The global beauty industry is set to be worth $579 billion in 2023, 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: 2018–2023

According to analysts’ latest estimates, the skin care industry is forecast to bring in revenues totaling $156 billion in 2023. This makes it the second top-selling product in the beauty industry, after personal care, whose total revenue is expected at $253 billion. This year’s revenues mark an 8.3% increase from 2022’s $144 billion, which is the largest annual growth expected in at least 11 years. 

Revenues from the sector this year are also set to make up 26.9% 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 5.8% 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 $21 billion over this period. This is a 15.6% overall increase and an average annual growth rate of 3.1%.

Global skin care market size: 2024–2028

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

In 2024, the skin care industry’s growth rate is set to slow to 3.2%, to total $161 billion in total revenues. This will accelerate marginally in 2025, to 3.7%, bringing the year’s overall revenues to $167 billion. Growth rates are predicted to rebound slightly in 2026, to 4.2%, for expected revenues of $174 billion. In 2027, the skin care sector is set to be worth $182 billion, growing 4.6% year on year. Growth will slow to 2.2% the following year, as revenues hit $186 billion.

By analysts’ estimates, the global skin care sector is expected to increase its total revenues by $25 billion from 2024 to 2028—registering an overall increase of 15.5% and an average annual growth rate of 3.6%.

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