How Much Is the Beauty Industry Worth? (2018–2028)
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 $579 billion in 2023. This will mark a 7.8% increase year-over-year, the fastest annual growth rate in at least 11 years.
The beauty industry market size has grown by $71 billion since 2018, when it was worth $508 billion. However, that’s not to say that growth has been consistent. The industry’s total revenues decreased by 6.6% from $515 billion in 2019 to $481 billion in 2020 as a result of the COVID-19 pandemic. The industry rebounded immediately from the fall and increased by 6.4% the following year, as revenues totaled $512 billion. It continued in the green in 2022, growing by 4.9%, to $537 billion.
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Looking ahead, the global beauty industry market size is set to continue growing until at least 2028. Experts predict revenues to increase by 3.5% in 2024, to total $599 billion, before rising another 3.5% to hit $620 billion in 2025. Revenue growth rates are then expected to rise in the two years that follow, to 3.9% and 4.5% in 2026 and 2027, respectively. By 2028, the global beauty industry market size is projected to be worth $689 billion.
From 2018 to 2028, the global beauty industry market is set to grow by $181 billion, or 35.6% overall, and at an average annual growth rate of 3.2%.
Global beauty industry market size: best-performing products
Personal care products bring in the most revenue for the global beauty industry market. In 2023, personal care sales are expected to hit $253 billion, around 43.7% 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 $156 billion worth of sales, or 26.9% of the industry’s total.
Cosmetics, whose global market size is $104 billion, follows. Total revenues from products in the fragrances category are expected at $58 billion.