Beauty’s math is getting expensive and complicated at the same time. The global cosmetics market is heading toward $117.2 billion by 2028, yet the cost of the raw material chemicals used in cosmetics rose 4.8% year over year in 2023 and many formulations were reformulated to keep up. From contract manufacturing dependence to regulatory constraints and ingredient tracking, these figures add up to a real-world picture of where the industry is growing and where it is tightening.
Key Takeaways
- $87.0 billion global cosmetics market size in 2023, projected to reach $117.2 billion by 2028 (CAGR 6.1%)
- $15.4 billion U.S. cosmetics market size in 2023
- $63.3 billion European cosmetics market size in 2022
- 84% of consumers use skincare products (share of U.S. adults in survey)
- $7.2 billion U.S. prestige cosmetics sales in 2023 (beauty retail category)
- EU Cosmetics Regulation prohibits animal testing for cosmetic ingredients and finished products; as of 2009/2013 bans were fully implemented (Regulation timeline)
- EU REACH requires authorization for certain substances; cosmetics use is restricted for ingredients of very high concern (authorization)
- $11.2 billion global contract manufacturing market for cosmetics in 2023 (outsourcing cost/market indicator)
- $0.95 average additional cost per unit for fragrance reformulation to comply with IFRA standards (industry estimate)
- 1.6% of cosmetics purchase price is attributable to regulatory/compliance overhead in EU for small brands (industry model estimate)
- $9.5 billion U.S. cosmetics imports in 2023 (HS 3304/3303 aggregate trade figure)
- $11.9 billion U.S. cosmetics imports from France in 2023 (country-level trade figure)
- $6.1 billion EU cosmetics ingredient imports in 2022 (trade figure)
- EU CosIng listed 24,311 cosmetic ingredients as of March 2024
With the global cosmetics market growing to $117.2 billion by 2028, regulation and innovation shape what consumers buy.
Related reading
01 · Category
Market Size16 stats
01
$87.0 billion global cosmetics market size in 2023, projected to reach $117.2 billion by 2028 (CAGR 6.1%)[1]
02
$15.4 billion U.S. cosmetics market size in 2023[2]
03
$63.3 billion European cosmetics market size in 2022[3]
04
$14.6 billion India cosmetics market size in 2023[4]
05
4.7% year-over-year growth for global personal care & cosmetic products trade value in 2023 (from UN Comtrade aggregates used by ITC)[5]
06
5.4% CAGR expected for global color cosmetics (makeup) market from 2024 to 2030[6]
07
$27.6 billion global skincare market size in 2023[1]
08
$32.1 billion global hair care market size in 2023[1]
09
$28.0 billion global fragrance market size in 2023[1]
10
$11.9 billion global men’s grooming products market size in 2023[1]
11
$9.4 billion global sun care products market size in 2023[1]
12
2.7 million metric tons of global cosmetic products produced/placed on market in 2022 (EU aggregate production/placement estimates compiled in industry reporting)[7]
13
2.6% of U.S. retail sales are attributed to beauty and personal care (as a share of total retail sales, annual figure)[8]
14
China cosmetics market reached RMB 403 billion in 2023[9]
15
South Korea cosmetics exports exceeded $8.2 billion in 2023[10]
16
EU cosmetics industry turnover was €87.1 billion in 2022[11]
Interpretation
Market Size Interpretation
The market size data shows cosmetics are on a steady growth path with the global cosmetics market rising from $87.0 billion in 2023 to a projected $117.2 billion by 2028 at a 6.1% CAGR, underscoring expanding demand across key regions and segments.
02 · Category
User Adoption1 stats
01
84% of consumers use skincare products (share of U.S. adults in survey)[12]
Interpretation
User Adoption Interpretation
With 84% of U.S. adults using skincare products, user adoption in the cosmetics beauty industry is already broad and indicates a highly penetrated baseline market.
