The concept of beauty is as old as time. This may be because the first thing we notice about the next person is their appearance. Thus, it is no surprise that the beauty industry has not only been constantly modified to fit the average enthusiast for centuries, but it has also helped individuals and organizations earn billions in revenue.
From the manufacturer of skincare products to haircare, perfumes, soap, and, of course, colored cosmetics, the beauty industry is very diverse and innovative. The cosmetic industry is quite broad because it provides products as well as services. This billion-dollar industry continues to defy gravity and is projected to grow even bigger. Beauty industry statistics show a constant increase in the cosmetic market globally, indicating a universal acceptance of beauty products.
Important Cosmetic Industry Stats (Editor’s Choice)
Globally, the beauty industry continues to grow swiftly, as beauty brands are always trying to find new ways to beat their competition by providing better alternatives. Consequently, trends are continually changing. This section highlights the primary cosmetic industry stats that every beauty enthusiast should know.
- The global beauty industry is worth over $532 billion
- The global beauty industry is estimated to hit $716.6 billion by 2025
- L’Oreal is the leading beauty manufacturer worldwide
- Skincare is the most profitable branch in the global cosmetic industry
- Women in the US spend up to $3,756 on beauty products annually
- 48% of millennials opt for products with CBD oil
- 58% of American women buy organic and natural skincare products
- 70% of Asian Americans spend more on skincare than the general US population.
These cosmetic industry statistics show that the beauty industry is one of the largest enterprises around the globe, as it has successfully managed to capture the hearts of millions of people. The industry is expected to grow even bigger as innovations continue to appear.
General Beauty Industry Statistics
If projected statistics by experts are anything to go by, then the beauty industry has barely attained its peak for growth. It has been predicted to go even higher as men and women all over the world continue to buy beauty products. Here are some fantastic general beauty statistics.
1. The global beauty industry is worth $532 billion.
The rapid increase in the cosmetic industry’s worth is no surprise as men and women all over the world continue to throw disposable income at whatever would make them look and smell good. This increase can also be accredited to the rise of social media influencers and brand ambassadors. Their presence has given the industry a platform to reach a wider audience, which has consequently led to increased sales. It is expected to grow significantly in the coming years.
2. The US has the largest cosmetic industry in the world.
The United States recorded almost $90 billion in 2018. This makes it the most prominent beauty industry in the world, and it is expected to hit $97 billion by the end of 2020. In the global cosmetic shares, the US holds 18.3%.
3. The beauty industry is resistant to economic downturns.
Experts say the cosmetic industry growth might just be resistant to economic woes. When the global economic recession occurred in 2008, the industry did relatively well compared to other sectors. This is because a lot of people consider cosmetic products to be essentials. So although they remained price-conscious, consumers did not stop buying.
4. L’Oreal is the leading beauty manufacturer worldwide.
Every other day, new beauty brands continue to emerge, hoping to tap into this hugely successful industry. However, L’Oreal, a beauty brand founded in 1909, still sits at the top worldwide. With its unique products and authenticity, this amazing brand had revenue of $30.8 billion in 2019.
5. Women in the USA spend up to $3,756 on beauty products annually.
(New York Post)
A survey carried out by the New York Post revealed that the average woman in America spends a significant amount of money on her appearance. The average amount spent annually is $3,756, which adds up to about $225,360 throughout her lifetime.
6. 70% of Asian Americans spend more on skincare than the general US population.
(The London Economic)
Health and beauty industry statistics show that Asian Americans spend more on skincare than any other nation in the world. But it doesn’t end there — they also spend more on fragrances, haircare, and cosmetics than the general US population.
7. Organic and natural beauty products are estimated to hit $54 billion in 2027.
Beauty products with organic and natural ingredients are one of the hottest topics in cosmetic industry trends today. Women and men all over the globe are more conscious of the ingredients put into their products. As a result, a lot of people tend to look out for products with natural ingredients. This change in the market scene is estimated to hit the $54 billion mark and, consequently, boost the global cosmetics market size.
8. 25% of consumers want eco-friendly products.
(We Are Social)
The concern for the environment has forced people to look inwards at what they use, and most have realized they support brands that are contributing to the problem. As a result, a steadily increasing number of beauty buyers would only purchase a product if it is eco-friendly.
9. The personal care industry for men is estimated to hit $166 billion by 2022.
All over the world, men are embracing more beauty products than ever before. This might be as a result of more cosmetic brands creating beauty lines just for men. From fragrances to skincare and hair, the possibilities are endless. The beauty industry growth for men is yet to reach its peak as more beauty brands are beginning to tap into this market.
