Growth rate of the global cosmetics market 2000-2023

This statistic shows the annual growth rate of the global cosmetics market from 2004 to 2023. In 2023, the global cosmetics market grew by an estimated eight percent compared to the previous year.

Global cosmetics market

Since the early twentieth century, the production of cosmetics has been controlled by a handful of multi-national corporations. The global cosmetics industry is broken down into six main categories; skin care being the largest one out of them all, accounting for 41 percent of the global market in 2022.

In recent years, consumers have been spending higher levels of disposable income on cosmetics than they had in the past. Unfortunately, the global financial crisis has put a damper on the market and during those years, more affordably priced merchandise and do it yourself at home products were key in the beauty market. However, in recent years as Generation Y and Generation Z have really entered the job market, they have become a big driver of the cosmetics market; especially in the United States. The United States is one of the biggest cosmetic markets in the world, with an estimated total revenue of about 48.26 billion U.S. dollars as of 2021.

Outlook: the future for beauty companies

In the coming years, global cosmetic companies will continue to focus their efforts on product innovation, as well as brand values and responsibilities, in order to attract new consumers and keep existing consumers loyal to specific brands.