Beauty industry statistics show that online sales increased by around 40% globally in 2020. But this survey by Ipsos suggests that such strategies may not be all that effective. In addition, if e-commerce beauty brands offer cheaper prices online, they stand a good chance to get hesitant customers to give the product a try (22%). Natural products made of quality ingredients take over the beauty industry market. The global skincare products market was worth $140.92 billion in 2020, and its predicted to grow at a CAGR of 4.69% by 2026. Interestingly enough, only 61% of consumers say they would return to their pre-pandemic makeup-wearing habits once the crisis is over. According to the latest ecommerce data, the rise has been evident in all industries. The report, entitled What the Future: Beauty, summarizes a series of in-depth global consumer surveys. For example, lip makeup sales fell by a dramatic 50%. For example, social commerce is already indispensable, and beauty brands embrace AI, virtual try-on, and ecommerce more than ever. Beauty is an essential part of Asian culture, and women are especially interested in it. 23 Exciting Fashion Designers Facts That Show the Power of the Industry, 21 Impressive Nike Facts and Stats for 2022, 10 French Perfume Brands: Tradition and Luxury in a Bottle, 20 Types of Earrings: An Essential Guide for the Stylish, A Detailed Guide to 12 Types of Trainers + 5 Trending FAQ, 35 Gorgeous Engagement Ring Styles and Setting Types, How to Measure Sunglasses Size + 4 FAQs Answered. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Insights into the world's most important technology markets, Health Market Outlook Shoppers had fewer reasons to purchase such products, with stay-at-home orders and focusing on skincare rather than makeup. Similarly, by 2025, its projected to grow to 565.78 ($758.4 billion). In the past, the idea was that if you told people they werent good enough, by creating this aspirational messaging, they would constantly be spending money buying your product to try and be good enough, shared Anastasia Garcia, a fashion photographer and body diversity advocate. On the other hand, 179.55 million Americans stated they didnt use such products in 2021. The global improvement in living conditions will drive the demand for the product in general. Other strategies, like free virtual application classes or virtual video consultations with a sales representative, are not likely to persuade potential customers to give a new product a try, at least not today. Just in 2018, beauty content on YouTube had a mesmerising 169 billion views. Beauty industry statistics for 2022 show that the average spend per capita on lip cosmetics in 2022 will be 1.81. Consequently, the market is estimated to reach $3.5 billion by 2027. It provides an over-the-horizon look at the consumer trends that will grow in importance over the next five years. 5. Thats why shampoo bars have become much more popular. This theory is based on the idea that consumers would always find the means to purchase luxury goods regardless of the economic situation. The makeup industrys most significant annual growth rate was in 20185.5%. Are you interested in testing our corporate solutions? Health and beauty industry statistics for the UK show Colgate was the brand with the highest penetration rate in the country and the world in 2020 when the last research was done. Interestingly, female barbers earn slightly more than male barbers. Their cosmetics statistics proved that waterproof mascaras and long-lasting lipsticks have the highest levels of fluorine, which isnt surprising. As more young people dye their hair, the global market is expected to keep growing. Currently, its worth $511 billion. While beauty brands see digital e-commerce and digitally-enhanced in-store and virtual try-on apps as the wave of the future, a sizable percentage of beauty customers (41%) said they would not buy any beauty product that they had only tried-on virtually. New, Insights into the worlds most important health markets, Figures and insights about the advertising and media world, Everything you need to know about the industry development. At the same time the lip cosmetics market in the UK will reach 283 million. It was followed by Nivea at 61.4%, and Dove, with 57.6% of UK households. The beauty industry is number one when it comes to influencer marketing, according to a study by Rakuten. In fact, 42% of Gen Z, Gen X, and millennials care for the environment, while 40% of baby boomers feel the same. This is because many brands are more inclusive and create gender-neutral products. Asia will most likely generate one-fourth of the global revenue, while Europe will generate 40%. Natural according to the survey means products that are 100% made from naturally-occurring ingredients with nothing artificial. Also, 59% of survey respondents report spending the same or even more money on cosmetics, especially skincare products. Whats more, health and beauty industry statistics show that 77% of buyers would even pay more if a product was personalized for them. All Rights Reserved, This is a BETA experience. LOreal had revenue of $29.4 billion in 2020. Quick Analysis with our professional Research Service: Toplists & Rankings: Best Employers Portal. In 2020, 60% of makeup users said they were wearing less makeup than before the pandemic. Hygiene and fragrances come