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Base Year
Historical Year
Forecast Year
The global cosmetics market value reached USD 343.37 billion in 2023. It is expected to grow at a CAGR of 5.2% in the forecast period of 2024-2032 to reach a value of approximately USD 541.89 billion by 2032.
Global Cosmetics Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 343.4 |
Market Size 2032 | USD Billion | 541.9 |
CAGR 2018-2023 | USD Billion | 0.0% |
CAGR 2024-2032 | USD Billion | 5.2% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 6.7% |
CAGR 2024-2032 - Market by Country | India | 8.3% |
CAGR 2024-2032 - Market by Country | Canada | 4.9% |
CAGR 2024-2032 - Market by Type | Makeup and Colour Cosmetics | 5.9% |
CAGR 2024-2032 - Market by Gender | Male | 5.8% |
CAGR 2024-2032 - Market by Distribution Channel | Online | 6.2% |
Market Share by Country | Australia | 2.1% |
Cosmetics include several products that are predominantly available under different categories like skin care, hair care, fragrances and deodorants, makeup, and others. The demand for sun care products has increased significantly in the last few years due to the growing consumer awareness regarding skin care and the negative effects of direct exposure to UV rays, including premature ageing and the risk of developing skin cancer.
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The global market for cosmetics is being driven by the rising focus of the population on grooming and personal appearance. The new product launches, rapid urbanisation, and increasing per capita incomes are also contributing to the growth of the market. Over the forecast period, the increasing demand for natural and organic products and attractive marketing strategies and innovative packaging styles are expected to stimulate market growth.
As per cosmetics industry analysis, the advancement in biotechnology is encouraging researchers in the cosmetics sector to find ingredients that are non-toxic and safe for consumption. The increasing concerns regarding sustainability and environmental safety are further fuelling the adoption of products made from plant-based ingredients over chemicals.
Expansion of e-commerce; rising adoption of sustainable products; rising disposable incomes; and increasing personalisation of cosmetic products are the major cosmetics market dynamics and trends globally.
Trends | Impact |
Personalisation of products | Businesses are increasingly offering cosmetic formulations and solutions to address each customer’s unique genetic characteristics and requirements, further driving differentiation in the cosmetics market and increasing brand loyalty. |
Incorporation of plant-based ingredients | There is an increased demand for cosmetic products that feature natural, plant-based ingredients and are eco-friendly, biodegradable, and nontoxic, aided by growing consumer concerns about synthetic chemicals. |
Waterless beauty products | Concerns regarding water scarcity are driving innovations in the market, contributing to the development of waterless beauty products or products that require less water. |
Rising demand for anti-ageing products | Companies are increasingly capitalising on the growing demand for anti-ageing products, revolutionising the cosmetics sector. |
Date | Company | Event |
Sep 2022 | The Estée Lauder Companies Inc | The Estée Lauder Companies Inc. entered into a licensing agreement with Balmain on the launch of luxury brand Balmain Beauty. |
Feb 2023 | Shiseido Company, Limited | Shiseido announced the launch of NARS Cosmetics, a global makeup brand in India in a strategic agreement with Global SS Beauty Brands Limited as its distribution partner. |
Dec 2022 | Kao Corporation | The company launched UNLICS, a cosmetics brand for Gen Z men. |
Apr 2023 | L’Oréal S.A. | L’Oreal Professional Paris unveiled its new product line – Scalp Advanced range, approved by dermatologists. |
Cosmetics have become a vital part of the personal care, skincare, hair care, fragrance, and make-up segments.
High dependency on energy in the production of cosmetics leads to high costs and low competitiveness when energy prices vary.
Ballooning population growth, rapid urbanization, and improving disposable incomes open huge opportunities for growth, mainly in emerging markets.
According to the International Trade Centre, global imports of beauty or makeup preparation products (HS Code -3304) reached USD 75.95 billion in 2023, up from USD 62.60 billion in 2019, aiding the global cosmetic industry revenue. This represents a growth of over 21 percent within five years. China remained the largest importer, importing USD 14.43 billion worth in 2023 from USD 13.22 billion in 2019, thus depicting a stable rise in import value. The United States followed next with USD 6.83 billion worth of products imported in 2023, up significantly from USD 5.10 billion in 2019.