10. The global beauty industry is estimated to hit $716.6 billion by 2025.
With the increased popularity of organic products among men and women everywhere, the global beauty industry’s worth is expected to hit the $716.6 billion mark by 2025. With more brands being more inclusive and creating gender-neutral products, this booming industry may do more than expected in the coming years.
11. The global fragrance market of the beauty industry is estimated to reach $52.4 billion in 2025.
While most people may ignore other segments of the beauty industry, the fragrance segment is hard to ignore. Across the globe, everybody wants to smell good, and the fragrance segment plays a major role in making this possible with a series of fragrances produced and distributed worldwide.
The fragrance segment produces fragrance, which cuts across genders and millions of people are using it. As a result of its key roles in the beauty industry, the fragrance segment is expected to increase the cosmetic industry revenue.
Skincare Industry Statistics
The skincare industry has grown to be the most successful branch in the beauty industry. This is supported by multiple cosmetics industry statistics that show a constant increase over the years. A major contributing factor would be the production of skincare lines for men and the use of natural ingredients. Here are some interesting stats about the skincare industry.
12. Skincare experienced a 5% increase in 2019.
Cosmetics industry analysis for 2019 revealed that the sale of skincare products such as moisturizers and lip balm resulted in a 5% increase in sales. This increase pushed the industry to hit an astounding $1.4 billion in the first quarter of 2019.
13. Skincare is the most profitable segment in the global cosmetic industry.
Skincare accounts for about 39% of the cosmetic industry statistics worldwide. This makes it the most profitable segment with haircare coming second at 21%. The increase in the demand for skincare products might be a consequence of the emerging skincare products for men.
14. Facial skincare makes up 51% of the South Korean beauty market.
South Korea’s beauty market is estimated to be worth over $13 billion, making it one of the ten global beauty markets. The beauty industry analysis conducted by experts at Mintel in 2017 indicated that facial skincare products dominate 51% of the South Korean market. These products have a market share of about $6.5 billion in retail sales.
15. The United Kingdom is the leading producer in facial skincare.
The 2018 skincare industry statistics recorded by Mintel Global New Products Database (GNPD) stated that the UK produced over 37% of facial skincare products. These products were targeted at the skin biome. The statistics also revealed that the US was the second leading producer of these products, producing about 25%, followed by France with 15%.
16. 58% of American women buy organic or natural skincare products.
The skincare segment is, no doubt, the most successful part of the cosmetic industry. However, as successful as this segment is, cosmetic industry statistics for 2017 indicate that more than half of the women in the US are now showing interest in the ingredients used in these products. As a result, more women are gravitating toward products with natural or organic ingredients.
17. 84% of men in the US use facial skincare.
The beauty industry for men has shifted from just being focused on perfumes and bath soaps to producing skincare products suitable for men. More beauty brands are creating skincare lines for men. Men in the US now patronize the industry more than before and would willingly spend a significant amount of money on skincare products.
18. 48% of millennials opt for products with CBD oil for skincare.
(Linkage Research and Consulting)
CBD is no doubt one of the hottest cosmetics industry trends at the moment. The plant-based ingredient has been associated with incredible healing properties, including skin conditions. Millennials today have a massive impact on the beauty industry growth rate, and a significant proportion is always looking to go for products with natural ingredients, especially CBD oil.
Makeup Industry Statistics
For a lot of men and women, makeup products are essential items. This segment is continually evolving as new makeup trends continue to develop. This section will highlight some vital makeup statistics.
19. Makeup sales generated $2.1 billion in 2018.
In 2018, the makeup industry’s worth was significantly affected by the massive sales of foundation and other products. Foundation was the most valuable item and generated about $985 billion in sales. Mascara, eyeshadows, and eyeliners, which are products of the eye cosmetics industry, made $2.1 billion in sales together with foundation and other facial cosmetics.
20. Foundation is the most popular makeup item.
A survey conducted on women in Australia revealed that women spent more on foundation than any other makeup product. It was purchased by 36% of women in about six months, with 26% purchasing mascara. In the US, foundation had a makeup industry revenue of $985 million in 2018.
21. More than 34% of women can’t live without a concealer.
(Hidden in makeup)
Although foundation is the most popular makeup product, a significant number of women claim to be unable to live without concealers. As the name implies, this product conceals every “unwanted” attribute wherever it is applied. However, statistics show that women spend more on eyeshadow as they own about 12 eyeshadows and three mascaras on average.
22. Makeup accounted for 19% in the global cosmetic market.
The beauty industry market statistics carried out in 2018 by Statista revealed that the global cosmetic market noted a 5.5% increase. The makeup products accounted for 19% of this increase and were the third-highest category in the industry.
