The idea of being beautiful and the whole concept behind it is as old as civilization itself. To put it another way, clothing and looks are the first things we notice about another person.
The cosmetic industry is a multifaceted and multibillion-dollar enterprise. According to cosmetic industry stats, the number of people using cosmetics has steadily increased. Both sexes use a wide range of beauty products, which is becoming more common as time passes.
Keep reading to learn the freshest and the most interesting things related to this giant of an industry, such as its market size, how much is the cosmetic industry worth, upcoming trends and styles, fresh products, and much more!
Good-to-know Cosmetic Industry Stats for 2022
- The Asia-Pacific accounts for about half of the worldwide cosmetic industry’s market.
- By 2023, the market share of online selling in the U.S. is expected to reach 48%.
- The global revenue of natural cosmetics is about to overtake $54 billion by 2027.
- In 2022, the beauty industry is estimated to pay $7.7 billion on marketing and promotion.
- Men spend an average of $175,680 on cosmetic products during their lifetime.
- Digital marketing accounts for 34.1% of overall marketing expenses for cosmetics.
- 82% of those who buy cosmetic products use Instagram on a daily basis.
- A whopping 48% of millennial consumers use CBD oil-infused cosmetics.
- Hand mask sales rose six-fold during the first two months of the COVID-19 pandemic.
- By 2030, the market for men’s care products is expected to reach $276.9 billion.
Cosmetic Industry in General
Previously dominated by major retailers, the cosmetics industry has grown to enormous proportions and has gone online for the benefit of everybody.
As a result, entrepreneurs are looking forward to meeting a new group of consumers who want to break the norms and purchase one-of-a-kind items.
In the following part, you’ll get familiar with the latest statistics and trends of the cosmetic industry and everything related to it on a global level.
1. The beauty industry revenue is expected to hit $716 billion by 2025.
(Terakeet)
The world of cosmetics, including the skin, makeup, and hair care industries, is a colossus that shows no sign of slowing its growth. On the contrary, it’s getting bigger and bigger, and more and more people are drawn to it as time goes on.
So, how much is the beauty industry worth? According to research, global sales are expected to reach $483 billion in 2020. By 2025, overall sales are expected to reach $716 billion, with an annual growth rate of 4.75%.
2. The Unisex market will face non-stop growth at a compound annual growth rate of 6.6%.
(Allied Market Research)
In terms of cosmetics market size, the women’s sector led in 2019 and is predicted to continue to rise at a strong CAGR during the cosmetics industry projection period. The market’s growth is fueled by the intersection of technology, aesthetics, and lifestyle, as beauty industry trends show.
As a matter of fact, the global market growth of the cosmetics industry has gradually increased throughout time. This is due to the fact that more and more men and women are worried about their appearance.
3. Asia and the Pacific region dominate the market share with fascinating 46%.
(Common Thread Co.)
Believe it or not, easterners are grabbing the lion’s share of the market. While Western and Eastern Europe contribute 24% in total (18% Western, 6% Eastern), Latin America barely provides 8%, and Asia and the Pacific make up almost half of the market (46%).
According to the industry of cosmetics market size, Africa is the weakest player, accounting for the smallest percentage of the total (nearly 3%). On the other hand, we have North America on the radar, with its decent share of 24%.
According to this, Asian people love spending money on their appearance.
4. Men spend an average of $175,680 on cosmetics and beauty care throughout their lifetime.
(Byrdie)
Every month, the average woman pays roughly $313 on her looks. This equates to $3756 every year or $225,360 over the course of a lifetime.
Men, on the other hand, spend (significantly) less than the average woman, as cosmetics trends show. The spendings reach nearly $175,680 in their whole life.
This sums up to $244 monthly. Surprisingly, they’re most likely to spend the most of their money on products like moisturizer or lotions. Gym memberships take the second place, followed by hand creams, shaving products, and supplements.
5. According to a 2021 study, half of the cosmetic products in America may contain harsh chemicals.
(CBS News)
Over 50% of all cosmetics sold in North America and Canada may be contaminated with an industrial chemical that might increase the risk of cancer and lower birth weight.
Following the latest makeup statistics, we found that compounds like fluorine and others from the so-called “forever chemicals” family were detected in high concentrations in 56% of makeup and eye products, 48% of lipsticks and lip glosses and 47% of mascaras.
This study was conducted on over 230 regularly used beauty products.
Skincare Industry in 2022
This part of the cosmetics industry is quite large and continuously growing. Creams, moisturizers, and lotions are examples of skincare products that enhance the beauty and wellness of the skin.
They can be worn on a daily or occasional basis by both men and women. In addition to this, read about the global revenue and market share, as well as which skincare products suit your skin. Let’s find out.
6. The skin care industry’s revenue will reach roughly $180 billion by 2026.
(Statista)
Following the beauty industry market size data, the cosmetics sector is seeing an increase in annual revenue in a greater form after seeing its revenue drop from 137.124 billion in 2019 to 128.698 billion dollars the next year (2020) due to the pandemic.
As a result, the company’s revenue in 2026 is expected to exceed 180 million dollars. We hope that there won’t be any more problems, like the COVID-19 pandemic, for not just the cosmetics industry but for all businesses to have natural business growth, too.
7. Leading companies are labeling their products with “natural” and “organic” to attract more customers.
(Fortune Business Insights)
As beauty industry trends reveal, two of the most popular cosmetic leaders, Avon and Garnier, both include natural components in their cosmetic goods and label them “Avon Naturals” and “Garnier Organic,” respectively.
