cosmetics industry worth

The long-established aspirational concept of beauty, and products designed to help consumers achieve them, needs to give way to a more personal, inclusive, and authentic image. Because of the increasing need for self-care in times of crisis, luxury shopping has evolved. 4. The sales of products, such as shampoo bars and balms, are expected to grow at a 4.6% rate. Makeup statistics show that young women apply makeup several times per week, and only 10% never use makeup. Social media is proving to be essential and not only for marketing purposes. According to the latest available stats, the global shampoo market was worth $35.1 billion (2020). Oral-B, Colgate, and Boots are also among the most commonly chosen brands. All Rights Reserved, This is a BETA experience. Stats also reveal that LOral is the leading company for fragrance and cologne products. Thus, experts have estimated a 3% increase in the global hair market by 2023. Consequently, the market is estimated to reach $3.5 billion by 2027. The sector also includes deodorant and other fragrances. However, cosmetics industry statistics prove that the coronavirus pandemic decreased sales by 1.12% the same year.Its important to note that the demand for personal care and beauty products has increased in the past few years. A beauty industry analysis reports that 18.3% of advertising budgets went to magazines, which is 4.3 times more compared to other brands. Natural, clean and sustainable, while close, are not synonymous. Given the outsized influence of mothers on younger womens beauty routines, it points to the need for beauty brands to develop multi-generational strategies. A beauty industry report states that foundation is the most popular product. Revenue of the leading 10 beauty manufacturers worldwide 2021, Sales share of L'Oral's global cosmetic branch 2021, by business segment, Procter & Gamble's net sales worldwide 2011-2021, by segment, Revenue of the Unilever Group worldwide 2010-2021, by product segment, Net sales of Este Lauder worldwide 2010-2021, by product category, YouTube: most subscribed beauty content creators 2022, Facebook: number of followers of popular beauty brands 2021, Instagram: most-followed beauty brands 2022, Facebook: number of monthly active users worldwide 2008-2022, Smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q1 2022, Revenue of the cosmetics market worldwide, Make-up share of the cosmetic market worldwide, Forecasted market value of skin care worldwide, Revenue of the global cosmetics market 2013-2026, Luxury cosmetics market revenue worldwide 2012-2025, Growth rate of the global cosmetics market 2004-2021, Global color cosmetics contract manufacturers 2021, by country, Global personal care contract manufacturers 2022, by country, Global hair care contract manufacturers 2021, by country, Revenue of the global cosmetics market 2021, by segment, Revenue of the global skin care market 2013-2026, Revenue of the global hair care market 2013-2026, Revenue of the global fragrance care market 2013-2026, Luxury fragrance market revenue worldwide 2012-2025, Natural and organic cosmetics market revenue worldwide 2012-2025, Brand value of the leading personal care brands worldwide 2021, Brand value of the leading 10 cosmetic brands worldwide 2022, CAGR of the leading global cosmetic companies between 2018-2021, Este Lauder brand value from 2018 to 2021. Shoppers had fewer reasons to purchase such products, with stay-at-home orders and focusing on skincare rather than makeup. As the situation gradually improved, with Covid-19 affecting the beauty industry less in 2021, the market recovered somewhat. For example, many products, like beauty face masks, will grow in sales, primarily because people got used to shopping for beauty products online. Keep reading to find out exciting stats and facts about this industrys market size, revenue, new trends and products, and more. All in all, beauty brands are expected to speed up their implementation of digital advertising. For comparison, in 2021, the beauty and personal luxury industry spent around $7.5 billion. According to some studies and statistics, it will most likely reach a value of $805.61 billion by 2023. Asia is well-known for its comprehensive skincare routines and fantastic beauty products. For example, beauty supply industry statistics reveal that more than 30% of American adults use concealers and foundations. Makeup sales statistics portray a sharp drop in 2020. In addition, if e-commerce beauty brands offer cheaper prices online, they stand a good chance to get hesitant customers to give the product a try (22%). It was followed by Nivea at 61.4%, and Dove, with 57.6% of UK households. This text provides general information. It has gained even more attention since the beginning of the pandemic, as consumers focused more on self-care. be something that we each get to define and own for ourselves?" 