27 Fascinating Cosmetics Industry Statistics to Get You Ready for 2024
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The cosmetics industry includes products and service providers, such as hairdressers, barbers, makeup artists, and many more.
If you’re someone who finds these products significant, keep reading. You will find everything you need to know about the cosmetics industry’s size, growth, and revenues, along with interesting and useful facts regarding beauty products.
These cosmetics industry statistics will highlight everything you need to know and keep you well-informed.
Top Cosmetics Industry Trends, Stats, and Facts (Editor’s Choice)
- The worldwide cosmetics market size is projected to reach $438.38 billion by the end of 2026
- The global makeup industry’s worth is estimated to be $85 billion in 2024
- The worldwide male cosmetics market is estimated to grow at a CAGR of 8% between 2021 and 2031
- The annual revenue of the perfume industry in the US was $3 billion in 2021
- More than 50 million Americans spent less than $50 on makeup in the first quarter of 2020
- One-third of the young male population would consider using makeup
- One-third of cosmetologists are self-employed
- The brand with the most followers on Instagram is Kylie Cosmetics (25.4 million)
Cosmetics Industry Statistics for 2024 — Current State and Future Predictions
1. The net worth of L’Oréal Paris is $38.3 million.
(Statista)
L’Oréal has a long history, and it’s the leading company regarding skincare products. In addition, it has the biggest revenue of all companies, as Lancome’s worth is $17.5 million, while Garnier’s value is $9.1 million.
The younger population buys more products and significantly influences the skincare market. Therefore, we can even say that the cosmetics industry’s growth depends on advertising to some extent.
2. The global skincare market is estimated to expand at a CAGR of 4.8% from 2021 to 2028.
(Grand View Research)
There is a very high demand for skincare products, especially in North America and Asia-Pacific. Even though makeup is still the most popular among consumers, the skincare market is growing rapidly, and it will probably surpass the makeup market.
3. The global cosmetics market size will probably reach $438.38 billion by the end of 2026.
(Globe Newswire)
According to a Fortune Business Insights report, this market will exhibit a CAGR of 5.1% in the future. What’s actually very good for this market is that people demand clean-labeled products that are toxin-free and skin-friendly.
4. The global vegan cosmetics market is expected to grow at a CAGR of 7.12% by 2025.
(Globe Newswire)
The vegan and cruelty-free cosmetics market size is constantly increasing. That’s because more people are becoming aware of the detrimental effects animal-derived ingredients have on the environment, and many famous companies have started making more vegan products.
5. The North America premium cosmetics market is expected to register a market growth of 7% from 2019 to 2025.
(Business Wire)
Cosmetology industry statistics show that North America is the leading region for the beauty market growth. The reason lies in large investments in organic products made of high-quality ingredients. That’s why the cosmetics industry has become more competitive.
6. In 2024, the global makeup industry’s worth will be around $85 billion.
(Statista)
Women mostly use makeup to improve their physical appearance, hide imperfections on their bodies, and boost their confidence. The most frequently used makeup products are foundations and concealers.
7. The cosmetic product market in Canada is predicted to grow at a CAGR of 6.45% between 2021 and 2026.
(Mordor Intelligence)
The coronavirus pandemic negatively influenced Canada’s cosmetics market size in 2020. Still, the predictions for this market look good.
8. The global male cosmetics market is expected to expand at a healthy CAGR of 8% between 2021 and 2031.
(Premium Beauty News)
Men have started to care about their physical appearance more than ever before. As a result, the current value of this market is $55.5 billion, and North America is the leading market for men’s grooming product companies.
9. The largest segment of the global cosmetics market in 2021 was eye cosmetics ($2.22 billion).
(Statista)
The popularity of fake eyelashes and eyeliners has most likely had a noticeable impact on the cosmetics industry growth rate, as eye cosmetics was the largest segment of the cosmetics industry.
10. Natural cosmetics was the smallest segment of the global cosmetics market in 2021—$9.7 billion.
(Statista)
Even though clean beauty is one of the hottest trends, natural cosmetics made up the smallest part of the worldwide cosmetics market. That’s probably because the trend is relatively new, and people are yet to discover some fantastic natural cosmetic products.
11. The worldwide hair care market is predicted to expand at a CAGR of 3.35% by 2026.
(Mordor Intelligence)
Beauty industry statistics regarding hair care point out that the largest market for hair care products is the Asia-Pacific region, while Latin America is the fastest-growing market.
As hair salons were closed in 2020, people started buying more DIY hair products, like root touch-ups. Also, trends seem to be shifting towards safer, more effective, and natural products.
Cosmetics Industry Numbers ― Revenue and Expenses
12. The personal care industry is estimated to grow at a CAGR of 6.18% between 2021 and 2026.
(Statista)
Personal care industry revenue in 2021 was $235,884 million. It’s the largest segment of the beauty and personal care market, and $80,212 million was generated in the US in the same year.
13. The annual revenue of the US perfume industry was worth $3 billion in 2021.
(IBIS World)
As perfume industry statistics show, the industry experienced a growth of 8.7% in 2021. Unfortunately, this is also one of the industries negatively impacted by the coronavirus pandemic. As a result, its growth between 2016 and 2021 has decreased by 2.4%. Still, it looks like it will recover in the future.
14. 46.2% of the Korean beauty and personal care industry revenue was generated through online sales in 2021.
(Statista)
It’s almost impossible not to mention South Korea and its influence on the beauty and cosmetics industry trends. Skincare is the largest segment of this market, especially facial skincare. It’s also worth mentioning that South Korean beauty products are sold the most in the US.
(Statista)
The main reason for this is easier access to the internet in these regions. Also, it’s important to note that China’s cosmetics industry worth has been increasing rapidly. It’s the main growth driver in this region, but South Korea and Japan are other key players in the Asian beauty industries.
