The cosmetics industry is worth billions of dollars, and since it’s constantly growing and adapting to new trends, staying in the loop with cosmetic industry stats can be challenging. That’s why we have gathered the latest statistics and facts related to this industry, hoping to provide you with a detailed overview of its current state.
So let’s have a look.
Top 10 Cosmetic Industry Statistics for 2022
- The global cosmetics market growth dropped to -8% in 2020.
- The beauty industry is a substantial contributor to plastic pollution.
- The natural cosmetics global market is expected to hit $54bn by 2027.
- At $10.2 billion, L’Oreal is the world’s most valuable beauty company.
- Stats show men are buying cosmetic products more than ever.
- World’s top 50 cosmetic companies’ value dropped $12bn in 2021.
- The value of the haircare market is expected to hit $102 billion by 2024.
- 99% of cosmetic consumers consult reviews and ratings when shopping.
- On average, women in the UK spend around $510 per year on cosmetics.
- 41% of consumers spend over $50 on cosmetics in retail stores.
Cosmetic Industry Statistics Worldwide
The following stats should give you an idea of how the industry is doing on a global level and how it’s facing the challenges posed both by the pandemic and the increasing demand for eco-conscious products.
1. In 2020, the global cosmetics market growth dropped to -8%.
(L’Oreal, Power Reviews)
How much is the cosmetic industry worth? The global beauty industry market was estimated at $493 billion in 2018, and it continued showing positive growth of 5.5% for the next two years.
Nevertheless, despite the drop in 2020, the industry is expected to recover, and the market’s value is forecast to reach $756 billion in 2026.
2. When it comes to the skincare industry, the worth of this market is expected to keep growing, with projected revenue of $177 billion in 2025.
Due to the pandemic and lockdown restrictions, people were forced to stay indoors, which only shifted their focus towards personal care and wellness inside their own homes. This allowed the skincare segment to thrive, eventually accounting for 42% of the global cosmetics market, according to the cosmetic industry stats.
3. The beauty and personal luxury industry advertising spending is expected to grow by approximately $200 million in 2022.
(Statista, Brand Equity)
After a 1.7% growth in 2021, the industry’s ad spending is expected to increase further in 2022, reaching $7.7 billion. Cosmetic industry stats from 2020 show that beauty brands spent 1.6 times more on television advertising than other brands, amounting to 42.2% of their budgets.
Another 18.3% of their budgets went to magazines. This is 4.3 times more than brands in other markets were willing to invest in this channel, and judging by the amount of money spent on beauty products per year, it seems to have been a wise allocation of funds.
4. The beauty industry is a substantial contributor to plastic pollution.
According to the beauty industry statistics from 2021, the global cosmetic industry produces 120 billion pieces of cosmetic packaging yearly.
This is only made worse by the needlessly complex design of boxes that, sadly, just eventually end up in our oceans. As a matter of fact, it’s estimated that 11 million metric tons of plastic make their way into the oceans each year.
Social Media and Trends in Cosmetic Industry
In this segment, we will take a closer look at some of the habits of today’s consumers and the various channels they are using to find new beauty products.
The growing popularity of Instagram and YouTube social media channels greatly influenced the cosmetic industry’s popularity in recent years.
According to a recent survey, 87% of the interviewed people stated they spent more or the same amount of time online since the pandemic started. Likewise, 49% said they spent more than $50 online on beauty products, which is considerably higher than 16% recorded in 2019.
6. 99% of consumers find ratings and reviews critical in evaluating new beauty product trends.
More accurately, that’s the percentage of more than 10,000 survey participants who stated they always or every so often read reviews and ratings when about to buy beauty products online.
Additionally, 49% claim they typically look for recent reviews, 58% concentrate on the overall number of reviews, and 79% take the average star rating into account.
7. Latest cosmetic industry statistics show that a Mexican beauty vlogger called Yuya is the most subscribed beauty content creator.
A great number of consumers are dependent on influencer recommendations. As of November 2021, Mexican beauty vlogger Yuya has the most followed beauty and style channel on YouTube, with 24.9 million subscribers.
Second place went to Chloe Ting with 22 million subscribers, while Musas was third, with 15.2 million.
8. 41% of the interviewed consumers spend more than $50 on cosmetics in retail stores.
Even though ecommerce sales have been rapidly increasing, numerous shoppers still choose to stay in touch with the latest cosmetics trends by visiting their local retail stores. This is hardly surprising, as we know that 82% of millennials still shop at brick-and-mortar stores.
The current percentage of consumers buying more than $50 worth of cosmetics in stores is significantly higher than it was just two years ago, when it stood at 21%.
Personal Care Market Trends and Trendsetters
Since the global personal care market has too many players for us to be able to give due attention to all of them, here is an overview of the most important ones.
9. With a brand value of $10.2 billion, L’Oreal tops the list of the world’s most valuable cosmetic companies.
If we take a look at the cosmetic industry statistics from 2020, we’ll notice that L’Oreal was first last year as well, meaning it managed to hold on to its position, as did Gillette and Nivea, which were in second and third place, respectively.
On the other hand, the title of the sector’s fastest-growing brand belongs to Yves Rocher, with its brand value going up an impressive 71%.
10. Cosmetics statistics show that the world’s top 50 cosmetic companies lost around $12 billion worth of brand value in 2021.
The value of the leading cosmetics brands has drastically declined. According to recent beauty industry statistics, the loss amounts to 9%, and is mostly caused by the current pandemic. In other words, their combined value of $137.5 billion in 2020 dropped to $124.8 billion in 2021.
11. Skin care industry statistics from 2020 show that Asia Pacific tops the list of largest cosmetics consumers.
If you want to know which parts of the world have the most consumers, the Asia-Pacific region is in the lead, with a 46% cosmetic industry market share. Second place goes to North America, which accounts for 24% of the global cosmetics market.
