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How Much Money Does The Cosmetic Industry Make A Year?

How Much Money Does The Cosmetic Industry Make A Year
The beauty industry generates over $100 billion in revenue worldwide ( Statista ) – The beauty industry took a hit during the pandemic, decreasing by 8% in 2020, But things are looking up as 2021 marked the best year ever for cosmetics, And overall beauty industry revenue is expected to surpass $120 billion by 2025,

How rich is the makeup industry?

The revenue of the U.S. cosmetic industry is estimated to amount to about 49 billion U.S. dollars in 2022.

What age buys the most makeup?

Cosmetics & Beauty Trends Influenced by Millennials – Unlike in the majority of consumer packaged goods categories, where women 35 to 54 years old are the core target market, millennial women not only are the heaviest buyers in the cosmetics category, but their habits are transforming the industry. How Much Money Does The Cosmetic Industry Make A Year The TABS study also found that higher income correlated to a likelihood of being a heavy cosmetics buyer. Of the 13 percent of the population with incomes of $125,000 or more per year, 39 percent of that group are heavy buyers. This represents a shift from the 2014 study, which showed a decline in heavy buying among those with higher incomes.

What age uses skincare the most?

Gen Z Spends More on Skincare Than Any Other Age Group.

How big is the cosmetic market?

Frequently Asked Questions About This Report – b. The cosmetics market was estimated at USD 262.21 billion in 2022 and is expected to reach USD 272.43 billion in 2023.b. The cosmetics market is expected to grow at a compound annual growth rate of 4.2% from 2023 to 2030 to reach USD 363.80 billion by 2030.b.

  1. Asia Pacific dominated the cosmetics market with a share of around 44.7% in 2022.
  2. This is owing to the people are moving toward a healthy lifestyle and are thinking of a sustainable environment, thus preferring cosmetics made from organic and plant-based ingredients b.
  3. Some of the key players operating in the cosmetics market include Coty Inc., L’Oréal S.A., Estée Lauder Companies Inc., Revlon, Inc., Avon Products Inc., Unilever PLC, and Shiseido Company, Limited.b.
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Key factors that are driving the cosmetics market growth include the rising awareness of chemical-free cosmetics and the rising popularity of personalized skincare products.

How big is the beauty market?

Beauty & Personal Care – United States Revenue in the Beauty & Personal Care market amounts to US$91.41bn in 2023. The market is expected to grow annually by 2.60% (CAGR 2023-2027).

What is the demand for cosmetics?

The global cosmetics market size was valued at $380.2 billion in 2019, and is projected to reach $463.5 billion by 2027, registering a CAGR of 5.3% from 2021 to 2027. Presently, cosmetics have become an indispensable feature of modern lifestyle of individuals.

  • In addition, growth in consciousness about external beauty along with individual’s internal intellect has become one of the major driving factors for use of cosmetics in the global market.
  • Presently, along with women, there is a rise in use of cosmetics among men in their daily routine, which complements growth of the global cosmetics market demand.

Hence, such changing lifestyles, have led to growth of the global cosmetics market. Manufacturers are changing their product branding and advertising strategies to accelerate their sales across various countries. Innovative strategies such as new product launches with natural ingredients and appealing packaging have been adopted by manufacturing companies to increase sales of their cosmetics products.

As cosmetics have become an integral part of individual’s lives, consumers, especially women, prefer to use cosmetics products, which are handy and easy to use while travelling or attending social meetings. Moreover, use of natural ingredients for manufacturing of cosmetics products, which does not have any adverse effect on skin, is a popular strategy of manufacturers to attract more customers.

This also helps in increasing revenue of companies operating in this industry. Collectively, all strategies adopted by manufacturers drive the global cosmetics market. However, chemicals used in manufacturing of cosmetic products can harm an individual’s skin or other parts of the body.

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In addition, application of cosmetic products on a daily basis could be dangerous for skin. Chemicals used as ingredients in cosmetic products can have many adverse side effects on skin. Long-term and extensive use of chemical rich shampoos, serums, and conditioners lead to heavy hair fall problems. Moreover, extensive use of color cosmetic products for eyes and lips can also cause many skin diseases and consequential health hazards.

Therefore, increase in awareness of probable side effects of cosmetics and skin concerns among customers is an important factor that limits growth of the market as a whole. The cosmetics industry has been segmented on the basis of category, gender, distribution channel, and region. On the basis of category, the market is divided into skin and sun care products, hair care products, deodorants & fragrances and makeup & color cosmetics.

By gender, it is divided into men, women, and unisex. On the basis of distribution channel, it is categorized into hypermarkets/supermarkets, specialty stores, pharmacies, online sales channels, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. On the basis of category, the skin and sun care products segment constituted a major cosmetics market share in 2019; however, the deodorants & fragrances segment is projected to experience growth at the highest CAGR during the forecast period.

Skin care products play a major role in daily healthcare regimen of individuals. Presently, rise in awareness about beauty and consciousness are the prominent factors that drive demand for skin care products.