Enlightening Skin Care Industry Statistics
Posted on |
Skin care is an old practice, spanning back thousands of years into the past. It’s not much of an overstatement to call it an inextricable part of the human experience.
As such, the business of skin care is vast and full of fascinating facts and stats. Don’t believe us? Just look at these skin care industry statistics and see for yourself.
Facts About the Skin care Industry: Editor’s Pick
- The global skin care industry is worth $148.3 billion.
- With $27.2 billion in annual sales, L’Oréal is the top beauty company in the cosmetics industry.
- Women in the US spend an average of $3,756 on cosmetics every year.
- The sun’s UV rays account for 80% of skin aging.
- The global organic skin care market is to reach $ 54.4 billion by 2027.
- The anti-aging cosmetics market size will reach $60.26 billion by 2026.
- In the United States, over 670,000 people work in the beauty services sector.
The Market at a Glance
1. The global skin care industry is worth $148.3 billion.
Worldwide, the skin care industry has a total value of $148.3 billion. The industry has grown at about 6% a year, judging by the global skincare market data.
This growth has been consistent since as far back as 2012. Not only that, but experts predict the same growth well into the future. Going at the same rate, the industry should reach $189.3 billion by the year 2025.
2. Skin care makes up more than 23% of the entire beauty industry.
Skin care is almost a quarter of the entire beauty industry. The skin care market size is a little over 23%, making it the second-biggest branch in the beauty business.
Skin care is just a hair away from being the biggest segment of the industry, too. The first is hair care, which has a market share of 24%. Skin care may catch up, though, especially since more men are becoming interested in buying skin products.
3. With $27.2 billion in annual sales, L’Oréal is the top beauty company in the cosmetics industry.
A few brands dominate the American market. The most popular skin care brands in the United States are Vaseline, Bath & Body Works, Neutrogena, Olay, and Softsoap.
But worldwide, L’Oréal sits firmly as the biggest name in the skin care industry. Providing an incredible variety of skin care, color, and beauty products, it’s not surprising that this company has such a grasp on the personal care product industry.
4. The market size of organic and natural personal care products will probab grow by $8.33 billion between 2019 and 2023.
The grounds for natural personal care products industry growth seem fertile indeed. The sector is in for growth of 10.27% until the year 2023.
The brunt of the growth will come from the Americas, in good part due to skincare trends showing an increased interest in organic personal care products with naturally derived ingredients. In fact, 38% of the growth is expected to stem from this region.
5. Asia-Pacific is the second-largest market for organic cosmetic products.
According to the organic skin care market analysis, the Asia-Pacific region holds tremendous potential for growth. There are quite a few actors that contribute to this vast potential. Some of the central ones include a rising number of millennials, an increasingly aging population, and an uptick of women joining the workforce.
Anti-Aging, Sunscreen, and More
6. Women in the US spend an average of $3,756 on cosmetics every year.
Women are, unsurprisingly, the more prominent spenders in the cosmetics industry. Beauty industry statistics reveal to us that women spend somewhere around $3,756 annually on average. That roughly equates to $313 a month. However, men aren’t all that far behind. They cough up an average of about $2,928 every year, which amounts to $244 a month.
7. Almost 1 million people work in the cosmetics industry service segments.
By all accounts, there are plenty of skin care business opportunities available. There were some 55,000 skin care specialists in 2014, and the growth rate of 12% is expected to last until 2024. Service for men is in for particularly great gains in the future.
Meanwhile, hairdressers, cosmetologists, and barbers tallied up to 656,000 workers in 2014. Skincare industry statistics project a 10% employee growth rate by 2024. Manicurists and pedicurists look forward to the same rate, though there were far fewer of them (113,600) in 2014.
8. The anti-aging cosmetics market size will reach $60.26 billion by 2026.
The outlook for anti-aging cosmetics is positive, with analysts predicting a CAGR of 5.8%. Of all anti-aging products, 52.41% of the total is exclusively related to skin care.
Some top skincare brands in the world are invested in the anti-aging game. Well-known companies here include L’Oréal, Johnson & Johnson, Shiseido, The Estée Lauder Companies Inc., Procter & Gamble, Coty, Natura, Unilever, and Kao Corporation.
9. The sun’s UV rays account for 80% of skin aging.
(National Center for Biotechnology Information)
People who enjoy sunbathing may be in for an unpleasant surprise. According to a study from 2013, there is a strong correlation between UV exposure and visible signs of aging (wrinkles and pigmentation), to the point where it is responsible for 80% of them.