Imports for Hong Kong grew from USD 5.02 billion in 2019 to USD 5.81 billion in 2023. On the other hand, Singapore's imports increased to USD 2.99 billion from USD 3.21` billion in 2019, which reflects a strong market demand. In 2023, Germany, the United Kingdom, and France, in that order, registered USD 2.93 billion, USD 2.75 billion, and USD 2.61 billion in imports, respectively, from their gradual increases from the values for 2019.
This upward trend in imports characterizes an increasing consumer demand for cosmetics globally. Rising import values describe a bigger global market and increasing consumer spending power for personal care goods.
On the export side, the growth of cosmetics market was enhanced by global cosmetics exports that reached USD 72.94 billion in 2023, up from USD 63.77 billion in 2019. France is the largest exporter, with an estimated USD 11.98 billion exported in 2023, making it a powerhouse in the global beauty market propped up by its mature cosmetic and skincare sectors.
The Republic of Korea's exports surged to USD 7.18 billion in 2023, up from USD 5.32 billion in 2020, contributing to how far K-beauty is proving to make waves on the global stage. The exports from the United States grew from USD 6.08 billion in exports in 2019 to USD 6.24 billion in 2023. Singapore and Germany reported exports of USD 5.51 billion and USD 4.68 billion, respectively, in 2023.
Exports to China grew from USD 2.77 billion in 2019 to USD 3.75 billion in 2023, driven by strong production capabilities and increasing presence in the global cosmetics market. Growth in export values was also witnessed in Japan and Hong Kong with the same reaching USD 3.64 billion and USD 3.49 billion respectively in 2023.
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Market Breakup | Categories |
Product | Hair Care, Skin and Sun Care, Makeup and Colour Cosmetics, Fragrances and Deodorants, Others |
Gender | Men, Women, Unisex |
Price Range | Mass, Mid-premium, Premium |
Distribution Channel | Supermarkets and Hypermarkets, Convenience Stores, Specialty Store, Online, Others |
Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
CAGR 2024-2032 - Market by | Type |
Makeup and Colour Cosmetics | 5.9% |
Hair Care | 5.4% |
Skin and Sun Care | xx% |
Fragrances and Deodorants | xx% |
CAGR 2024-2032 - Market by | Gender |
Male | 5.8% |
Female | xx% |
Unisex | xx% |
CAGR 2024-2032 - Market by | Distribution Channel |
Online | 6.2% |
Supermarkets and Hypermarkets | 5.6% |
Convenience Stores | xx% |
Specialty Store | xx% |
CAGR 2024-2032 - Market by | Region |
Asia Pacific | 6.7% |
North America | 4.3% |
Europe | 4.0% |
Latin America | xx% |
Middle East and Africa | xx% |
Increasing focus of individuals on following an effective skincare routine is expected to drive the demand for skin care products
Based on category, the skin care segment is expected to dominate the cosmetics industry share globally. The increasing consumer awareness regarding skin health and the importance of following a simple yet effective skincare routine is driving the demand for products like serums, sunscreen lotions, face oils, and many others. Moreover, there is a surge in demand for plant-based/natural skin care products, which cause no side effects, encouraging market players to offer innovative plant-based solutions.
Market Share by | Country |
Australia | 2% |
USA | xx% |
Canada | xx% |
UK | xx% |
Rise of e-commerce to drive the sales of cosmetics through online channels
Based on the distribution channel, the e-commerce segment is expected to witness a robust growth over the forecast period. The growth can be attributed to the growing internet penetration in urban as well as rural areas. Owing to the rising inclination of consumers to purchase cosmetics online and the ease and convenience of online shopping, cosmetics sales through online channels have increased immensely. The online channels enable companies to reach a mass population and have a huge audience for their products. In recent years, the growing focus of major players on strategising online marketing campaigns to increase their revenues has significantly contributed to the growth of the segment.