12. In 2020, the most popular beauty brands in Europe were Nivea, Colgate, and Dove.
Despite the cosmetics market size, a few names keep reaching the top for several years in a row. For instance, Nivea continues to be hugely popular among Europeans. It earned 546 million consumer reach points last year, placing convincingly ahead of Colgate and Dove.
Beauty Industry Market Size and Demographics
In this section, we’ll try to illustrate the scope of particular segments of the beauty market, and we’ll also examine some of the available demographic data.
13. In 2020, makeup sales started declining, while haircare and skincare lines began to thrive.
(McKinsey & Company)
During 2020, most people worked from home, and even once they got back into their offices, they continued wearing masks. This is why no one was surprised when makeup statistics started showing a drop in sales.
But, contrasted to this, skincare and haircare lines actually seem to be benefiting from the self-care trends imposed by the pandemic.
14. According to recent beauty industry statistics, by 2024, the value of the haircare market is projected to increase to $102 billion.
According to some predictions, the global haircare market will grow from $85.5 billion in 2017 to $102 billion by 2024. Even though the Asia-Pacific region has the largest haircare market, the US can boast the most lucrative one, generating around $15 billion in 2017.
15. Recent makeup industry stats indicate that women in the US spend an estimated $300,000 on facial skincare and makeup in their lifetime.
Since this is how much women spend only to beautify their faces, it doesn’t include pedicures, manicures, hair products, waxing, tanning, and numerous other salon experiences. Additionally, an average woman’s daily face routine includes applying 16 different products.
16. The average annual cosmetics spend of UK women is around $510 (€450).
Skincare statistics from 2020 show that UK female consumers are the highest spenders when it comes to cosmetic products in Europe. They are followed by women from Ireland, Poland, Italy, and finally, Germany, where the average annual spend is $227 (€200).
17. Men are buying cosmetic products more than ever.
Trends in the cosmetic industry have changed a lot through the years, which is why it comes as no surprise that men have started feeling a lot more confident about using more cosmetic products.
While the men’s global beauty and personal care industry was valued at about $121 billion in 2016, by 2022, it is expected to be worth $166 billion.
Popular Beauty Industry Trends
Now that we’ve gone over some of the most interesting stats about the cosmetic and beauty industry, let’s take a look at some of the emerging personal care industry trends.
18. Vitamin C serum is the most popular skincare product in 2021.
According to the SkinStore research, vitamin C serum had over 1,479,630 Google searches only in the US, which earned it the title of the skincare product of 2021.
It owes a part of this fame to its antioxidant, skin-smoothing properties, but acid products are becoming more sought after in general, with their popularity increasing 53% in a year.
19. Skincare industry statistics show that hand cream, lip care, and face tools are some of the biggest trends of 2021.
These trends have recorded the highest increase in popularity since last year, at least when it comes to searches made by Americans.
Hand cream takes the number one place on the list with 1,048,340 searches, equating to a 141% growth. Lip care is in second place, followed by facial tools like ice globes, jade rollers, and LED masks.
20. Available beauty industry facts indicate that people expect to see beauty in all shapes and sizes.
Consumers usually look for products that are precisely intended for their ethnicity and age. That’s why there’s an increased interest in brands that are positively reflecting consumer age and using imagery of people with all their flaws, without hiding the wrinkles and cellulite.
Aside from this, consumers are looking for brands that offer a variety of products for different body sizes, facial features, skin color, and genders.
21. We are finally seeing some diversity in the beauty industry, as statistics seem to indicate.
In the past, the majority of beauty products catered only to a limited range of skin tones. Luckily, numerous brands have become more inclusive, and according to the survey conducted by Nielsen, the beauty stores are finally starting to reflect the diversity of their customers.
The number of color ranges has extended seven times as fast as other product lines as a whole, while the number of unique foundation colors sold has increased at three times the rate of new overall product development across foundations.
22. By 2027, the global market value of natural cosmetics will hit $54 billion.
Beauty industry trends from 2021 show that consumers are increasingly looking into clean beauty products. In short, the term “clean beauty” implies that products are cruelty-free and naturally developed, with sustainability in mind.
23. The sales of waterless cosmetics are expected to grow at a rate of 13.3% between 2021 and 2031.
(Harper’s Bazaar, Future Market Insights)
Waterless beauty might be the future of cosmetics. By 2025, two-thirds of the global population could face water deficiencies if we don’t act now.
Besides taking some simple moves to lower our water usage as individuals — like not leaving the tap running — we also need to support brands in limiting their consumption rates.
How big is the cosmetic industry?
According to the latest data, in 2019, the global cosmetics industry generated $380.2 billion, and it is expected to reach $463.5 billion by 2027. This means that the compound annual growth rate would be 5.3% from 2021 to 2027.
How much is the beauty industry worth in 2021?
According to the beauty industry statistics from 2021, it is worth $511 billion, and it is expected to reach a value of $716 billion by 2025.
How much money is spent on beauty products each year?
People spend an estimated $382 billion on beauty products per year. Some beauty supply industry statistics even seem to indicate that men spend pretty much the same amount as women on beauty and skincare products.
How much does the average woman spend on makeup?
According to some studies, the money women spend on their appearances on average could pay for four years of college tuition. The average amount is $313 per month, i.e., $3,756 per year or $225,360 throughout a lifetime.
The Bottom Line
We hope you found our selection of cosmetic industry stats informative. Perhaps something in here will make you change your mind about how much you spend on your skincare products, or you might be one of the people who take consumer spending statistics as a personal challenge.
Either way, what makes you happy counts the most. Sometimes it is how one is feeling on the inside that reflects the most on their skin and overall appearance.