal care brand for 2020, with $29.46 billion in revenue.
Personal care products are generally divided into seven categories: skincare, makeup, fragrances, haircare, oral care, toiletries, and deodorants.
L’Oréal was the leading global brand in 2020, followed by Colgate with $17.42 billion.
3. The global cosmetics market in 2020 was valued at $569.4 billion.
It’s hard not to become a part of this $569-billion-dollar industry when you see beauty products at every turn. Both women and men are influenced by social media, cosmetic companies, and marketing professionals.
These numbers are expected to rise by 5% to 7% annually and reach a staggering amount of over $750 billion by 2025.
4. Asia-Pacific countries accounted for 40% of the global cosmetics market in 2018.
When it comes to cosmetic consumption by country, that’s where the Asia-Pacific region takes the lead. However
With 40% of the global cosmetics market, Asia-Pacific countries secure the top spot, followed by North America with 25%.
5. The premium cosmetics market size will grow by $44.2 billion by 2024.
The COVID-19 crisis won’t prevent customers from spending on premium cosmetic products. A recent report shows the potential growth of $44.2 billion in the next three years.
Top skincare companies are investing in top-notch social media marketing campaigns to bring in more customers.
6. The online beauty and personal care market can potentially grow by $57.75 billion by 2024.
43% of consumers who contribute to this development come from the Asia-Pacific region. The expected year-over-year growth is estimated at 17.23%.
7. The US accounted for the biggest cosmetic industry market share by cashing in a revenue of $89.5 billion in 2018.
Thanks to the increase in popularity of influencer marketing and skincare, the US had the highest revenue in 2018, followed by China with $62 billion.
8. Cosmetics industry statistics show that customers in the rest of the world spend significantly less than in the US.
The beauty and personal care industry still has its most significant customer base in the United States.
The market value was $93.1 billion in the States alone—by far. China’s market spend was around $70.9 billion, with Japan’s cosmetics and personal care industry value being almost half of that ($38.8 billion).
9. Organic cosmetics and personal care industry statistics forecast a $54.5 billion market value by 2025 globally.
If proved realistic, it would mark a significant growth, considering that the estimated value by the end of 2021 is $40.2 billion.
The latest confirmed numbers are from 2018 when the market value was $34.5 billion.
Skincare Industry Statistics
Skincare is officially one of the most successful industry categories that is yet to reach its peak. These statistics will help you better understand its power and influence on consumers worldwide.
10. In 2020, the global skincare market was valued at $145.3 billion.
According to estimates, the global skincare market will grow at a 3.6% CAGR rate and reach $185.5 billion in value by 2027.
The current skincare market in the US is somewhere at $39.2 billion. China is one step behind, with estimated market size of $38.9 billion by 2027.
11. The global natural skincare products market size is expected to grow to $16.06 billion by 2027.
Natural cosmetics industry statistics show a potential growth of almost $5.5 billion in the next six years.
Thanks to the growing popularity of organic skincare products and concerns about harmful chemicals, consumers shift their attention to more sustainable brands.
12. Nearly 40% of consumers used their facial skincare products more in 2020 than in 2019.
According to the US cosmetics industry statistics from NPD, almost 40% of facial skincare users said they used their skincare products more often in 2020. The main reason for the change in skincare routine was COVID-19.
13. Skincare was the leading category in 2018, accounting for 39% of the global cosmetic market.
Among the several categories in the cosmetics industry, skincare was at the top of the list with 39%, followed by haircare products (21%) and makeup (19%).
Cosmetics industry statistics projections show that skincare continues to grow and generate even more revenue each year.
14. The demand for skincare specialists will grow by 17% in the next eight years.
Skincare is a booming industry, so the growing need for skincare specialists is expected. Besides buying products, both men and women are more interested in getting different skin treatments.
This is one of the most impressive cosmetics industry statistics that can be useful for people seeking future employment opportunities.
15. Korean skincare and beauty brands are taking over the beauty cabinets of young American consumers.
These days, the Korean cosmetics industry appears in North American statistics often, especially among younger customers from 18 to 34 years of age. K-pop stars are an inspiration to 47% of them, 50% like K-beauty products, and 58% like J-beauty products.
Cosmetics Makeup Statistics
Before skincare, there was makeup. Although everyone is obsessed with multiple-step beauty routines, makeup is a category that will always thrive. Check out the impressive numbers below.
16. 33% of men aged 18–29 years would consider using makeup.
According to the male makeup statistics, 30% of men aged 30–44 years would try makeup. The survey included 2,142 men of different ages.
More and more makeup brands are hiring male ambassadors and collaborating with male makeup influencers.
17. More than 30% of adult Americans use concealer and foundation as a part of their makeup routine.
Each year the global makeup industry’s worth increases and will probably reach a whopping $85 billion by 2024.
Because of new makeup line launches, people are more tempted to buy and try makeup products.
18. The latest findings reveal that 0.81 million Americans spent $500 on makeup products within three months in 2020.
A 2017 survey showed that an average American woman needs $3,756 per year for makeup, skincare, and haircare.
Each month, they spend $28 on makeup alone. The money spent on beauty products per year will potentially grow even more in the upcoming years as the market develops.
19. According to the latest anti-aging industry statistics, this skincare industry will reach $51.8 billion in value by 2027.
In 2020, the global anti-aging skincare industry reached $19 billion. China will be one of the fastest-growing countries with an expected market size of $26 billion for the Asia-Pacific region.