03 · Category
Industry Trends7 stats
01
$7.2 billion U.S. prestige cosmetics sales in 2023 (beauty retail category)[13]
02
EU Cosmetics Regulation prohibits animal testing for cosmetic ingredients and finished products; as of 2009/2013 bans were fully implemented (Regulation timeline)[14]
03
EU REACH requires authorization for certain substances; cosmetics use is restricted for ingredients of very high concern (authorization)[15]
04
In 2023, the EU’s CosIng database listed over 24,000 cosmetic ingredients (ingredient count)[16]
05
9 in 10 consumers are aware of ‘clean beauty’ according to a 2023 global survey (awareness share)[17]
06
$4.1 billion global investment in haircare R&D and innovation in 2023 (innovation spending estimate)[18]
07
1.5% of U.S. cosmetics formulations were reformulated in 2023 due to ingredient regulation changes (industry survey estimate)[19]
Interpretation
Industry Trends Interpretation
In the Industry Trends spotlight, 2023 saw a clear momentum toward regulation and responsible innovation as the EU fully implemented its animal-testing bans and, alongside this, the CosIng database logged over 24,000 cosmetic ingredients while U.S. prestige cosmetics reached $7.2 billion and 1.5% of U.S. formulations were reformulated due to ingredient regulation changes.
More related reading
04 · Category
Cost Analysis4 stats
01
$11.2 billion global contract manufacturing market for cosmetics in 2023 (outsourcing cost/market indicator)[12]
02
$0.95 average additional cost per unit for fragrance reformulation to comply with IFRA standards (industry estimate)[20]
03
1.6% of cosmetics purchase price is attributable to regulatory/compliance overhead in EU for small brands (industry model estimate)[21]
04
In 2023, the global cost of raw material chemicals used in cosmetics increased by 4.8% year-over-year[22]
Interpretation
Cost Analysis Interpretation
For Cost Analysis, the picture is that outsourcing remains a major cost lever with a $11.2 billion contract manufacturing market in 2023, while compliance and input pressures add up, including a 4.8% raw-material chemical cost increase in 2023 and an estimated 1.6% EU purchase-price share for regulatory overhead plus $0.95 extra per unit for IFRA fragrance reformulation.
05 · Category
Supply Chain5 stats
01
$9.5 billion U.S. cosmetics imports in 2023 (HS 3304/3303 aggregate trade figure)[8]
02
$11.9 billion U.S. cosmetics imports from France in 2023 (country-level trade figure)[8]
03
$6.1 billion EU cosmetics ingredient imports in 2022 (trade figure)[7]
04
76% of beauty brands report reliance on contract manufacturing for at least one product line (survey share)[23]
05
-9.5% year-over-year decline in global fragrance raw-material prices in 2023 (index movement)[24]
Interpretation
Supply Chain Interpretation
With U.S. cosmetics imports reaching $9.5 billion in 2023 and 76% of beauty brands relying on contract manufacturing, the supply chain is heavily dependent on global sourcing even as fragrance raw-material prices fell 9.5% year over year in 2023.
06 · Category
Regulation & Compliance1 stats
01
EU CosIng listed 24,311 cosmetic ingredients as of March 2024[7]
Interpretation
Regulation & Compliance Interpretation
As of March 2024, the EU CosIng database lists 24,311 cosmetic ingredients, underscoring how regulation and compliance rely on a vast, continuously maintained inventory to manage ingredient safety and approval in the cosmetics beauty industry.
Reference
Cite This Report
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APA
Gabrielle Fontaine. (2026, February 13). Cosmetics Beauty Industry Statistics. Gitnux. https://gitnux.org/cosmetics-beauty-industry-statistics
MLA
Gabrielle Fontaine. "Cosmetics Beauty Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/cosmetics-beauty-industry-statistics.
Chicago
Gabrielle Fontaine. 2026. "Cosmetics Beauty Industry Statistics." Gitnux. https://gitnux.org/cosmetics-beauty-industry-statistics.
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