23 Exciting Fashion Designers Facts That Show the Power of the Industry, 21 Impressive Nike Facts and Stats for 2022, 10 French Perfume Brands: Tradition and Luxury in a Bottle, 20 Types of Earrings: An Essential Guide for the Stylish, A Detailed Guide to 12 Types of Trainers + 5 Trending FAQ, 35 Gorgeous Engagement Ring Styles and Setting Types, How to Measure Sunglasses Size + 4 FAQs Answered. Thus, it is no surprise that Este Lauder and LOreal both posted such strong results recently, with EL net sales up 9% and LOreal up 5.5% last year. But the truth is, you dont have to make people feel like crap to buy a product. On the other hand, Africa holds only 3% of the market share. This has implications too for beauty retailers to make the most of their potential to develop close personal connection with customers. Therefore, we hope that the beauty industry will be even more eco-friendly and cruelty-free in the future. South Koreas beauty market is estimated to be worth over $13 billion. The most frequently mentioned technical innovation is the virtual try-on. Therefore, beauty brands should put effort into social media marketing. Its followed by hair care at 22% and makeup at 16%. Namely, 30% of customers started using moisturiser more often in 2020. The 2022 global beauty industry market size is 395.7 billion. The beauty consumer is changing in how they define beauty and demanding an inclusive and authentic image. These close personal contacts are way out in front of magazines (27%), online videos (27%) and Instagram and other social media (25%) as influencers. Ultimately beauty is as beauty does and it is defined in this survey as confidence, kindness, and intelligence. Ecommerce will account for 25.4% of the global beauty and personal care market sales in 2022. Its predicted that 153.13 million Americans will use shaving gels or creams in 2024. Currently, around 19,983 barbers work in the US. Also, 59% of survey respondents report spending the same or even more money on cosmetics, especially skincare products. For example, social commerce is already indispensable, and beauty brands embrace AI, virtual try-on, and ecommerce more than ever. They spend around $313 per month, which adds to about $225,360 throughout their lifetime. Also, the cosmetics industry frequently brings many innovations on the market (like organic, vegan, and cruelty-free products), which influences this industrys growth and size. As more young people dye their hair, the global market is expected to keep growing. Thats owing to the Lipstick Effect, a theory proposed by Professor Juliet Shor back in 1999 in her book The Over-Spent American. Apart from that, they reveal how strongly cosmetic industry trends influence companies. Since people have become more aware of their health, future trends include home self-care and healthy products. It refers to people occasionally buying smaller treats like lipstick instead of splurging on bigger and more expensive items. The UK organic cosmetics market size is expected to grow to 339 million by 2025. So in meeting the need for natural, clean and sustainable beauty, the advantage goes to smaller brands that dont have the scale challenges of bigger ones. The cosmetics industry in the UK is the third-largest in Western Europe. Numerous consumers rely on social media when looking for beauty products. Follow this author to improve your content experience. Skincare market statistics show that the market is expected to grow at a 4.18% rate, especially as more and more younger consumers use such products. Shipping bulky products, like shampoo bottles, contribute to increased emissions and more packaging. Other strategies, like free virtual application classes or virtual video consultations with a sales representative, are not likely to persuade potential customers to give a new product a try, at least not today. The concept of beauty is as old as time. Over 80% agreed with the statement My personal beauty and grooming needs are met by products I can buy today. Further a majority (55%) are likely to choose a trusted brand that I know over a new brand that I havent used before, with the same percentage (55%) saying I am loyal to the face, body, hair or beauty care items I use.. By contrast women aged 18-24 years and 45-64 years will decline slightly in number, -1% and -3% respectively, according to Census Department projections. You may opt-out by. Get in touch with us. For every $1 that a man makes, a woman makes $1.01. But this survey by Ipsos suggests that such strategies may not be all that effective. I study the world's most powerful consumers -- The American Affluent. Consumers preference for brands they know and trust poses challenges for new beauty brands to breakthrough. The U.S. currently is the worlds largest beauty market, with about 20% share, followed by China (13%) and Japan (8%). But that also means the other half is coming from physical retailers who have the advantage of cultivating that critical personal connection with customers. According to estimates, the beauty industry made $569.4 billion in 2020. That said, not all brands will benefit or grow as fast as the overall market. liability for the information given being complete or correct. That might be because cosmetic brands began creating beauty lines just for men. In the past, the idea was that if you told people they werent good enough, by creating this aspirational messaging, they would constantly be spending money buying your product to try and be good enough, shared Anastasia Garcia, a fashion photographer and body diversity advocate. In fact, 68% of them think that the content they see on Instagram is trendy, which can leverage sales. Even if the world economy dips between now and then, the beauty business is more likely than other discretionary categories to hold its own. While projections for growth vary, most agree it will continue to advance at a 5%-to-7% compound-annual-growth-rate to reach or exceed $800 billion by 2025. Consumers today are claiming their right to define beauty on their own terms. Read our beauty industry statistics to find out the newest trends and developments in the sector. This need gives brands in physical retail the edge in introducing new products. A group of researchers tested over 230 cosmetic products at the University of Notre Dame. At the same time, environmental concerns are driving new trends, and the industry in 2022 is trying to adapt to a new reality that is more digital, more