Beauty & Personal Care

The Beauty & Personal Care market worldwide is projected to generate a revenue of US$648.40bn in 2024.
The market is expected to grow at an annual rate of 3.07% (CAGR 2024-2029).
The largest segment in this market is Personal Care, which is estimated to have a market volume of US$282.90bn in 2024.
When comparing the global market, United States leads in revenue generation with US$100bn in 2024.
In terms of per person revenues, in the world is expected to generate US$83.68 in 2024.
Furthermore, online sales are projected to contribute 35.0% of the total revenue in the Beauty & Personal Care market by 2024.
Despite the global recession, the beauty and personal care market in the United States continues to thrive with a strong focus on organic and natural products.

Definition:

The Beauty & Personal Care market refers to consumer goods for cosmetics and body care. This market includes various categories such as cosmetics, skin care, personal care, fragrances and beauty tech. Excluded categories are beauty services, such as hairdressers, and professional products. Products that primarily serve medical purposes are also excluded here but are shown as part of the OTC Pharmaceuticals market. All shown sales values refer to the retail value and include sales taxes.

Structure:

The market consists of 5 different segments:

The Cosmetics cover face cosmetics, lip cosmetics, eye cosmetics, nails, and natural cosmetics.
The Skin Care covers face skin care, body care, sun protecting products, baby & child and natural skin care.
The Hair Care covers shower & bath, oral care, deodorants, shaving, natural and personal care.
The Fragrances cover the consumer market for perfume and Eau de Toilette and any fragrances that cover normal body odor.
The Beauty tech covers the development and application of digital tools and devices that aim to enhance beauty-related experiences, improve skincare routines, and provide personalized beauty solutions.

Additional Information:

The market comprises revenue, average revenue per capita, sales channel. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). For more information on the displayed data, click the info button on the right side of each box.

Decorative cosmetics
Skin care
Personal care
Hair care and styling products
Perfume and eaux de toilette

Professional products & services
Electronic personal care products (hair dryers, shavers)

Clean beauty refers to cosmetics, skincare, and personal care products devoid of harmful chemicals like propylparaben and butylparaben. The Covid period boosted this trend as a significant drop in social contacts shifted consumption from cosmetics to skincare and personal care products. Another consideration regarding clean beauty has been the concept of ethics as it relates to animal testing. Over time, the concept of clean beauty has also expanded to include sustainability throughout the entire production process.

One of the biggest challenges facing clean beauty brands has been the higher prices associated with its products as mass produced products tend to be significantly cheaper. However, we are now seeing improved performance across the entire spectrum of clean beauty product lines suggesting that this may no longer be a significant obstacle. For example, premium skincare brand, Aesop, showed an average growth rate of 40 percent between 2020 and 2021 despite the economic downturn due to Covid.

The unwritten rule of any consumer market is to ensure a positive customer experience. We should also keep in mind that the definition of positive experience can change over time. The growing interest in non-toxic or cruelty-free products suggest that consumers will look for brands that produce more products that align with their individual values. Therefore, in line with these consumer behaviors, clean beauty products are expected to be a main driver across the Beauty & Personal Care industry.

Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The evolving consumer demand and product innovations keep on driving the growth of global cosmetics market. In recent years, revenues experienced significant growth, and forecasts indicate that this upward trend is set to continue. The market was in fact projected to be worth about 129 billion U.S dollars by 2029. As of 2023, North Asia and North America together were the leading geographic zones in the cosmetic market, each making up nearly 30 percent of the global market, followed by Europe with a share of 24 percent. Generally, the cosmetic market can be broken down into five main categories: skin care, hair care, make-up, perfumes, and hygiene products.