16. Around one million Americans spent $500 or more on makeup products in the first quarter of 2020.
(Statista)
Moreover, 1.3 million Americans spent $300–499, while 4.89 spent $200–299. Moreover, 14.77 spent $100–199 on makeup products, while 29.41 spent only $50–99.
17. Over 50 million Americans spent less than $50 on makeup products in the first quarter of 2020.
(Statista)
Moreover, cosmetics industry demographics show that 31% of Americans spent between $26 and $50, while 11% of American consumers spend less than $11.
18. In the US, women aged 17 to 78 spend approximately $225,360 on their appearance during their lifetime.
(New York Post)
According to a study commissioned by Groupon, women in the US spend $313 on beauty products every month. Moreover, they spend around $91 just on facial beauty products, proving that trends in the cosmetics industry are mostly about skincare.
Of course, as women grow older, they start spending more money on face moisturizers and anti-aging products.
19. Four out of five women in the US use some kind of fragrance.
(440industries)
A surprising fact is that women in their 30s spend more money on such products than women in their 40s or 50s. Therefore, it’s no wonder that the industry earns $465 million every year from purchases made by women.
20. Men spend around $175,680 on cosmetics—22% less than women throughout their lifetime.
(New York Post)
While women spend $91 every month on facial products, men spend only $51. Cosmetics industry stats show that the only things men spend more money on are haircuts and hair products. While men spend $60 monthly, women spend around $56.
Other Noteworthy Facts About Cosmetics
21. Around 33% of the young male population would consider using makeup.
(Store Brands, CNBC)
The male makeup industry is growing. According to NPD’s iGen Beauty Consumer report, almost 40% of the young male population is interested in beauty product trends and gender-neutral beauty products.
What’s more, 56% of the male population across the US admit they use makeup products such as foundations, BB creams, or concealers.
22. 3 out of 10 cosmetology professionals are self-employed.
(Pro Beauty)
This includes both professionals who rent a booth at beauty salons to provide services and people who own cosmetology businesses. Moreover, the job outlook for this industry is estimated to increase by 9% from 2018 to 2028.
23. The global vegan cosmetics market is estimated to hit $21.4 million by 2027.
(Market Research)
The cruelty-free cosmetics market share is predicted to expand in the upcoming years since consuming vegan products that aren’t tested on animals is a new cosmetics trend.
24. We are 90% in control of how our skin ages.
(Huda Beauty)
According to Dr. Friedmann from the London Dermatology Clinic, skin aging is deeply connected to sun exposure. This means that skincare products that contain SPF (Sun Protection Factors) are the most effective anti-aging products. Of course, you can find SPF even in other beauty products.
25. Innovative sales of cosmetics with organic claims are up by 93%.
(Nielsen IQ)
According to clean beauty statistics, some significant rising beauty trends are organic and gluten-free products. For example, the innovative sales of gluten-free products have increased by 26%, while the sales of products with organic claims are up by 93%.
On the contrary, products that contain antioxidants have seen a 61.6% decrease in innovative sales. Interestingly, natural claims products sales declined by 55.4%.
26. Facial cleanser sales amounted to $1.59 million in 2020.
(Statista)
Skincare industry statistics show that facial cleansers were undoubtedly the most popular product in 2020. As other statistics regarding skin care show, facial cleansers are a necessity in every skin care routine.
27. Kylie Cosmetics is a brand with the most followers on Instagram (25.4 million).
(Statista)
It’s a well-known fact that an influential social media presence is critical in increasing sales. Some brands, like Kylie Cosmetics, have over 25 million followers. Furthermore, Anastasia Beverly Hills is the second most popular brand on Instagram, with 20 million followers.
Cosmetics Industry Statistics — Conclusion
If we take a closer look at these statistics, we can conclude that this industry is on its way to recovery. However, the coronavirus outbreak has harmed almost every segment, especially the makeup industry.
Luckily, new trends have emerged during the pandemic, as people have become more interested in products with fewer chemicals.
The skincare industry is expected to have the most revenues in the upcoming years, but other sectors also have a bright future.
Frequently Asked Questions (FAQ)
How much is the skincare industry worth?
The global skincare market is estimated to grow at a CAGR of 4.8% from 2021 to 2028. In 2020, the skincare market size was $98.83.
Emerging trends positively influence the growth of this market, as organic, gluten-free, and cruelty-free skincare products sell more than ever before. Also, people are now willing to pay more for products with fewer chemicals.
How much is the cosmetics industry worth?
The global beauty industry is currently worth $511 billion, and the worldwide cosmetics market size will most likely reach $438.38 billion by 2027. Furthermore, the projected worth of the beauty industry will reach $784.6 billion by 2027.
How much does the average woman spend on makeup?
An average woman spends around $115 on makeup and beauty treatments each month, which annually amounts to $1,380. Additionally, they spend around $65 on creams, anti-aging treatments, moisturizers, and lotions. Apart from makeup and basic cosmetic products, women tend to spend $257.42 at hair salons every year.
Which country spends the most on cosmetics?
People from Western Europe spend the most on cosmetic products, along with the US and China. Apart from the US, some of the most beauty-obsessed countries are Japan, Brazil, Italy, and Mexico. These five countries account for 41.4% of the global expenditures on surgical procedures.
What race buys the most makeup?
It seems that black Americans buy beauty products the most. In fact, they outspent every other race by almost 19% in 2019, spending $572.6 million.
On the other hand, most makeup companies aren’t owned by Black people. That’s why some companies joined the “15% pledge” (devoting at least 15% of beauty companies’ shelves to black-owned businesses). Moreover, cosmetics industry statistics reveal that 16 companies, including Sephora and Bluemercury, have signed it.
