Looking good and feeling good play an important role in our everyday lives. Don’t believe us? Just take a look at these beauty industry statistics below and see for yourself! The fact of the matter is, the beauty industry is one of the fastest-growing markets with shifting trends and ever-evolving technologies, striving to offer more to its consumers at a much lower price.
Hence, in this article, we’ll take a deeper dive into the very fabric of the beauty industry both globally and in the US.
Like what you hear? Then take a look at these most important figures below:
Top 10 Health and Beauty Industry Statistics
- The global beauty industry market is valued at $511 billion in 2021.
- The beauty and personal care market will hit a jaw-dropping market size of $716.6 billion by 2025.
- The US cosmetic market is worth a staggering $62.46 billion.
- The Asia-Pacific and North America regions account for more than 60% of the global cosmetics market.
- Americans spend $197.01 on beauty products on average.
- Women in the US spend roughly $313 per month on beauty products.
- As much as 82% of US men aged 18 and 44 use facial skincare products.
- In 2019, Sephora reached a mind-blowing 125,000 employees.
- Pre-COVID-19, nearly 85% of all beauty product shopping took place in brick-and-mortars
- The organic and natural beauty market is projected to reach a “respectable” $54 billion by 2027.
How Much Is the Beauty Industry Worth?
Has the beauty industry suffered much due to coronavirus, or we are spending even more than usual?
1. The global beauty industry market is valued at $511 billion.
(CommonThread)
According to experts, online sales channels will grow by 4.8% come 2023, whereas offline purchases will decrease by 1.3%.
The personal care market will dominate as usual since it is projected to reach $268bn by 2025.
2. In the UK alone, H&M’s beauty offering increased by an astonishing 94.8% over the course of a year.
(Edited)
Retail companies are most definitely jumping on the “beauty trend” bandwagon.
Namely, between 2018 and 2019, H&M’s beauty offering nearly doubled. Likewise, Net-a-Porter’s beauty palette grew by an additional 26% over the same time-span.
3. How much is the beauty industry worth in the US? A whopping $62.46 billion no less!
(Statista)
This shouldn’t come as a surprise seeing how the US has the largest cosmetic market on the planet, employing approximately 64,000 people.
4. Skincare products were the best-selling goods of 2019.
(Statista)
Of all the beauty products sold that year, skincare products topped the list with 40%.
Next in line, we had hair care products (21%), followed by make-up (18%), perfumes (11%), and hygiene products (10%).
5. The Asia-Pacific and North America regions account for more than 60% of the global cosmetics market.
(Statista)
In addition, recent beauty industry analysis also revealed that non-Western beauty cultures are gaining prominence on the world stage. As a result, diversity and variety have become the global norm.
6. 82% of women believe social media is what dictates how different trends shift.
(Franchise Help)
In the past, celebrity endorsements shaped most beauty trends, but not anymore. Today, social media has taken over the trend-setting with more people now seeking opinions from friends, family, and influencers.
7. According to recent beauty industry statistics, not even a weak economy can slow this industry down.
(Franchise Help)
Namely, the fact of the matter is — for most people, beauty products are essential.
Hence, even during periods of great economic downturns (as was the case with the global financial crisis of 2008), people are willing to part with their hard-earned money to sustain their beauty rituals.
Speaking of crises…
8. The COVID-19 pandemic is no match for the beauty industry.
(McKinsey)
Last year, in China, beauty sales fell by a staggering 80% compared to 2019.
However, in less than a month, there was merely a 20% decline; in other words a 60% rebound. Therefore, we can safely say that when it comes to the beauty industry, the coronavirus can’t bring it down.
9. L’Oreal, the largest name in the industry, made $34.4 billion in 2019 alone.
(Statista) (Business of Fashion)
Not many names in the beauty industry reach this level of “superstardom.” Namely, L’Oreal, (founded in 1909) is truly an industry giant and as such is known by consumers from all four corners of the world.
Thanks to its great products, ample marketing, and high quality, the total Loreal revenue for the July–September period (after the lockdown) reached a whopping $8.27 billion, which is 1.6% more than the previous year.
10. Pre-COVID-19, nearly 85% of all beauty product shopping took place in brick-and-mortars.
(McKinsey)
Nowadays, this is much closer to 60% (even though millennials prefer online shopping, as do Gen Zers).