sustainable and more transparent. As the makeup industry recovers after the pandemic in 2021, its expected to keep growing by 2026. According to the newest beauty industry stats, many big brands, such as Bluemercury, Macys, and Sephora, have committed to the 15% Pledge, which means they will save at least 15% of their shelf space for Black-owned businesses. The concern for the environment is ever more present in our society. In Europe, the industry is projected to expand at a 4.1% rate, as almost 70% of women and 10% of men use such products. The makeup industry is predicted to reach $463.5 billion by 2027, meaning that this industry is vast. 20 Years On From Minority Report, Are We Living In Spielbergs Vision Of A Retail Future? In 2020, they made a notable 2.8% step towards this goal. For example, the global coronavirus pandemic has negatively influenced the sales of makeup products, as people go out less frequently and dont need makeup products as much as they did before. Are you interested in testing our corporate solutions? 52% of Millennials and 63% of Gen Z use social media to discover new products. The makeup industrys most significant annual growth rate was in 20185.5%. With many male social media influencers using makeup and posting tutorials, some men now feel comfortable using it. This Ipsos study shows the changing face of beauty and it is the natural beauty in each person, not some unrealistic, unachievable ideal. The beauty industry analysis conducted by experts at Mintel shows that facial skincare products dominate the South Korean market with $6.5 billion in retail sales and an estimated CAGR of 5.8% over the next five years. That is an insight that will guide the beauty industry to grow and prosper in the future. LOreal had revenue of $29.4 billion in 2020. The beauty industry is diverse, innovative, and worth billions of dollars. Similarly, solid shampoo will become more popular due to its reduced environmental impact. Spending Less, Lingering Less: The Shopper Shutdown Thats Crippling Aussie Retail, Rapid Evolution: Three Ways The Pandemic Will Revolutionize Retail, Under Starters Orders, Retailers Are Chomping At The Bit But Need Guidance On How Lockdown Will Be Lifted, U.S. currently is the worlds largest beauty market. 30 Essential Vegan Statistics for a Healthier Life [Data for 2022], 29 Eye-Opening Food Allergy Statistics [2022], Beauty Industry Statistics Conclusion, Save 30% Off Bestsellers + Free Shipping Over $49, The Asia Pacific region holds almost 50% of the global beauty industry market share, Women spend around $313 monthly on beauty products, Facial skincare makes up over half of the South Korean beauty market, 48% of millennials use skincare products with CBD oil, 35% of women aged 60 or older use makeup products every day, The global makeup market will probably be worth around $85 billion in 2024, A standard bottle of shampoo consists of 90% of water, 96% of beauty brands are active on social media. When it comes to product features that attract beauty buyers to new brands, natural, clean and sustainable are what they are drawn to. Interestingly enough, only 61% of consumers say they would return to their pre-pandemic makeup-wearing habits once the crisis is over. The report, entitled What the Future: Beauty, summarizes a series of in-depth global consumer surveys. Women aged 65 and older will be the fastest-growing female age segment through 2025, rising 36%, while Millennial-aged women (24-to-44 years) will only increase by 9%. Directly accessible data for 170 industries from 50 countries Women in the US spend up to $3,756 on beauty products each year. These stats and facts prove that the industry is one of the worlds largest and most profitable sectors. We are happy to help. Data from a PowerReviews survey about beauty industry trends for 2022 reveal that people are now more likely to buy new beauty products. In the UK, the average person will spend 4.14 on lip cosmetics. Furthermore, the global haircare sector is expected to grow even more in the coming years. 18.3% of advertising budgets went to magazines. The pandemic encouraged retailers to introduce it, and 20% of US retailers currently wish to implement it. For example, lip makeup sales fell by a dramatic 50%. Due to varying update cycles, statistics can display more up-to-date However, beauty industry statistics reveal that more than half of women in the US now show interest in quality products with organic and natural ingredients. Of course, consumers are not always conscious of what and how their behaviors are influenced, but these survey results suggest that the people consumers know and trust are more influential than paid influencers or traditional marketing and advertising methods. Whats more, they expect to see beauty in all its many shapes, sizes, and colors presented in positive and realistic ways. The most important key figures provide you with a compact summary of the topic of "Cosmetics industry" and take you straight to the corresponding statistics. Although its recovering, it will take years before this market has the same worth as in 2019. What is the biggest trend in the beauty industry? Both companies also acquire emerging brands, but not until they have a proven track record. Millennials today have a massive impact on the beauty industry market size, and they mostly look for products with natural ingredients, especially CBD oil. asks Oscar Yuan, president of Ipsos Strategy3. Due to the impact of the global pandemic, 2020 was the only year when the annual growth rate of the makeup industry wasnt positive, while it was positive even during the great recession.

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