next, with equal shares of 10%. These close personal contacts are way out in front of magazines (27%), online videos (27%) and Instagram and other social media (25%) as influencers. When it comes to Europe, cosmetics industry statistics predict its hair care market will reach $21.59 billion this year. By contrast women aged 18-24 years and 45-64 years will decline slightly in number, -1% and -3% respectively, according to Census Department projections. New brands must offer something really new and different to pull people away from what they are using now. The global skincare market size is estimated at 107.46 billion in 2022. One of the intriguing trends in the beauty industry is waterless beauty because its eco-friendly. Even if the world economy dips between now and then, the beauty business is more likely than other discretionary categories to hold its own. China comes in third with 11.69 billion. Natural, clean and sustainable, while close, are not synonymous. In Europe, the industry is projected to expand at a 4.1% rate, as almost 70% of women and 10% of men use such products. The prestige fragrance and cosmetic industry growth is estimated at 5.18% annually between 2022 and 2025. Health and beauty industry statistics show that Nivea is immensely popular among European consumers. New beauty brands continue to emerge, hoping to tap into this hugely successful industry. Spending Less, Lingering Less: The Shopper Shutdown Thats Crippling Aussie Retail, Rapid Evolution: Three Ways The Pandemic Will Revolutionize Retail, Under Starters Orders, Retailers Are Chomping At The Bit But Need Guidance On How Lockdown Will Be Lifted, U.S. currently is the worlds largest beauty market. However, the markets response is still underwhelming, as customers are still not finding the right product. asks Oscar Yuan, president of Ipsos Strategy3. Dry shampoo is increasing in popularity due to peoples lifestyles becoming more hectic and the rising demand for waterless products. For comparison, in 2021, the beauty and personal luxury industry spent around $7.5 billion. Trusted in-store advisors are best able to help customers find products and brands that will help them realize their own personal beauty image, not copy that of a model, celebrity, or paid influencer. Millennials today have a massive impact on the beauty industry market size, and they mostly look for products with natural ingredients, especially CBD oil. While 34% of customers prefer organic products, 44% buy them occasionally, with their choices differing from product to product. Globally, waterless cosmetics sales are expected to grow at a 13.3% rate between 2021 and 2031. How much is the cosmetics industry worth? Furthermore, the global haircare sector is expected to grow even more in the coming years. liability for the information given being complete or correct. This is true across all generations, but more so among the younger consumer bases. For every $1 that a man makes, a woman makes $1.01. According to the latest available stats, the global shampoo market was worth $35.1 billion (2020). 26. Although it experienced a slight dip that year, its expected to reach $105.14 billion by 2028. Each year, the beauty industry spends more on advertising. Get in touch with us. Today the global beauty industry is a $532 billion business. The beauty consumer is changing in how they define beauty and demanding an inclusive and authentic image. The appeal of waterless cosmetics is that theyre more concentrated, last longer, and often dont require plastic or any packaging at all. Read our beauty industry statistics to find out the newest trends and developments in the sector. Here are my takeaways from the survey results focused on the perspectives of U.S. consumers: As much as we like to think that consumers are always looking to try new beauty products, the Ipsos survey finds most consumers are satisfied with the products they currently use and are available today. This has implications too for beauty retailers to make the most of their potential to develop close personal connection with customers. Of course, consumers are not always conscious of what and how their behaviors are influenced, but these survey results suggest that the people consumers know and trust are more influential than paid influencers or traditional marketing and advertising methods. The pandemic encouraged retailers to introduce it, and 20% of US retailers currently wish to implement it. This text provides general information. Moreover, it will grow at a CAGR of 5.9% during that period. What is the future of the beauty industry? "The foundational question is: Will beauty continue to be in the eye of the beholder, or will beauty [+] be something that we each get to define and own for ourselves?" But the truth is, you dont have to make people feel like crap to buy a product. Data from a PowerReviews survey about beauty industry trends for 2022 reveal that people are now more likely to buy new beauty products. 