Still, due to the pandemic, roughly 30% of beauty stores had to close indefinitely.
11. India is on its way to becoming the global leader in cosmetics as the latest cosmetic industry statistics predict over $20bn beauty industry worth by 2025.
(Fashionista)
That’s quite an impressive figure, especially if we take into consideration that the entire Indian beauty market was valued at “only” $6.5 billion just four years ago; in other words, in less than a decade, the beauty industry of this South Asian country will have tripled in size.
US Beauty Industry Statistics
Americans absolutely love spending time and money on skincare and hair care products. Let’s just see how much exactly, and who spends more — men or women.
12. In 2019, the US cosmetic industry was worth a “respectable” $49.2 billion.
(Statista)
Nevertheless, consumer spending stats have also shown a decrease in spending when it comes to beauty products. Since the great economic crisis of 2008, people started favoring more affordable or do-it-yourself products rather than luxury goods.
13. Americans spend $197.01 on beauty products on average.
(Statista)
With the beauty industry market size being as large as it is (we’re talking billions here), it goes without saying that people spend a considerable amount of money on beauty products each year. What’s more, the average amount spent each year is steadily increasing, as well.
14. Cosmetic industry statistics reveal women in the US spend roughly $313 per month on beauty products.
(New York Post)
According to a recent survey of 2,000 respondents, American women spend about $3,756 a year on beauty products; in other words, $313 a month.
Moreover, if we do the math, this adds up to around $225,360 over the course of a lifetime (from the ages of 18 to 78).
15. Men in the US spend 22% less on beauty products compared to women.
(New York Post)
The fact that men don’t make a large part of the nation’s beauty industry statistics shouldn’t surprise anyone really. Nevertheless, they do make a considerable chunk, believe it or not.
16. The entire US beauty industry managed to generate a revenue of $77,985 million in 2020.
(Statista)
In 2021, experts estimate that the total revenue in the Beauty & Personal Care market will reach $82,264 million.
The beauty market is also expected to grow with a compound annual growth rate (CAGR) of 4.1% in the period 2021–2025, reaching an overall revenue of $96,449 million in 2025.
17. Beauty industry trends in 2020 in the US state that the average revenue per capita was $235.6
(Statista)
According to expert opinion and forecasts, this figure will be 283.34 per person in 2025, with the most money spent on personal care products ($128.39)
The same forecast also states that offline purchases will still dominate the market, with 38% of the products purchased online, and the rest (62%) in actual brick-and-mortar stores.
18. Approximately 58% of US women prefer organic and natural skincare products.
(Statista)
The latest skin care industry statistics just go to show the rising trend of using all-natural and organic products; no doubt spurred by the eco-conscious and financially savvy millennial generation.
19. Around 56% of US men have admitted to using facial cosmetic products.
(CNBC)
While makeup statistics and men don’t usually go hand in hand, according to the latest Euromonitor on the subject, more than half of American men admitted using some sort of makeup product, like BB cream, foundation, or concealer at least once in 2018.
20. The US haircare market is projected to have a 3.2% CAGR between 2021 and 2026.
(Mordor Intelligence)
Among the most prominent companies will be L’Oréal SA, Procter & Gamble, Unilever PLC, and The Estée Lauder Companies Inc.
According to the forecast, these players will highly consider different acquisitions and mergers not just with each other but with local companies as well to gain more dominant ground in smaller local markets as well as optimize their offerings and achieve consolidation across the board.
Beauty Industry Trends & Revenues
What awaits us in the future? Check out which regions are to dominate the beauty sector in the future.
21. Beauty and personal care products are estimated to have a 3.3% global CAGR in 2021.
(CommonThread)
Moreover, North America — which has a 24% share of the market — will see a 2.6% growth solely this year, and experts forecast an even bigger growth rate (3.5% worldwide) by 2023.
22. In 2019, the facial care product market reached £806 million ($1.1bn) in sales in the UK alone.
(Statista)
When looking at UK beauty industry statistics from 2019, makeup and facial cosmetics sit at the very top.
And according to recent stats, the value of skincare products in the UK went up by 25% since 2012.