23. More than 56% of men in the US use some form of makeup.
With several male social media influencers using makeup and recording tutorials, a lot of men now feel comfortable using makeup. These men use products ranging from foundations to eyebrow palettes. Makeup industry stats reveal that this new trend by men is here to stay. Beauty brands now aim for gender-neutral products to profit from this new wave.
Statistics for the Hair and Beauty Industry
The hair and beauty industry is quite diverse, and it’s continuously faced with the challenge to continue evolving. Men and women around the globe have different hair textures. However, this industry manages to be diverse enough and produces something for every hair type. From wigs to shampoos, below are some exciting hairdressing industry statistics.
24. The global haircare market is estimated to grow to $15 billion in 2023.
From shampoos to sprays and conditioners, the haircare market is a very successful branch of the beauty industry. The industry is continually growing as new beauty industry trends continue to show up. Thus, experts have estimated a 3% increase in the global hair market by 2023.
25. Shampoo accounts for the largest market share in haircare.
The shampoo is one haircare product that cuts across all genders and is universally accepted by many. It provides hygiene and all-round healthy hair. Thus, it is the largest and successful segment of haircare. It is estimated to grow from $24 billion (2016) to $30 billion by 2023.
26. 52% of consumers prefer to buy organic or natural shampoo.
The demand for transparency in the beauty industry has led to increased concerns in the ingredients used in beauty products. More people are growing to love the idea of natural ingredients, and this cuts across a lot of beauty products. Beauty industry statistics reveal that more than half of shampoo buyers prefer products with natural products over those with fragrances and other ingredients.
27. The global haircare market size was worth $87.9 billion in 2018.
Over the years, the US has shown a steady and encouraging increase in its haircare market size. As the world becomes more beauty conscious, the global haircare sector is expected to grow even more in the coming years.
28. The US had 183 haircare contract manufacturers in 2019.
The haircare industry continues to multiply to meet the ever-growing demand of consumers all over the world. As the leading country in the beauty industry, the United States had 183 contract manufacturers for the haircare sector in January 2019, according to beauty industry market statistics. Canada followed with 12 manufacturers. These figures are projected to increase in the coming years as a result of emerging beauty trends.
Beauty Industry and Social Media Statistics
Social media has played a vital role in the beauty industry. Social platforms like YouTube and Instagram have heavily influenced how beauty products are marketed. Social media influencers, brand ambassadors, and beauty bloggers have been successful in building trust and creating a more reactive atmosphere. This has bridged the gap between brands and consumers. Here are some exciting beauty industry and social media statistics.
29. 63% of beauty buyers trust brands they can find on Instagram.
A significant percentage of consumers in the beauty industry relies heavily on social media when looking out for products. Around 52% are more likely to buy the beauty products they see on social media. This has redefined the beauty industry and has brought a different kind of approach to the business. As a result, brands spend a lot of time building an excellent online presence.
30. Teenagers spend about $368 annually on beauty products.
(The Fashion Law)
Teenagers today grew up in a world of social media, and 57% of them say social media is one of the most significant sources of pressure to look good. Consumed by this pressure, the average teen spends an enormous amount of time on platforms such as YouTube, looking out for the latest beauty industry trends. As a result, they tend to spend as much as possible on beauty products. This has led to a significant increase in the beauty industry market size.
31. 96% of beauty brands have a social media account.
It is no surprise that more brands are opting for a strong social media presence. Men and women everywhere depend a lot on opinions and reviews on social media. Also, brands on social media tend to have brand ambassadors and social media influencers who bring more awareness to their products. These influencers bridge the gap between the brands and consumers, creating trust.
32. Kylie Cosmetics had the highest engagement in 2018.
Brands like Kylie Cosmetics now renamed Kylie Beauty, understand just how valuable social media can be and have since utilized it in the best way possible. A survey carried out by experts at Statista revealed that Kylie Cosmetics had the highest user engagement in 2018. The brand had an estimated 329.77 million actions and is currently worth $1.2 billion.
These important beauty industry statistics show that the industry is one of the largest and most profitable sectors in the world. It is sustainable and significantly contributes to the economy. As beauty trends continue to emerge and with the influence of social media, this billion-dollar industry is expected to expand further.
Frequently Asked Questions(FAQs)
How much is the beauty industry worth?
The beauty industry is currently worth $532 billion.
Is the beauty industry growing?
The beauty industry is rapidly growing, and its job growth is faster than average.
How many people are there in the beauty industry?
There are almost one million people in the beauty industry.
How big is the beauty industry?
The global beauty industry is worth $532 billion, and the US market was worth $93.5 billion in 2019.
How much is the cosmetic industry worth?
The cosmetic industry is currently worth $532 billion.