Fragrance Industry Statistics
Skincare and makeup might sound new to men; that’s why we got to a category familiar to everyone. A review of cosmetics industry statistics wouldn’t be complete without adding fragrance stats to the mix.
20. Due to the COVID-19 outbreak, 49% of perfume wearers say they started wearing perfume very rarely.
Being stuck in quarantine doesn’t call for spraying perfume. Almost half of the perfume wearers claim that they use less perfume, but once they get back to their old lifestyle, they will continue using it as they did before the pandemic.
Gen Zers, Gen Xers, and Millennials are a part of the group of people who wear perfume more often and spray three to four times a day.
21. The fragrances and perfumes market in the US was valued at $11.8 billion in 2020.
The fragrance and perfume industry will experience significant growth in the next six years, contributing to the overall beauty industry growth rate.
China is expected to reach a market size of $11.3 billion and grow at a 6% CAGR.
22. White Diamonds is the top-selling female fragrance in the US.
Elizabeth Taylor’s White Diamonds fragrance earned over $23.2 million in 2015. It was a great cosmetic industry revenue boost.
The Hollywood diva passed away in 2011, but her legacy lives on. American women love floral scents. Maybe that’s why they are obsessed with this one.
23. Deodorant is the top-selling product in the fragrance industry, accounting for 57.2% of the total sales in 2019.
The reason why deodorants are sold so much is that perfumes and fragrances are more expensive. At the same time, deodorants are part of everyday body hygiene.
Cosmetics Industry Statistics: The Takeaway
If we analyze cosmetic industry statistics for 2020, we can speculate that 2021 will be a successful year as well. Maybe the pandemic inspired people to take better care of themselves.
The cosmetic industry is one of the highest-grossing industries in the world that will continue to expand. There will be innovative products, new companies, and better ways to advertise and reach a broader audience. Will 2021 be the downfall of classic in-store shopping? We’ll have to wait and find out.
What do these cosmetics industry trends mean for consumers? The latest cosmetics trends and statistics give a very detailed overview of what we can expect in the next several years.
People are trying to stay away from chemicals and are more invested in organic alternatives. So, it’s safe to say that there will be a natural skincare industry growth, with numerous new brands and products. Consumers can also expect to see even more innovative and eco-friendly brands.
Frequently Asked Questions
How big is the cosmetics industry?
Statistics show the cosmetics industry was worth $507.8 billion in 2018. By 2025, this market is expected to reach $758.4 billion in value.
The different categories that rake it in include skincare, makeup, perfumes, haircare, oral care, toiletries, and deodorants. The highest-grossing of them all is skincare, followed by haircare and makeup.
With new releases and new brands that roll out every single day, we can only expect the industry to grow in years to come.
How much was the cosmetics industry worth in 2020?
The global cosmetics market in 2020 was worth $569.4 billion. Compared to 2019, the industry grew by $31.7 billion.
Consumers are the ones who help the cosmetics industry thrive even in times like these. Due to its versatility, it’s easy for buyers of all ages to find something they need.
How much is the beauty industry worth in the US?
The US is the leading beauty market globally, with a cosmetics industry valued at around $49.2 billion in 2019. This industry comprises several different categories, some of which are more popular among consumers than others.
Skincare and haircare are the most popular categories that generate huge revenue and account for the highest market shares in America’s beauty and personal care market. If you’ve been wondering what products increase the beauty industry’s worth the most, shampoos, conditioners, and soaps are the culprits—if this doesn’t intimidate you, learn how to start your own hair business.
Which country buys the most cosmetics?
Asia-Pacific countries have the most buyers of cosmetic products. They were responsible for 40% of the global purchases in 2018. The second best was North America with 25% that same year. When it comes to spending, US customers take the lead. They spent over $89.71 billion two years ago. Korean skincare was one of the biggest beauty industry trends of 2020. Asian countries also record a significant rise in skincare popularity among men.
What is the largest cosmetics company in the world?
L’Oreal ranks high on the list of top cosmetic manufacturers. Founded in 1909, this company covers several different categories in the industry. Its product range includes skincare, makeup, fragrances, haircare, and more.
With over 82,600 employees in 2017, the company had an annual growth rate of 4.2% from 2015 to 2018. According to the latest report, the brand’s revenue in 2020 was $29.46 billion.
How much money is spent on beauty products each year?
As the beauty industry market size continues to grow, so does the yearly global revenue. The estimated amount that consumers spend on beauty products each year is around $382 billion. Statista’s recent statistics show that the cosmetics market will exceed a yearly global revenue of $750 billion by 2025.
This growth results from the continuous promotion of beauty products on different social media platforms, widely marketed high-quality products by luxury brands, and the rising interest in men’s grooming products.
How much does the average woman spend on makeup?
On average, women in the US spend $300,000 on makeup and skincare in their lifetime, as cosmetics industry statistics show. Yes, you read that, right! Beauty retailer SkinStore conducted a survey, interviewing 3,000 women between 16 and 75 years of age to find that the majority go about their day wearing around $8 worth of products on their faces.
It’s so easy to get sucked into the beauty world. With so many products available in stores, consumers want to buy more. They also get easily influenced by the old word-of-mouth, making it impossible not to indulge in the shopping spree.
Sources
Grand View Research, Grand View Research, Groupon, Infegy, Ipsos, Morning Consult, NPD, NPD, Research And Markets, Statista, Statista, Statista, Statista, Statista, Statista, Statista, Statista, Tech Navio, Tech Navio, US Bureau of Statistics