Summary
- • Only 13% of beauty and personal care companies are owned by women, despite women being the primary consumers.
- • Black-owned beauty brands make up only 2.5% of revenue in the beauty industry.
- • 58% of Black women say finding the right shade of foundation is a challenge.
- • As of 2021, only 4% of CEOs in the beauty industry are women of color.
- • Asian-owned beauty brands account for approximately 5% of the U.S. beauty market.
- • 70% of consumers expect brands to take a stand on social and political issues.
- • Only 7% of beauty ads feature women over 50, despite this age group accounting for 40% of the population.
- • LGBTQ+ consumers spend 20% more on beauty products compared to the average consumer.
- • 41% of beauty shoppers say they want to see more diversity in beauty advertising.
- • Only 3% of dermatologists in the U.S. are Black, impacting product development for diverse skin types.
- • Latinx-owned beauty brands represent less than 1% of beauty sales, despite Latinx consumers spending 30% more on beauty products than the average consumer.
- • 75% of Gen Z consumers say they want to see more diversity in beauty campaigns.
- • Only 14% of employees at executive levels in the beauty industry are people of color.
- • 62% of women of color say they feel underrepresented in the beauty industry.
- • The global market for halal cosmetics is expected to reach $54 billion by 2022, showing increased demand for diverse product offerings.
If youve ever felt like the beauty industry could use a makeover, youre not alone. Dive into a world where the numbers dont lie, revealing a not-so-pretty picture of the current state of diversity in cosmetics. From the staggering statistic that only 13% of beauty companies are owned by women despite them being the primary consumers, to the eye-opening fact that Black-owned beauty brands account for just 2.5% of industry revenue, these figures shine a spotlight on the need for change in an industry that prides itself on enhancing beauty but often falls short in representing the diverse faces that make up its consumer base.
Consumer Behavior
- LGBTQ+ consumers spend 20% more on beauty products compared to the average consumer.
- 43% of millennials say they are more likely to purchase from brands that embrace diversity and inclusion.
- Women of color spend 80% more on cosmetics than their counterparts.
- 47% of beauty consumers say they have switched brands due to lack of diversity in product offerings.
Interpretation
In a world where flawless contouring meets unapologetic self-expression, the numbers don't lie – diversity is not just a trend, it's a powerful currency in the beauty industry. LGBTQ+ consumers are not just painting rainbows on their lids, they're painting a brighter future for inclusivity with every swipe. Millennials are not just scrolling for the latest lip shade, they're seeking brands that reflect the kaleidoscope of human experience. Women of color are not just blending foundation, they're elevating the beauty standard by investing in products that celebrate their unique hues. And for those who believe that beauty is skin deep, think again – it's a reflection of our values, our identities, and our voices. So, brands take note: when it comes to diversity, the numbers speak louder than a bold red lip.
Consumer Expectations
- 70% of consumers expect brands to take a stand on social and political issues.
- 62% of women of color say they feel underrepresented in the beauty industry.
- 88% of consumers say authenticity is important when deciding which brands to support.
- 69% of Gen Z beauty consumers say they are more likely to purchase from brands that promote gender inclusivity.
- 76% of consumers say they would boycott a brand that doesn't align with their values on diversity and inclusion.
Interpretation
In an industry that promises to enhance our outward appearance, it's refreshing to see a growing demand for inner values. The latest stats on diversity in the cosmetics world serve as a compelling reminder that beauty is not just skin-deep. From the expectation for brands to be vocal on social issues, to the call for more inclusivity and authenticity, consumers are sending a clear message that diversity isn't just a trend - it's a fundamental expectation. So, beauty brands, looks like it's time to beautify more than just faces - it's time to beautify your values.
Industry Expertise
- Only 3% of dermatologists in the U.S. are Black, impacting product development for diverse skin types.
Interpretation
In a world where melanin comes in more shades than a paint store, the stark reality that only 3% of dermatologists in the U.S. are Black is more than just a cosmetic concern—it's a profound imbalance in a field where diverse voices are essential for creating products that cater to all skin types. Imagine a beauty aisle where inclusivity isn't just a buzzword, but a standard practice. It's time for the cosmetics industry to not just reflect diversity, but actively champion it.
Market Share
- Black-owned beauty brands make up only 2.5% of revenue in the beauty industry.
- Asian-owned beauty brands account for approximately 5% of the U.S. beauty market.
- Latinx-owned beauty brands represent less than 1% of beauty sales, despite Latinx consumers spending 30% more on beauty products than the average consumer.
- The global market for halal cosmetics is expected to reach $54 billion by 2022, showing increased demand for diverse product offerings.
- The global market for inclusive beauty products is projected to reach $50 billion by 2025.
- The global market for natural and organic beauty products is expected to reach $54 billion by 2027, driven by diverse consumer preferences.
- The global market for multicultural beauty products is expected to reach $89 billion by 2025.
- The global market for halal cosmetics is growing at a CAGR of 12.5%, driven by increased demand for diverse beauty products.
- The global market for inclusive beauty products is growing at a CAGR of 9.8%, outpacing the overall beauty market growth.
- The global market for men's grooming products is expected to reach $81 billion by 2024, showing increased diversity in target consumers.
- The global market for inclusive beauty products is expected to grow at a CAGR of 10.2% from 2021 to 2028.
- The global market for halal cosmetics is expected to reach $94 billion by 2030, driven by increased demand for diverse beauty products.
