Key Takeaways
- The global beauty and personal care market size was valued at USD 564.40 billion in 2022 and is projected to grow to USD 783.00 billion by 2030, exhibiting a CAGR of 4.2% during the forecast period.
- In 2023, the U.S. beauty industry generated over $100 billion in retail sales, marking a 14% increase from 2022.
- Asia-Pacific dominated the beauty market with a 39.5% share in 2022, driven by rising disposable incomes in China and India.
- In 2023, 62% of global consumers aged 18-34 prioritize beauty products in their spending, up from 55% in 2021.
- Women account for 78% of beauty product purchases worldwide, but men represent 45% of new skincare buyers in 2023.
- Gen Z (born 1997-2012) makes up 40% of luxury beauty shoppers in the U.S., spending 20% more per capita than millennials.
- Skincare products account for 40% of global beauty sales, followed by makeup at 24% and haircare at 18%.
- Fragrances generated $52 billion globally in 2022, with fine fragrances up 12% YoY.
- Nail care market worldwide reached $14.4 billion in 2022, growing at 8.1% CAGR to 2030.
- Online beauty sales globally accounted for 26% of total retail sales in 2023, up from 19% in 2020.
- In the U.S., e-commerce represents 32% of beauty sales in 2023, with Amazon capturing 45% of online market.
- Physical stores still hold 68% of global beauty retail sales in 2023, particularly for experiential brands.
- Sustainable packaging influences 68% of beauty buyers, with 45% willing to pay 10% premium.
- 78% of consumers prefer brands using recyclable packaging in beauty products.
- AI-powered skincare personalization tools adopted by 35% of brands in 2023.
The beauty retail industry is a massive and rapidly growing global market.
Consumer Demographics
- In 2023, 62% of global consumers aged 18-34 prioritize beauty products in their spending, up from 55% in 2021.
- Women account for 78% of beauty product purchases worldwide, but men represent 45% of new skincare buyers in 2023.
- Gen Z (born 1997-2012) makes up 40% of luxury beauty shoppers in the U.S., spending 20% more per capita than millennials.
- 68% of U.S. beauty consumers are female millennials (25-40 years old), driving 52% of online sales.
- In China, 75% of beauty buyers are under 30, with 55% purchasing via social media platforms.
- Black consumers in the U.S. spend 9 times more on haircare than the general population average.
- 54% of male consumers aged 18-24 in Europe now use facial skincare products daily.
- Hispanic consumers represent 20% of U.S. beauty market spend despite being 18% of population.
- Boomers (55+) account for 25% of U.S. anti-aging product sales, spending $500+ annually on average.
- In India, 60% of urban women aged 18-35 buy premium beauty products, influenced by influencers.
- 72% of global beauty purchases are impulse buys among consumers under 25.
- LGBTQ+ consumers overindex by 30% in clean beauty purchases compared to general population.
- In Brazil, 65% of beauty consumers are women aged 25-44 from middle-class households.
- 48% of Japanese beauty buyers are men, highest globally, focusing on skincare.
- U.S. consumers aged 35-54 spend 35% more on makeup than younger cohorts.
- 71% of global female consumers aged 16-24 experiment with makeup weekly.
- In the UK, 52% of beauty shoppers are aged 25-34.
- 40% of beauty purchases by U.S. parents are for children under 12.
- South Korean women aged 20-29 spend average $450 annually on cosmetics.
- 67% of U.S. beauty consumers influenced by TikTok recommendations.
- Middle East beauty consumers 60% female aged 18-35, premium focus.
- 38% of global beauty buyers are men, up from 28% in 2018.
- Australian beauty market sees 45% purchases by women over 45.
- 80% of Indian beauty consumers influenced by Bollywood celebrities.
- Canadian beauty shoppers: 55% millennials, 30% Gen Z.
Consumer Demographics Interpretation
Market Size & Growth
- The global beauty and personal care market size was valued at USD 564.40 billion in 2022 and is projected to grow to USD 783.00 billion by 2030, exhibiting a CAGR of 4.2% during the forecast period.
- In 2023, the U.S. beauty industry generated over $100 billion in retail sales, marking a 14% increase from 2022.
- Asia-Pacific dominated the beauty market with a 39.5% share in 2022, driven by rising disposable incomes in China and India.
- The global cosmetics market reached $262.93 billion in 2020 and is expected to hit $347.59 billion by 2027 at a CAGR of 4.08%.
- Luxury beauty sales worldwide amounted to €92 billion in 2022, up 14% from the previous year.
- The natural and organic beauty products market was valued at $11.5 billion in 2020 and is forecasted to grow at a CAGR of 9.7% through 2028.
- U.S. prestige beauty e-commerce sales hit $11.2 billion in 2022, representing 27% of total prestige beauty sales.
- The men's grooming market globally was worth $81.2 billion in 2022, projected to reach $115.5 billion by 2030 at 4.6% CAGR.
- Europe’s beauty market grew by 8% in 2022 to €58 billion, with France leading at €14 billion.
- The global skincare market size stood at $145.82 billion in 2022 and is anticipated to expand to $194.05 billion by 2027.
- The global beauty and personal care market size was valued at USD 564.40 billion in 2022 and is projected to grow from USD 588.39 billion in 2023 to USD 783.00 billion by 2030.
- The cosmetics market worldwide generated revenues of over 115 billion U.S. dollars in 2023.
- Revenue in the Beauty & Personal Care market is projected to reach US$673.70bn in 2024.
- U.S. beauty retailers’ sales reached $46.4 billion in 2023, a 2.4% increase from 2022.
- The skincare segment leads the beauty market, accounting for over 40% of total sales in 2023.
- Global premium beauty market expected to grow at 5% annually through 2027.