27. Furthermore, its projected to grow even bigger. members for their recommendations," writes Carla Flamer, president of market strategy & understanding for Ipsos. In fact, 68% of them think that the content they see on Instagram is trendy, which can leverage sales. Manufacturing beauty products to meet one or all of these criteria natural, clean and sustainable is a particular challenge for the major brands due to their scale. The makeup industry is predicted to reach $463.5 billion by 2027, meaning that this industry is vast. You may opt-out by. Its interesting to note that skincare accounts for 42% of the global cosmetic industry. This need gives brands in physical retail the edge in introducing new products. According to the newest beauty industry stats, many big brands, such as Bluemercury, Macys, and Sephora, have committed to the 15% Pledge, which means they will save at least 15% of their shelf space for Black-owned businesses. Natural cosmetics industry statistics show that the market is expected to keep growing at a 7.51% annual rate between 2022 and 2026. Nearly two-thirds replied yes and explained that their perception changed after getting to know the individual better. Makeup statistics show that young women apply makeup several times per week, and only 10% never use makeup. A new study by Ipsos sheds light on the changing face of beauty, along with predictions about the trends that will shape the future of the beauty marketplace. The skincare products market was worth $140.92 billion in 2020. It will further focus more on natural products, underskin care and skinimalism. Since people have become more aware of their health, future trends include home self-care and healthy products. Moreover, the beauty industry typically makes between $4 and $5 billion per year. Skincare products have the largest market share of all beauty industry segments. Beauty brands spent 42.2% of their budgets on television advertising or 1.6 times more than brands in general. Due to the impact of the global pandemic, 2020 was the only year when the annual growth rate of the makeup industry wasnt positive, while it was positive even during the great recession. The AI-powered app helps consumers understand their skin type and potential problem areas and suggests solutions. 53 among the worlds most respected brands. The Lipstick Effect holds. Oral-B, Colgate, and Boots are also among the most commonly chosen brands. Therefore, we hope that the beauty industry will be even more eco-friendly and cruelty-free in the future. Quite the contrary, there will be plenty of losers, as well as winners, in the business of beauty, because it faces seismic shifts in how women, and increasingly men, define beauty and the role of beauty products in their lives. Due to varying update cycles, statistics can display more up-to-date The younger the base, the more influential social media becomes. Its predicted that 153.13 million Americans will use shaving gels or creams in 2024. One of the most significant changes in trends is related to whats considered premium. The beauty industry analysis conducted by experts at Mintel shows that facial skincare products dominate the South Korean market with $6.5 billion in retail sales and an estimated CAGR of 5.8% over the next five years. Sales share of L'Oral's make-up cosmetic branch, Sales share of Procter & Gamble's beauty segment, Revenue of the Unilever Group's personal care segment, Sales of Este Lauder's skin care segment, Beauty brand with the most Facebook followers, Beauty brand with the most Instagram followers, Beauty and personal care e-commerce in the United States, countries with most big four beauty pageant titles, average cost of Chanel No 5 in selected countries, Cosmetics market in the United Kingdom (UK). It turned out that 48% of lip products, 56% of foundations and eye products, and 47% of mascaras contain fluorine, an indicator of PFAS (so-called forever chemicals). 49 and Estee Lauder No. After shampoo, hair dyes are the next largest segment in the hair care industry. Beauty industry statistics show 56% of consumers say the influencers they follow affect their choice. As the makeup industry recovers after the pandemic in 2021, its expected to keep growing by 2026. We are happy to help. However, the demand for makeup products can vary depending on global events. Both companies also acquire emerging brands, but not until they have a proven track record. It is closely followed by Japan, with 13.56 billion. Consumer reach points determine the number of households that bought the product and the frequency of purchase. Is It Better To Lease Or Buy A Car In Summer 2022? The rapid increase of the cosmetic industrys worth is no surprise, as the demand for beauty and personal care products will always be high. Its almost safe to say that this industrys worth wont ever be questioned. According to The Black Pound Report 2022: A Study of the Multi-Ethnic Consumer, 59% of Black, Asian and multi-ethnic customers report theyre more likely to buy brands with inclusive product ranges. "We stick close to people we know first, relying on our mothers, friends and sisters or other family [+] members for their recommendations," writes Carla Flamer, president of market strategy & understanding for Ipsos. Namely, 30% of customers started using moisturiser more often in 2020. Statistics show that the UK, along with Germany and France, is among the biggest cosmetics markets. sustainability as a significant shopping factor. The products are gaining popularity due to shoppers increased concern with certain ingredients environmental and health effects. Directly accessible data for 170 industries from 50 countries Beauty statistics show that women in the US spend a significant amount of money on beauty products. The people we are closest to have a far