23. In 2019, 8.46 million women used lotions and face creams more than once per day in Great Britain.
(Statista)
Without a doubt, lotions and face creams reigned supreme when it comes to cosmetic products with millions of women using them multiple times throughout the day in 2019.
24. Cosmetic surgeons have the highest paying job in the beauty industry.
(Miss Millennia Magazine)
With annual salaries in the $150,000–$800,000+ range, cosmetic surgeons have the best-paying job within the industry.
Apart from that, beauty bloggers and vloggers can also achieve a substantial salary ($0–$1,000,000+). However, they don’t have a steady source of income and for a few, much of it relies on pure luck and talent (standing out from the crowd).
25. In 2019, Sephora reached a mind-blowing 125,000 employees.
(Asian Leadership)
Hence, it should come as no surprise that this beauty giant made $24.56 billion in turnover that same year.
As for 2020, the total Sephora revenue took somewhat of a hit since stores were closed for nearly two months all across the globe due to the COVID-19 pandemic.
26. The global fragrance market is worth an estimated $45.2 billion.
(Statista)
What’s more, the same market is expected to reach $52.4 billion by 2025 — according to the latest beauty industry report.
27. In 2021, in Nigeria alone experts predict $3.90 billion in revenue and $14.61 billion in total for the Sub-Saharan region.
(Africa Business Pages)
The market in Sub-Saharan Africa grows between 8% to 10% each year, while the global market grows at only 4%.
$11.20 billion was the estimated value of the beauty and personal care market in Africa.
28. Hair care industry statistics estimate the global hair care market will increase by over $4.9 billion between 2020–2024.
(TechNavio)
Which is nearly a 3% CAGR. What’s more, the US will be at the forefront of that growth — industry revenue is projected to increase by a whopping $1.15 billion during this period in the US alone.
29. The beauty and personal care market will hit a jaw-dropping market size of $716.6 billion by 2025.
(PR News Wire)
This will happen largely due to the increasing demand for NOPC (natural and organic personal care) products, as well as anti-aging products — hence the 5.9% CAGR and beauty industry worth for that period.
30. The organic and natural beauty market is projected to reach a “respectable” $54 billion by 2027.
(Formula Botanica)
In other words, a 5.2% CAGR is expected over this period.
What We Learnt from Beauty Industry Statistics
We tried our best to provide an objective and comprehensive overview of the industry, and as you can see — the numbers speak for themselves. Personal care products are most popular, with natural skincare building its way up. As for the markets, India shall definitely stand out in revenues.
Finally, just by looking at these beauty industry statistics for 2020 and 2021, we can tell that the figures will just keep on rising despite the hiatus caused by the COVID-19 pandemic.
FAQs
How much was the cosmetic industry worth in 2020?
When looking at the entire market (hair care, skin care, makeup, etc.) estimates suggest $438.38 — mostly due to the growing number of collaborations and company acquisitions, as well as the lockdown caused by the COVID-19 pandemic.
What are the current trends in the beauty industry?
The most notable shifts/trends in the beauty industry are the following:
- Better pricing — with the increased connectivity, smaller brands can also build a respective customer base and keep them engaged with niche products, pricing breakdowns, and so on.
- Transparency — consumers nowadays are much savvier about the ingredients that end up in their beauty products. As a result, they want to see a shorter list of ingredients, preferably with all-natural substances.
- Sustainability — going hand in hand with transparency, consumers also want to buy products that don’t harm the environment that comes in recyclable packaging.
Is the beauty industry competitive?
Both male and female products are in high demand — hence the rapid growth. Consumers are also becoming more demanding and more eco-conscious, looking for more natural and sustainable products (which in turn increases competitiveness).
If anything, you only need to look at the beauty industry statistics we’ve listed here. Namely, there’s competition in every segment, on all levels — from the smallest brand to industry giants.
Sources:
- Africa Business Pages
- Asian Leadership
- Business of Fashion
- CommonThread
- CommonThread
- CNBC
- Edited
- Fashionista
- Formula Botanica
- Franchise Help
- GlobeNewsWire
- McKinsey
- McKinsey
- Miss Millennia Magazine
- Mordor Intelligence
- New York Post
- PR News Wire
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- TechNavio