As a result, they’ll be able to keep their current clients while also welcoming new ones with this move.
Equally important is that qualified organic and natural cosmetics saw a 14% year-over-year increase in the U.K. in 2018. As a result, skin-nourishing goods are predicted to grow in popularity.
8. The beauty and skincare industry employs more than 670,000 people in America.
(Toptal)
Services (such as hairdressing and barbering) are a part of the beauty sector. The sector of beauty and cosmetic services involves more than 670,000 workers in the U.S., and its overall employment forecast is “better than expected” at a pace of 13% (2016-2026).
9. Skincare accounts for around 23% of the overall cosmetics market.
(Franchise Help)
The cosmetics industry is broken down into sectors, and each sector accounts for a specific percentage of the total market share. According to cosmetic industry market share data, nearly a quarter of the cosmetics market (24%) goes to hair care, followed by skin care (23.7%).
Both of these categories account for almost half the market, while the rest is made up of segments like cosmetics, perfumes and colognes, and so on.
10. The sun’s ultraviolet radiation is one of the main factors for skin aging, accounting for 80% of all cases.
(NCBI)
Your skin will change throughout time due to a variety of factors, both internal and external. Therefore, a study was done to examine the influence of sun exposure on facial aging in terms of the appearance of new specific indicators or the deterioration of the classical ones.
The study involved 298 Caucasian women between the ages of 30 and 78. It seems that sun exposure accounts for 80% of the development of visible symptoms of aging on the face.
This is why we should introduce sun protection to our everyday routine.
Hair Care Industry
The products of this industry are meant to restore your hair and prevent its damage caused by dryness, pollution, or other environmental conditions.
The industry’s market contains thousands of organic and inorganic products that help get your hair healthy, more natural, shiny, and well-groomed. Here are some stats and facts related to the hair care industry’s market share, industry revenue, consumption of products, etc.
11. The global hair care industry’s market is expected to reach $105.4 billion by 2025.
(Statista)
The hair care segment is the leading part of the whole cosmetic industry market. Following the latest cosmetic industry growth numbers, its global market worth has already reached nearly $97 billion (2022), while it’s predicted to surpass $105 billion by 2025.
Haircare expansion has been positive, prompting many new players to establish themselves in specialized categories.
12. In recent times, hair coloring and long hair for males have been a commercial phenomenon.
(Fortune Business Insights)
The number of young individuals with dyed or colored hair is on the rise. As a result, dyes are predicted to rise in demand. Lately, people are getting more excited about hair-coloring products and are willing to know how to take care of dyed hair properly.
Hair styling products have also seen a rise in demand due to the increasing popularity of long hair and numerous hairstyles among males. Therefore, this situation is expected to help the global haircare market grow during the next few years, as cosmetic industry stats reveal.
13. Hair extensions are 13 times more common among black people than white.
(Forbes)
Many people are unaware of the top-rated industry for hair extensions in the beauty sector. We’ve seen a lot of celebrities in recent years who have helped raise awareness of these products, and they’ve done a good job.
The majority of sales have always come from the black population, though. According to a recent study, the average black person spends 13 times more money on hair extensions and six times more money on hair care products than the average white person.
More and more black women are looking for hair extensions that match the specific curliness of their hair, and this trend is expected to continue.
14. Beauty industry statistics reveal that 90% of the liquid in a standard shampoo bottle is water.
(CB Insights)
Water-based products, such as shampoo, are made of 90% water and require a large amount of packaging and delivery, which adds up to a significant amount of money and carbon dioxide emissions.
As a result, the idea of taking water out of product composition due to more manageable and more efficient delivery is becoming more and more popular with beauty brands that want to be more environmentally friendly.
Many businesses and large corporations are working on new material solutions to increase the concentration of active substances in shampoos, hand soaps, and other products.
FAQ
How big is the cosmetic industry?
(Common Thread Co.)
The industry is powerful globally, and it is only growing stronger as time flies. The magnitude of this giant is apparent, as the numbers show. From $483 billion in 2020 to roughly $511 billion in 2021, it’s expected to reach $716 billion by the end of 2025.
How much was the beauty industry worth in 2021?
(Capital Counselor)
In 2021, the worldwide beauty industry market was estimated to be worth approximately $511 billion.
How much money is spent on beauty products each year?
(Ask Wonder)
According to a study from 2017, people spend $382 billion on all types of beauty products worldwide per year.
How much is the skincare industry worth?
(Statista)
This stat represents the worldwide skincare market’s expected size from 2012 to 2025. Analysts believe that the skincare industry’s income will reach $163.5 billion by the end of this year and that it will be worth 189.3 billion dollars by 2025.
How much does the average woman spend on makeup?
(Byrdie)
Experts state that women overall spend nearly $313 per month on their beauty. When we stretch that over a longer period, it sums up to $3756 at a year level or $225,360 during a lifetime. Yep, it’s pretty much equal to regular college tuition.
Summing Up
According to the cosmetic industry stats presented here, the industry is one of the biggest and most lucrative in the world today. Aside from that, they show how much the cosmetics industry’s movements and trends have an effect on the other companies.
Nowadays, people are more aware of environmental issues and the dangers of harmful chemicals in beauty products. As a result, we have high hopes that the beauty industry will become even more ecologically and environmentally conscious, vegan, and cruelty-free.
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