The global beauty industry is set to be worth $646.2 billion in 2024, with skin care products among the sector’s biggest revenue-generating items

If you’re thinking about starting a skin care line, you need to first have an overview of the skin care market. This starts with answering the question: How much is the skin care industry worth?

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Global skin care market size: 2018–2024

According to analysts’ latest estimates, the skin care industry is forecast to bring in revenues totaling $186.6 billion in 2024. This makes it the second top-selling product in the beauty industry, after personal care, whose total revenue is expected at $282.8 billion. 2024's expected revenues mark a 3% increase from 2023’s $181.2 billion and a slowdown from the previous year’s annual increase of 7.5%.

Revenues from the sector in 2024 are also set to make up 28.9% of the beauty industry’s total. In other words, more than $1 out of every $4 global consumers spend on beauty products is expected to be on skin care-related items.

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The industry has largely been growing since 2018, with annual revenues having fallen only once, by 3.3% in 2020, as a result of the COVID-19 pandemic. Despite the tumble, the skin care industry’s total revenues are still set to increase by $26.6 billion over this period. This is a 16.6% overall increase and an average annual growth rate of 2.6%.

Global skin care market size: 2025–2028

Industry experts’ forecasts show that annual revenues from skin care products will continue to grow year after year until at least 2028.

In 2025, the skin care industry’s growth rate is set to slow slightly to 2.9%, to total $192.1 billion in total revenues. This will accelerate marginally in 2026, to 3.3%, bringing the year’s overall revenues to $198.5 billion. Growth rates are predicted to continue rising in 2027, to 3.9%, for expected revenues of $206.2 billion. In 2028, the skin care sector is set to be worth $210.7 billion, growing 2.2% year on year. 

By analysts’ estimates, the global skin care sector is expected to increase its total revenues by $18.6 billion from 2025 to 2028—registering an overall increase of 9.7% and an average annual growth rate of 3.1%.

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