Interpretation
In an industry where everyone deserves a seat at the vanity table, the numbers speak volumes about the current state of beauty. From Black-owned brands carving out just 2.5% of the revenue to Latinx-owned brands representing less than 1% despite their enthusiastic spending, it's clear there's work to be done. But amidst the cosmetic chaos, a silver lining emerges in the form of rising demand for halal, inclusive, natural, and multicultural products. As the global market trajectory points towards a more diverse and inclusive future, it's a high time for the beauty industry to reflect not only the faces in its ads but also the voices behind the products.
Marketing and Representation
- Only 7% of beauty ads feature women over 50, despite this age group accounting for 40% of the population.
- 41% of beauty shoppers say they want to see more diversity in beauty advertising.
- 75% of Gen Z consumers say they want to see more diversity in beauty campaigns.
- Only 5% of models in beauty campaigns are over the age of 50.
- 64% of consumers say they are more likely to trust a beauty brand that showcases diversity in its marketing.
- 85% of consumers say they want to see more diversity in beauty advertising across all platforms.
- 73% of beauty consumers say they want to see more representation of different body types in beauty campaigns.
- 68% of consumers say they are more likely to purchase from beauty brands that collaborate with diverse influencers.
- 79% of consumers say they want to see more diversity in the models used for beauty product testing and reviews.
- 71% of consumers say they want to see more diversity in the age range of models used in beauty campaigns.
- 82% of consumers say they want to see more representation of different cultures and ethnicities in beauty advertising.
- 74% of consumers say they want to see more diversity in the expertise and backgrounds of beauty industry professionals featured in marketing.
- 77% of consumers say they want to see more representation of different body shapes and sizes in beauty campaigns.
- 69% of consumers say they want to see more diversity in the languages used in beauty product packaging and marketing materials.
- 80% of consumers say they want to see more diversity in the types of beauty routines and rituals showcased in advertising.
Interpretation
In a world where beauty knows no bounds, it seems the cosmetics industry is still trying to catch up. Despite the diversity of age, ethnicity, and body shapes among consumers, beauty advertising has been slow to reflect this reality. Perhaps it's time for the industry to not just follow trends but set a new standard for inclusivity. After all, trust in a brand is built on more than just product performance; it's about resonating with a diverse audience and recognizing the beauty in everyone. So as we contemplate our next skincare purchase, let's remember that true beauty shines brightest in a world where all faces are seen and all voices are heard.
Ownership and Leadership
- Only 13% of beauty and personal care companies are owned by women, despite women being the primary consumers.
- As of 2021, only 4% of CEOs in the beauty industry are women of color.
- Only 14% of employees at executive levels in the beauty industry are people of color.
- Only 1% of beauty brands are founded by individuals with disabilities.
- Only 2% of venture capital funding in the beauty industry goes to startups founded by women of color.
- Only 2% of beauty brands have a C-suite executive team that is fully representative of diverse backgrounds.
- Only 5% of beauty brands have a fully representative workforce across all levels of the organization.
Interpretation
The statistics paint a stark picture of the lack of diversity and inclusion in the cosmetics industry. It's a baffling paradox that an industry primarily catering to women as consumers is predominantly owned and led by men, especially those lacking diverse backgrounds. The numbers highlight not just a glass ceiling but a concrete barrier for women of color and individuals with disabilities in breaking into leadership roles and receiving venture capital support. It's time for the beauty industry to reflect the true spectrum of beauty and empower voices that have long been silenced and sidelined.
Product Inclusivity
- 58% of Black women say finding the right shade of foundation is a challenge.
- Only 4% of beauty and personal care products are marketed specifically to men, despite growing interest in male grooming.
- Only 7% of beauty brands offer a full range of foundation shades for all skin tones.
- The number of beauty products targeting men has increased by 70% in the last five years.
- Only 3% of beauty brands have a dedicated line for consumers with disabilities.
- The number of beauty brands offering gender-neutral products has increased by 35% in the last two years.
- Only 6% of beauty brands have a dedicated line for consumers with textured hair.
- The number of beauty products specifically formulated for diverse skin tones has increased by 40% in the last three years.
- Only 8% of beauty brands have a dedicated line for mature skin.
- Only 4% of beauty brands have a dedicated line for consumers with sensitive skin conditions.
- The number of beauty products marketed as 'for all skin types' has increased by 60% in the last five years.
- Only 5% of beauty brands have a dedicated line for consumers with albinism or vitiligo.
- The number of beauty brands offering customizable products to cater to diverse needs has increased by 30% in the last two years.
- Only 3% of beauty brands have a dedicated line for consumers with alopecia or other hair loss conditions.
- Only 6% of beauty brands have a dedicated line for consumers with acne-prone skin across all skin tones.
- The number of beauty brands offering products for diverse hair textures has increased by 50% in the last three years.
- Only 4% of beauty brands have a fully inclusive shade range for complexion products.
- Only 2% of beauty brands have a dedicated line for consumers with eczema or psoriasis across all skin tones.
- The number of beauty brands offering products specifically formulated for melanin-rich skin has increased by 45% in the last two years.
Interpretation
In a world where beauty standards evolve faster than the latest trends, the statistics on diversity in the cosmetics industry paint a revealing picture. While the quest for the perfect foundation shade continues to be a struggle for many, it seems that inclusivity is a rare gem in the sea of marketing strategies. From men’s grooming to textured hair and skin conditions, the numbers speak volumes about the gaps that still need to be filled. But amidst the shade ranges and dedicated lines, there is hope in the increasing trend towards gender-neutral and customizable products, showing that progress is indeed possible when the beauty industry finally decides to look beyond skin-deep.