- China’s beauty market valued at RMB 521 billion in 2022, up 4% YoY.
- The hair care market size was estimated at USD 88.09 billion in 2023.
- India’s beauty and personal care market projected to reach $30 billion by 2026.
- Latin America beauty market grew 10.5% in 2022 to $45 billion.
Market Size & Growth Interpretation
Product Segments
- Skincare products account for 40% of global beauty sales, followed by makeup at 24% and haircare at 18%.
- Fragrances generated $52 billion globally in 2022, with fine fragrances up 12% YoY.
- Nail care market worldwide reached $14.4 billion in 2022, growing at 8.1% CAGR to 2030.
- Color cosmetics sales in the U.S. hit $9.5 billion in 2022, led by lip products at 30% share.
- Global hair color market size was $25.6 billion in 2022, projected to $38.1 billion by 2030.
- Body care products market valued at $48.2 billion in 2023, with lotions dominating at 45%.
- Men's grooming facial care segment grew 15% in 2022 to $8.7 billion globally.
- Organic skincare sales reached $22.5 billion in 2022, 18% of total skincare market.
- Lipstick sales in Europe surged 22% in 2022 post-pandemic, totaling €4.2 billion.
- Sun care products market hit $12.3 billion in 2022, Asia-Pacific leading with 45% share.
- Deodorants generated $24 billion globally in 2022, with sprays at 55% market share.
- Eye makeup market size was $32.1 billion in 2021, expected to grow to $45.7 billion by 2030.
- Bath and shower products sales reached $45.6 billion in 2022 worldwide.
- Makeup brushes market valued at $1.2 billion in 2022.
- Global facial masks market size $8.1 billion in 2023.
- Shampoo sales worldwide $38 billion in 2022.
- Lip gloss market grew to $2.5 billion globally in 2022.
- Conditioner products market $22.4 billion in 2023.
- Eyeliner sales $7.8 billion worldwide 2022.
- Hand cream market $3.2 billion in 2022, Europe 35% share.
- Perfume market $50.4 billion in 2023.
- BB creams market $1.8 billion Asia-Pacific dominant.
- Toothpaste in beauty care $18.5 billion global 2022.
Product Segments Interpretation
Sales Channels
- Online beauty sales globally accounted for 26% of total retail sales in 2023, up from 19% in 2020.
- In the U.S., e-commerce represents 32% of beauty sales in 2023, with Amazon capturing 45% of online market.
- Physical stores still hold 68% of global beauty retail sales in 2023, particularly for experiential brands.
- Sephora's omnichannel sales grew 20% in 2022, with 50% of transactions starting online.
- Social commerce for beauty in Asia hit $15 billion in 2022, led by China’s Douyin.
- DTC beauty brands saw 25% YoY sales growth in 2023 via their own websites.
- Department stores' beauty sales in the U.S. declined 5% in 2022 to $18 billion.
- Ulta Beauty's e-commerce sales surged 46% in 2022 to over $2.8 billion.
- 55% of beauty purchases in Europe occur in drugstores and mass retailers.
- Mobile commerce drives 60% of beauty app sales globally in 2023.
- 75% of clean beauty sales in 2023 were through specialty retailers and online.
- In India, quick commerce platforms like Blinkit captured 12% of beauty sales in 2023.
- 42% of U.S. beauty shoppers use buy online pick-up in store (BOPIS).
- Global beauty retail via marketplaces like Tmall grew 28% in 2022.
- Amazon controls 38% of U.S. beauty e-commerce market share in 2023.
- 28% of global beauty sales via pure e-commerce players in 2023.
- Walmart beauty sales up 8% to $12 billion in 2023.
- Live streaming beauty sales in China $4.5 billion in 2022.
- CVS beauty category sales $5.2 billion annually.
- 35% growth in beauty sales via Instagram Shopping in 2023.
- Target beauty sales reached $6.8 billion in 2022.
- 50% of French beauty sales through pharmacies.
- Beauty subscription boxes generate $2.4 billion annually.
- 62% of beauty pop-up stores drive online traffic post-visit.
Sales Channels Interpretation
Trends & Innovations
- Sustainable packaging influences 68% of beauty buyers, with 45% willing to pay 10% premium.
- 78% of consumers prefer brands using recyclable packaging in beauty products.
- AI-powered skincare personalization tools adopted by 35% of brands in 2023.
- Clean beauty market grew 12% YoY to $24 billion globally in 2023.
- 62% of Gen Z seeks vegan beauty products, driving 25% market growth.
- AR virtual try-on features boosted conversion rates by 40% for beauty e-tailers.
- Wellness beauty segment, including ingestibles, reached $15 billion in 2022.
- 70% of beauty brands launched gender-neutral products in 2023.
- Microbiome-friendly skincare sales up 30% in 2023 to $2.5 billion.
- 55% of consumers demand transparency in ingredient sourcing.
- K-beauty exports grew 20% in 2022 to $10.5 billion, influencing global trends.
- Blue light protection products surged 50% in sales amid remote work.
- 65% of beauty ads now feature diverse models, up from 40% in 2020.
- Circularity in beauty: refillable packaging adopted by 28% of premium brands.
- 82% of consumers shifted to sustainable beauty post-2020.
- Personalized beauty via DNA testing up 45% in adoption.
- 50% of beauty brands using NFTs for loyalty in 2023.
- Inclusivity campaigns boosted brand loyalty by 33%.
- Neurocosmetics market $18 billion projected by 2028.
- 76% prefer products with EWG verification.
- Upcycled ingredients in 22% of new launches 2023.
- Longevity-focused beauty sales $5 billion in 2023.
- 90% of Gen Z willing to boycott non-ethical beauty brands.
- Voice commerce for beauty up 25% via Alexa/Siri.
Trends & Innovations Interpretation
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