Luckily, sunscreen seems to fight this effect. Seeing that sunscreen sales statistics point to a gradual rise in sales, people may be waking up to this connection between the sun and skin aging.
10. 70.8% of people in the US use sunscreen regularly when going outside for more than an hour.
(Center for Disease Control)
The majority of people in the United States tend to use sunscreen to protect their skin from the sun’s rays. Mind you, this statistic pertains to adults, seeing that highschoolers are far less likely to wear sunscreen (only 10.1% of them do so).
Looking at sunscreen and skin cancer statistics, one notices that women aged 25 or more are the most responsible: 76% of them actively use sunscreen. Only 68.3% of men in the same age bracket are likely to do the same. Meanwhile, those younger than 25 are overall less prone to wearing sunscreen (66.2% for women, 55.4% for men).
Men, Foreign Markets, and Skin Care
11. 25% of men in the UK spend up to £20 a month on skin care products.
Men have slowly become more aware of the merits (and pressures) of looking out for the health of their skin. This is why a quarter of UK men will invest up to £20 (around $25) in skin care products.
Looking further into cosmetic industry stats tells us that most people still hesitate to pay that much for skin care, though. A similar percentage (24%) will not exceed £10, while 22% spend up to £5 every month.
12. According to skin care industry statistics, makeup sales went down 22% in the first half of 2020.
The year 2020 has not been all that favorable toward the makeup business. In its first half, the year witnessed dipping beauty industry trends, wherein makeup sales dropped by 22%. Perfume sales also slumped but by a less concerning 13%.
In light of the COVID-19 pandemic and the rise of remote working, this reduction in sales makes sense. And even though online purchases did not falter (they, in fact, rose), that industry sector is still too small to make a noticeable difference in overall sales.
13. 40% of people aged between 18 and 22 have displayed an interest in gender-neutral beauty products.
Men have shown a growing demand for skin care products in recent years, and that especially applies to young adults aged 18-22 (falling under the generational moniker of iGen). Nearly 40% of them have been interested in buying or using gender-neutral beauty products like foundations or concealers.
Moreover, as many as 56% of men of all ages have said that they used such makeup in 2018.
14. The personal care and beauty market in the Middle East and Africa was worth around $34.9 billion in 2019.
(Beauty Business Journal)
The market in the MEA region for beauty and personal care products raked in a bountiful $34.9 billion in 2019. This is an increase of about 8% when compared to the previous year. Furthermore, analyses predict that it should reach $43.4 billion in 2022.
The natural skin care industry growth in the Middle East and Africa is also enjoying gains, however. Its worth was estimated at around $2.25-$2.5 billion back in 2017. But projections point to solid growth of 12-15% throughout the five years following 2017. This means that the market could reach $4 billion by 2022.
15. The global organic skin care market is to reach $ 54 billion by 2027.
It seems that the need for sustainable, natural, ethically-made cosmetics is on the rise. The global organic skin care market should reach $54 billion by 2027. It should reach this figure at an annual growth of 5.2%.
Skin care will be the largest component of the natural beauty market, but hair care will follow closely behind. Organic skin care market trends reveal that the two will account for half of the entire market when combined.
16. France, Singapore, and the United States exported the highest dollar value of skin care and beauty cosmetics products during 2019.
(World’s Top Exports)
France, Singapore, and the United States are the three greatest exporters of skin care and general beauty cosmetics. Respectively, they accounted for $10 billion (16%), $6.3 billion (10.1%), and $6.1 billion (9.8%) in 2019.
The competition is very active, with several countries boasting notable skin care industry growth. Among those, Japan and Singapore showed the most progress, having grown by 219.1% and 172.8%, respectively.
Some More Skin Care Facts
17. Environmental protection will be big in the near future.
As awareness about our effect on the environment, from pollution to climate change, rises, the popularity of “environmental protection” in skin care products will spread. From UV light to polluted air, the need to use cosmetics to protect us from the toxins in the environment will increase.
So what is environmental protection in skin care? One of the latest skin care trends, these products protect from airborne toxins, UV light (much like sunscreen), and nigh-energy light, while still nurturing the skin.
