GLOBAL STUDY

Beauty and Cosmetic Industry Statistics (2024)

Creator: Erin D.
Published: 2023-07-11T20:31:46+00:00

Pete Scott, MD

Written by Erin D. Updated on 22 Aug 2024

Key Statistics

With the increasing significance placed on self-care and well-being globally, the cosmetics and beauty industry is gaining even greater value. As a leading platform in haircare with more than 100,000 users per month, medihair has compiled the latest data and statistics to chart the course of the beauty industry. Read on as we discuss the most important statistics from the industry to shed light on revenue, spending, market leaders, and more.

Most Important Findings

Global Beauty Industry Size	$504 billion
Growth Rate	15% (2021 - 2022)
Categories and Segments	Hair Care (24%), Skin Care (23,7%)
Largest Market	United States $89.7B
Biggest Brand	L'Oréal ($40.31B Revenue)

10 Key Beauty & Cosmetic Industry Statistics

The global beauty industry had a size of $504 billion in revenue in 2022.
The global cosmetics market grew by 15 percent from 2021 to 2022.
North Asia commands the largest market share for beauty and personal care products, constituting over one-third of the market. North America follows at approximately 26%, while Europe accounts for 22%.
L’Oréal claimed the top spot as the world’s leading beauty manufacturer in 2022, with revenues exceeding $40 billion.
Skincare is anticipated to generate a staggering $177 billion by 2025.
Millennials account for 36% of the global consumers who purchase beauty product.
Online sales for cosmetic retailers reached an impressive $17.09 billion.
Skincare holds the dominant position in the beauty industry, capturing a substantial 42% of the market share.
The global haircare market exceeds a substantial value of USD 75 billion in 2020.
The hair loss market reached a global size of USD 52.37 billion in 2022.

Press Contact

Journalists and Editorial offices can contact the press office at any time if they want to report on our statistics, need information on our topics or are looking for discussion partners. Furthermore, we can provide you with the data sets of our studies and statistics. The medihair editorial team is available for background discussions and interviews. Please contact press@medihair.com.

Top 10 Cosmetics Brands by Revenue

The following data highlights the revenue of the top 10 beauty manufacturers worldwide in 2022, based on their beauty sales during that year.

Brand	Revenue in 2022 (billion US dollars)
L’Oreal	40.31
Unilever	25.11
Estée Lauder	16.4
P&G	14.4
Shiseido	8.19
Louis Vuitton	8.13
Beiersdorf	7.24
Chanel	7.05
Natura & Co	7.05
Coty	5.3

L’Oréal: Founded in 1909, L’Oréal offers a wide range of beauty products. In 2022, L’Oréal became the world’s largest cosmetics and beauty company with approximately $40.3 billion in revenue. The company has a strong focus on research and development, investing heavily in beauty tech innovations and expanding its digital presence.

Unilever: With diverse brands like Dove, Axe, and Pond’s, Unilever’s revenue in 2022 reflected its popularity, making it one of the top brands in the cosmetics market.

Estée Lauder: A prestigious cosmetics brand renowned for its high-quality skincare, makeup, and fragrance products. Estée Lauder has made it to the top 3 beauty companies in the world with a revenue of 16 billion USD.

P&G (Procter & Gamble): A multinational consumer goods corporation, boasts a strong presence in the cosmetics industry with brands like Olay and Pantene.

Shiseido: A Japanese multinational personal care company, is widely recognized for its premium skincare, hair care, and cosmetics offerings. With a focus on Eastern beauty traditions, Shiseido has garnered global acclaim and over 8 Billion USD in revenue.

10 largest cosmetic markets by spending

The following table shows the total spending on beauty products by country in the year 2018.

Country	Spending in Billion US Dollars (2018)
United States	$89.7B
China	$58.3B
Japan	$36.9B
Brazil	$34.7B
Germany	$19.1B
United Kingdom	$17.2B
India	$15B
France	$14.7B
South Korea	$12.8B
Russia	$11.4B

North America is the most significant market – In 2020, North America accounted for 24% of the global cosmetics market.

