After the information technology industry, the cosmetic industry is one of the fastest-growing industries in the whole world. Every cosmetic brand, whether small or big, specific or versatile, affordable or expensive has a large number of buyers.
Even brands with only a few consumers are actively trying to gain more customers through social media campaigns and innovative cosmetic packaging designs.
Each personal care brand including skincare, haircare, and makeup brands is coming up with unique products that intrigue their target audience into buying the product. This is exactly the reason for the fast growth of the cosmetic industry.
Furthermore, we will help you know the details of the latest cosmetic industry statistics in this article.
12 Latest Cosmetic Industry Statistics
Here are the 12 examples of the growth of the cosmetic industry through cosmetic industry stats.
1. Skincare Products Dominate Cosmetics Industry
As the cosmetic industry is diverse with products for hair, face, skin, and more, you might be wondering which of these products are taking the world by storm.
So, let us tell you it is the skincare industry in particular with the products that are dominating the cosmetic industry. This is because people know that healthy skin is the secret to everlasting beauty.
2. The Global Cosmetics Industry is Expected to Generate Over USD 129 billion by 2028
While the cosmetic industry has been rapidly flourishing for decades, it suffered a setback in 2020 after the Covid. However, that did not decide the future of the skincare industry and it got back on its feet in a better way.
Thus, according to Statista, the cosmetic market is expected to grow to $129 billion in 4 years.
3. L’Oreal is the Leading Beauty Company With Over USD 40 Billion in Global Sales
With the countless cosmetic brands in the cosmetics market, it is difficult to declare a single brand as the most popular one among consumers. However, after surveys and research, L’oreal is the leading beauty company.
As reported by Statista, it generated over $40 billion in 2022. L’oreal offers both exceptional yet affordable skincare and makeup products.
4. North Asia Makes Up Over 1/3rd of the Cosmetics Market
If you are into skincare or your better half is, you must already be aware of the fact that everyone is obsessed with Asian skincare. With glass-like Korean skin, unmatched Japanese beauty, and ever-young Chinese skin, North Asian skincare shows obvious results with its amazing products and cosmetic jars.
Thus, North Asia, alone, represents 35% of the global beauty market.
5. Micro-influencers and Big-Name Influencers have a 65% Impact on Consumer Buying Decisions
As the market is full of products, each claiming to do a miracle to your skin and hair, only specific products are actually sold. The reason behind the sales of the products is the influence of popular personalities on social media who are impressed by both the product and its packaging design.
According to Financial Express, 65% of consumers buy products that are rated positively by social media influences, celebrities, and beauty professionals.
6. 82% of Cosmetics Buyers Actively use Instagram Daily
Have you noticed that every time you need a product or even think of one, your social media shows unlimited ads about the product and its benefits? The excessive use of social media greatly persuades the audience into buying the product.
An article published in Harvard Business School states that 82% of cosmetics buyers use Instagram daily.
7. COVID-19 pandemic Resulted in a Rise in the Use of Skincare Products by 40%
As per Cosmetics Business, around 40% of skincare users started using their products more frequently in 2019.
Before COVID-19, not everyone was enthusiastic about skincare products due to lack of time or busy life. The isolation led to the women having enough time to spend on themselves. Consequently, women started using skincare products regularly.
8. Women in the US Spend an Average of USD 3,756 Per Year on Beauty Products
As a consumer of the beauty industry, you must know how expensive skincare and makeup can be. While 1 bottle of makeup can last a few months, skincare products are used fully within a month or two.
Therefore, consumers rebuy the products often and even buy new products to test them out. This explains why Americans spend around $3.7k per year on beauty products as mentioned in Groupon.
9. The Men’s Personal Care Industry is Expected to Grow 8.6% CAGR till 2030.
Although we have been talking more about women consumers in the beauty industry, the men’s personal care industry is not behind either. Men are taking better care of their skins and bodies in the present day.
Allied Market Research reports that the market size of the men’s personal care industry will become $276.9 billion in 2030 with a growth rate of 8.6% in this decade.
10. Kylie Cosmetics is the most followed beauty brand on Instagram
As we discussed 82% of people use Instagram and their buying decisions are greatly influenced by social media, the most-followers beauty brands are also one of the most selling brands in the industry.
For example, Kylie Cosmetics is currently taking the lead on social media with more than 25 million followers.
11. Organic Skincare Industry is Projected to Grow by 8.72% per year through 2027
With the eco-friendly cosmetic packaging, organic skincare is in demand as well. The word “organic” makes every product attractive.
This is why the organic skincare industry will market at $13.76 billion in 2029 from $8.5 billion in 2024 with a growth rate of 8.72% as shared by Mordor Intelligence.
12. Global Hair Care Market Size was valued at USD 99.52 billion in 2023
Hair Care products come under both beauty and personal care products. People are always looking forward to brands that offer high-quality products to protect their hair from hair fall, split ends, and dullness.
So, the haircare market is growing at a rate of around 10% currently and was valued at $99.52 billion last year as stated in Fortune Business Insights.
Conclusion
With better products, more creative packaging for cosmetics, descriptive cosmetics labeling, easily available reviews, and more awareness among consumers, the skincare and beauty industry has great potential to grow in the coming years.
Also, the competition in the beauty market is strong. So, if you want extraordinary yet trendy cosmetics packaging with labeling as per FDA requirements, VCPAK has got you covered.