greater impact on how we define beauty and guide us in our choices, more than paid influencers or brand-generated advertising and marketing. Consumers today are claiming their right to define beauty on their own terms. Stats also reveal that LOral is the leading company for fragrance and cologne products. According to Statistas beauty and skincare statistics, the increase in demand for skincare products might be a consequence of men becoming more interested in personal care. The only year when its revenue was $3 billion was 2003. PwC Cloud and Digital Transformation BrandVoice, How To Earn Cash Rewards For Everyday Spending. And each companies well-earned reputation allows them to introduce new products and brands under their umbrella with less risk than an emerging brand faces. Thus, experts have estimated a 3% increase in the global hair market by 2023. Although its recovering, it will take years before this market has the same worth as in 2019. It has gained even more attention since the beginning of the pandemic, as consumers focused more on self-care. The global hair care market was worth $12,603.9 million in 2021. People are more aware of the environmental problems and that many products contain toxic chemicals. The haircare market is a very successful branch of the beauty industry, from shampoos to sprays and conditioners. 2022 Deals On Health - All Rights Reserved, Key Beauty Industry Trends, Facts, and Stats (Editors Choice). Beauty industry statistics for 2021 show in the UK, the hygiene brand Dettol is the most popular choice, with 84% of respondents having a favourable opinion of its products. Keep reading to find out exciting stats and facts about this industrys market size, revenue, new trends and products, and more. The changes that accelerated last year are expected to take root and become more ingrained in our beauty shopping habits. cellulite, tooth gaps, scars, gray hair, wrinkles), not photo-shopped perfection (51%). Also, the cosmetics industry frequently brings many innovations on the market (like organic, vegan, and cruelty-free products), which influences this industrys growth and size. In the following 4 chapters, you will quickly find the 23 most important statistics relating to "Cosmetics industry". Colgate followed with 465 million and Dove, with 305 million. Using recycled and recyclable materials is also associated with sustainable beauty products. 52% of Millennials and 63% of Gen Z use social media to discover new products. With its unique products and authenticity, its the leading personal care brand globally. Find the Best Fashion Discounts on the UK Market! Social media is proving to be essential and not only for marketing purposes. Reputation Institutes 2019 Global RepTrak study ranks LOreal No. The cosmetics market is a growing industry in the US. For example, the global coronavirus pandemic has negatively influenced the sales of makeup products, as people go out less frequently and dont need makeup products as much as they did before. Consumers preference for brands they know and trust poses challenges for new beauty brands to breakthrough. The U.S. currently is the worlds largest beauty market, with about 20% share, followed by China (13%) and Japan (8%). However, e-commerce brands can overcome some consumers resistance by offering a free sample to test first (36%), as well as an easy return policy (20%). For example, beauty supply industry statistics reveal that more than 30% of American adults use concealers and foundations. Its followed by hair care at 22% and makeup at 16%. Thats owing to the Lipstick Effect, a theory proposed by Professor Juliet Shor back in 1999 in her book The Over-Spent American. They spend around $313 per month, which adds to about $225,360 throughout their lifetime. Moreover, beauty and personal care industry statistics reveal that their devotion to skincare is shown in their beauty product purchase patterns that are 34% higher than that of the general US population for hand, facial, and body products. It is no surprise that brands want a strong social media presence. A noteworthy 86% of Gen Z and 80% of Millennials list sustainability as a significant shopping factor. While projections for growth vary, most agree it will continue to advance at a 5%-to-7% compound-annual-growth-rate to reach or exceed $800 billion by 2025. They want a real-world, hands-on experience with new products before they pull the trigger. South Koreas beauty market is estimated to be worth over $13 billion. However, beauty industry statistics reveal that more than half of women in the US now show interest in quality products with organic and natural ingredients. Shor hypothesized that when times get tight, consumers will continue to indulge in prestige cosmetics little luxuries that give them an emotional lift, while forgoing expenditures on higher-priced luxury goods. Two-thirds said, I would be interested in trying new products from other brands if they are natural, and 59% agreed, I would be interested in trying new products from other brands if they are clean. New sustainable brands also attract the interest of 55% of those surveyed as well. The long-established aspirational concept of beauty, and products designed to help consumers achieve them, needs to give way to a more personal, inclusive, and authentic image.
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cosmetics industry worth