18. In the United States, over 670,000 people work in the beauty services sector.
The United States has a lot of people working in the beauty industry. An excess of 670,000 people are employed in some part of the beauty and skin care service and product sectors, ranging from barbers and hairdressers to chemists and dermatologists (since we didn’t mention it yet, here’s a quick definition of dermatology: a part of medicine dealing with diagnosing and treating skin disorders).
Experts rate the beauty industry growth in the United States as above average, as well. They predict a CAGR of some 13% between 2016 and 2026.
19. According to skincare industry statistics, 21% of Americans buy organic makeup almost exclusively.
Organic makeup has been enjoying much more attention from the public, according to recent skin care statistics. It’s not exactly widespread yet, partly due to product costs, but a good 21% of Americans buy only organic makeup.
The idea that organic makeup is somehow better or healthier is very common. Some 42% of Americans believe that it’s better than the standard chemical variants. The reasons they cite include the lack of alcohol, being more eco-friendly, and more beneficial for the skin.
20. China will generate personal care revenue of $30.3 billion.
The personal care market size in China is set to reach $30.3 billion in 2020. That would put it in first place in terms of revenue from this industry, with the US following second. And it’s primed to grow at a healthy rate, too. There should be a CAGR of 3.8%, leading to a projected market volume of $71.3 billion by 2024.
Skin Care Industry Statistics: In Conclusion
These insights into skin care industry statistics let us see just how vast the industry is. Moreover, it highlights the fact that more and more people are beginning to appreciate skin care, especially men.
The above data on market size, growth, and trends show that people are turning to a more health-conscious perspective on skin care. If you want healthy and glowing skin, choose skin care products wisely.
Frequently Asked Questions (FAQ)
How much is the skin care industry worth?
The global skin care industry is worth $148.3 billion in total. There has been a steady growth of 6% annually for many years, spanning as far back as 2012. The future seems similarly optimistic, with cosmetic industry growth estimates predicting a rise to $189.3 billion by the year 2025.
How much is the lip balm industry worth?
In 2020, the lip balm industry is worth $815.3 million. Due to an increase in skin care product sales, this value is projected to rise to over $1 billion come 2023, following a CAGR of 6.73%.
How much money does the skincare industry make?
The global skincare cosmetic industry revenue is $160,838 million in total. That number is expected to grow to $194,961 million by the year 2025.
How much is the cosmetic industry worth?
The overall beauty industry is worth over $532 billion. Of that, the US cosmetics industry is worth around $50 billion.
Broadly speaking, skin care is a part of cosmetology, a sector that is worth more than $532 billion (quick explanation of what cosmetology is: studying and applying beauty practices). Sunscreens, moisturizers, exfoliators, and many more products belong to skin care. Skin care also has ties to medicine, and much of it deals with maintaining proper skin health and preventing diseases, such as skin cancer.
How big is the cosmetic industry?
The cosmetic industry spans the globe and is present in almost every country in the world to some extent. In total, the global skin care industry is worth $148.3 billion. Experts predict that this number will grow to $189.3 billion by 2025. In the US, the cosmetics industry is worth around $50 billion.
What age group buys the most skin care products?
The age group between 18 and 24 is the one that buys the most skin care products, being in the 82nd percentile. They are followed by the up-to-17-year-old demographic. Skin care industry trends reveal that those aged more than 65 are also a prominent group.
Who is the target market for skin care products?
The target market for skin care products is primarily women, though the trend is leaning toward a leveling between men and women. Those aged between 18 and 24 are the most prolific buyers. Those aged over 65 often need help from cosmetologists (cosmetologist definition: someone licensed to provide cosmetic treatments to the skin, nails, face, and hair).
What are the top 10 skin care products?
Judging by skin care market reviews, the most widely recommended products include: Purifying Cleanser by Tata Harper, Power D Treatment Drops by Zelens, Revitalift Hyaluronic Acid Serum Ampoules by L’Oréal Paris, Creamy Eye Treatment with Avocado by Kiehl, Pixi By Petra Glow Tonic, Hydrating Accelerator by Josh Rosebrook, Protini Polypeptide Cream by Drunk Elephant, Amla Purifying Cleanser, C E Ferulic with 15% L-ascorbic acid, and Rapid Response Detox Masque by Renée Rouleau.
Is skin care a waste of money?
Generally speaking, skin care products that are of good quality and reasonably priced aren’t a waste of money. These are usually well-proven products that have a demonstrable benefit for the health of your skin.