Asia Pacific is leading the way – The Asia Pacific region has emerged as one of the largest consumers of cosmetics, surpassing other regions in terms of market size and influence.

North Asia is a beauty and personal care hub – Within the Asia Pacific, North Asia stands out as the largest market for beauty and personal care products. In 2021, it commanded over one-third of the market share. Notably, China has risen to become the industry leader in this region.

Beauty & Cosmetic Industry Categories and Segments

The beauty market in the United States is segmented by revenue across various categories, including skincare, haircare, make-up, fragrances, and toiletries.

Category	Market Share in the US
Hair Care	24%
Skin Care	23.7%
Cosmetics	14.6%
Perfumes & Colognes	9.5%
Deodorants, Personal Care Products, Feminine	8.5%
Oral Hygiene	5.6%
Other	14.1%

Global Beauty Industry Statistics by Segment

Skincare products make up approximately 42% of the total market.
Following closely behind, hair care products make up approximately 24% of the global market.
Skincare and hair care products collectively account for nearly 60% of the market share.
Makeup products represent nearly 20% of the total market share.

Beauty & Cosmetic Industry Distribution Channels

Distribution for beauty products typically occurs either through wholesale to retailers and resellers or through a direct-to-consumer (DTC) approach, where the manufacturer sells directly to the public.

The common distribution channels include:

Brick and Mortar: Hypermarkets, department stores, drug stores etc.

Ecommerce: Online marketplaces like Amazon.

Direct to consumer: Brand stores or online marketplaces.

Hypermarkets/Supermarkets Are the Dominant Retail Channel

The hypermarkets/supermarkets segment emerged as a major player in the cosmetics market in 2019 and is expected to maintain its dominance in the coming years.

The popularity of hypermarkets/supermarkets is further fueled by factors such as urbanization, an increase in the working-class population, and competitive pricing, which contribute to their appeal in both developed and developing regions.

Rapid Growth Expected In Online Sales Channels

Online sales channels such as e-commerce platforms are projected to experience the highest compound annual growth rate (CAGR) of 7.6% till 2027.

While beauty products have been slower to transition to online sales compared to other categories, brands are increasingly shifting their marketing efforts to target online audiences.

Here are some key statistics that show the rise of digital marketing and its effects:

82% of shoppers in the beauty niche actively use Instagram daily.
About 67% of beauty shoppers rely on influencers as a key source to discover new beauty products.
42% of consumers express a willingness to buy products promoted by influencers.

Consumer Trends in Beauty Product Purchasing

Millennial Shoppers Are the Largest Global Consumers: According to a survey conducted in the third quarter of 2022, millennials accounted for the largest share of global consumers (36%) who purchased beauty products.

Gen Z Consumers Most Likely to Shop Online: Following closely behind millennials, Gen Z consumers represented 35% of beauty product purchasers in the online space. This digitally savvy generation is comfortable with online shopping and relies on the web for their beauty needs.

Impact of COVID-19 on the Beauty Industry

The COVID-19 crisis has brought about several changes in the beauty industry that are likely to have lasting effects. Here are three key areas in which the pandemic has altered the industry:

22% of women reported dedicating more time and resources to skincare. Due to lockdowns and remote work, more women started focusing on skincare instead of makeup.

Boost in online and direct-to-consumer e-commerce channels. Before the pandemic, 85% of beauty products were purchased in physical stores. The COVID-19 crisis has emphasized the importance of digital distribution channels.

Growth of Beauty Tech Market. According to Statista, the revenue of the beauty tech market is projected to experience continuous growth in the next five years. It is expected to reach approximately 8.93 billion U.S. dollars by 2026.

Frequently Asked Questions

Which country spends the most on cosmetics?

What is the largest cosmetics company in the world?

What are current trends in the beauty and cosmetic industry?

Sources