Cosmetics Market Size & Trends

The global cosmetics market size was estimated at USD 295.95 billion in 2023 and is expected to grow at a CAGR of 6.1% from 2024 to 2030. One of the primary factors driving market expansion is the increasing awareness among consumers to enhance their personal appearance. Among millennials, products related to skincare, color cosmetics, and hair care have gained popularity as essential components of their daily grooming routines. Additionally, the introduction of cosmetics featuring natural, non-toxic, and organic ingredients has further contributed to the market's expansion.

Personal care products (PCPs) are commonly utilized for purposes of personal hygiene, grooming, cleaning, and enhancing one's appearance. This category encompasses a wide range of items, including hair & skincare products, UV protection creams, facial cleansers, insect repellents, fragrances, perfumes, soaps, detergents, shampoos, conditioners, and toothpaste.

Gather more insights about the market drivers, restrains and growth of the Global Cosmetics Market

As per a 2021 article from the National Center for Biotechnology Information, PCPs belong to the class of self-care items primarily employed for personal hygiene, cleanliness, and grooming. Globally, approximately 30-40% of dermatological prescriptions include a PCP and an average person utilizes at least two PCPs within a span of 24 hours.

Detailed Segmentation:

Product Insights

The skin care cosmetics accounted for a revenue share of 43.3% in 2023. The growing importance and awareness regarding skin care has led to changing consumer interest toward skincare products. The growing interest in maintaining an ideal skincare routine has prompted manufacturers to focus on developing a wide range of trending products. Numerous cosmetics companies are also venturing into the skincare market with the launch of new products.

End-user Insights

Women cosmetics accounted for a revenue share of 62.9% in 2023. The demand for cosmetics among women across the globe is experiencing a transformative shift influenced by influencers and celebrities. International celebrities such as Rihanna, Selena Gomez, and Lady Gaga have successfully launched their beauty brands like Fenty Beauty, Rare Beauty, and Haus Labs, respectively. This reflects a growing trend where celebrities leverage their influence to create cosmetic product lines, shaping consumer preferences and driving the growth of the market.

Distribution Channel Insights

The sales of cosmetics through offline channel accounted for a revenue share of 72.2% in 2023. Consumers often prefer to buy cosmetic products through offline channels because they can physically see, touch, and test products, especially when it comes to cosmetics, skincare, and fragrances, allowing them to assess texture, scent, and suitability for their skin or preferences.

Regional Insights

The cosmetics market in North America held 23.8% of the global revenue in 2023. The increasing number of consumers who are conscious about their appearance and the growing adoption of cosmetic products among middle- and high-income individuals support the sales of cosmetic products in the region. The presence of established manufacturers such as Procter & Gamble and Unilever, along with the growing number of retailers, is expected to further support market growth.

Key Cosmetics Company Insights

The market features both established global firms and emerging players. Key industry leaders prioritize product innovation, differentiation, and distinctive designs in line with evolving consumer preferences. Leveraging extensive global distribution networks, these major players effectively reach diverse customer bases and tap into emerging markets.

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Key Cosmetics Companies:

The following are the leading companies in the cosmetics market. These companies collectively hold the largest market share and dictate industry trends.

• Coty Inc.
• L’Oréal Group
• Estee Lauder Companies, Inc.
• Revlon Consumer Products LLC
• Avon Products, Inc.
• Unilever
• Company 7
• Godrej Group
• Procter & Gamble
• Beiersdorf AG
• Henkel AG & Co KGaA
• Kao Corporation
• Hoyu Co., Ltd.

Cosmetics Market Segmentation

Grand View Research has segmented the global cosmetics market on the basis of product, end-user, distribution channel, and region:

Cosmetics Product Outlook (Revenue, USD Million, 2018 - 2030)

• Skin Care
• Hair Care
• Makeup
• Fragrance
• Others

Cosmetics End-user Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Men
• Women

Cosmetics Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Offline
• Online

Cosmetics Regional Outlook (Revenue, USD Million; 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• South Korea
• Central & South America (CSA)
• Brazil
• Middle East & Africa (MEA)
• South Africa

Order a free sample PDF of the Cosmetics Market Intelligence Study, published by Grand View Research.

Recent Developments

• In January 2024, L'Oreal Group’s venture capital arm, BOLD (Business Opportunities for L'Oreal Development), disclosed an investment in Timeline, a consumer health company. Specializing in aging and longevity, Timeline incorporates Mitopure, its proprietary technology, into a range of topical skincare products and supplements. The recent funding was done with the intent to support the company's expansion efforts in the beauty, food, and health sectors.
• In December 2023, Estée Lauder entered into a collaboration with the Stanford Center and made an initial commitment of three years to support the center's newly established Program on Aesthetics & Culture. This commitment aimed to finance various research endeavors, including 'New Map of Life' post-doctoral fellowships and other initiatives aimed at understanding perceptions on longevity and vitality.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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