How Much Is the Beauty Industry Worth? (2015–2027)
With beauty and personal care ranking among the top online shopping categories not only in the United States but also worldwide, there’s no question it’s an extremely lucrative industry to be in.
But just how much is the beauty industry worth?
Global beauty industry market size
According to the latest statistics, the global beauty industry market size is set to be worth $571.1 billion in 2023. This will mark an 8% increase year-over-year, the fastest annual growth rate in at least 13 years.
The beauty industry market size has grown by $113.1 billion since 2015, when it was worth $458 billion. However, that’s not to say that growth has been consistent. The industry’s total revenues decreased by seven percent from 2014 to 2015. It went back into the green in the four years that followed, before falling again by 7.1% in 2020, to $471.9 billion, as a result of the COVID-19 pandemic. The industry rebounded immediately from the fall and increased by 6.7% the following year.
Looking ahead, the global beauty industry market size is set to continue growing until at least 2027. Experts predict revenues to increase by 3.5% in 2024, to total $590.9 billion, before rising another 3.4% to hit $611.2 billion in 2025. Revenue growth rates are then expected to rise in the two years that follow, to 3.8% and 4.5% in 2026 and 2027, respectively. By 2027, the global beauty industry market size is projected to be worth $663 billion.
From 2015 to 2027, the global beauty industry market is set to grow by $205 billion, or 44.8%, and at an average annual growth rate of 2.4%.
Global beauty industry market size: best-performing products
Personal care products bring in the most revenue for the global beauty industry market. In 2024, sales from this category are expected to hit $253.3 billion, around 44.4% of the total. In other words, nearly $1 out of every $2 spent on beauty products is on personal care items.
The second-best performing product category in the beauty industry in terms of revenue is skin care. It is forecast to be responsible for $155.7 billion worth of sales, or 27.3% of the industry’s total.
Cosmetics, whose global market size is $103.8 billion, follows. Total revenues from products in the fragrances category are expected at $58.27 billion.