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Competing companies on a global level in the cosmetics market report include L'Oréal, Estée Lauder Companies, Procter & Gamble, Unilever, Coty Inc., Beiersdorf AG, Johnson & Johnson, Amorepacific Corporation, and Kao Corporation. Each of these companies has been aggressively battling for a continued and enlarged share of the market, striving to keep ahead in a competitive spirit, and possessing strengths commensurate with the dynamic and competitive environment.
The market players are focusing on developing innovative products to support the growth of the cosmetics market. They are leveraging advanced technologies, further offering personalised solutions to address the skin concerns of individual customers.
Company | Year Founded | Headquarters | Services |
L’Oréal S.A. | 1909 | France | Cosmetics company providing various products under 36 brands. |
Unilever plc | 1872 | United Kingdom | Engaged in consumer goods, food, home care, personal care, refreshments, marketing and advertising, retail, FMCG, nutrition, sustainability, beauty and wellbeing |
The Estée Lauder Companies Inc. | 1946 | United States | Specialises in skincare, makeup, fragrance, and hair care |
The Procter & Gamble Company | 1973 | United States | Consumer goods company providing products under brands such as Always, Charmin, Braun, Fairy, Febreze, Gillette, Head & Shoulders, Oral B, and Pantene, among several others |
Other notable players operating in the global cosmetics market include Shiseido Co., Limited, L Brands, Kao Corporation, Oriflame Cosmetics Global SA, Christian Dior SE, Beiersdorf AG, Groupe Clarins, Huda Beauty Limited, Revlon, Inc., and Coty Inc., among others. The manufacturers are upgrading their product portfolios and incorporating the latest capabilities to innovate their offerings and meet the evolving demands of consumers.
CAGR 2024-2032 - Market by | Country |
India | 8.3% |
China | 6.5% |
Canada | 4.9% |
Germany | 3.8% |
USA | xx% |
UK | xx% |
France | xx% |
Italy | xx% |
Japan | xx% |
Australia | xx% |
Saudi Arabia | xx% |
Brazil | xx% |
Mexico | xx% |
North America dominates the market in terms of revenue. The cosmetics market share in the United States has been witnessing rapid growth. In 2023, the cosmetic sector in the United States generated a revenue of USD 19.43 billion, while Europe generated USD 22.3 billion in revenue. The premiumisation of cosmetic products is driving the sales of luxury/prestige cosmetics in the United States. In Q3 2022, prestige cosmetic revenue reached a value of USD 2.1 billion. The United States has the presence of about 4.7 million prestige cosmetic and beauty shoppers. On average, the American population spend between USD 244 and USD 313 on cosmetics each month.
Meanwhile, due to the introduction of a variety of products and massive technological development, Europe accounts for a significant share of the market. The growth of the cosmetics industry in Europe has been driven by various factors like the escalating use of anti-ageing cosmetics and the increasing demand for premium and clean labelled products in the region. These cosmetics market opportunities can open up new avenues for growth in the region during the forecast period.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product |
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Breakup by Gender |
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Breakup by Price Range |
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Breakup by Distribution Channel |
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Breakup by Region |
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Market Dynamics |
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Trade Data Analysis |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global cosmetics market attained a value of nearly USD 343.37 billion.
The market is projected to grow at a CAGR of 5.2% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 541.89 billion by 2032.
The major industry drivers are the growing population, rising urbanisation, growing social media influence, aggressive advertising, and the rising consumer focus towards grooming and personal appearance.
The key trends supporting the cosmetics market are growing internet penetration in urban and rural areas, the rising inclination of consumers to purchase cosmetics online, and the ease and convenience of online shopping.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The cosmetics products in the market are hair care, skin and sun care, makeup and colour cosmetics, and fragrances and deodorants, among others.
Based on gender, the market can be divided into men, unisex and women.
The price ranges can vary between mass, mid-premium, and premium.
The distribution channels of the industry include supermarkets and hypermarkets, convenience stores, speciality stores, and online, among others.
The major players in the market are L’Oréal S.A., Unilever plc, The Estée Lauder Companies Inc., The Procter & Gamble Company, Shiseido Co., Limited, L Brands, Kao Corporation, Oriflame Cosmetics Global SA, Christian Dior SE, Beiersdorf AG, Groupe Clarins, Huda Beauty Limited, Revlon, Inc., and Coty Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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