Skin Care Market (2015–2027)
The global beauty industry is set to be worth $571.1 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?
Global skin care market size: 2015–2023
According to analysts’ latest estimates, the skin care market is forecast to bring in revenues totaling $155.7 billion in 2023. This makes it the second top-selling product in the beauty industry, after personal care, whose total revenue is expected at $253.3 billion.
This year’s revenues mark an 8.5% increase from 2022’s $143.5 billion, which is the largest annual growth expected in at least 13 years.
The industry has largely been growing since 2015, with annual revenues having fallen only two times, by 6.9% in 2015 and 6.1% in 2020. Despite the tumbles, the skin care industry’s total revenues are still set to increase by $33.8 billion over this period. This is a 27.7% overall increase and an average annual growth rate of 2.1%.
Global skin care market size: 2023–2027
Industry experts’ forecasts show that annual revenues from skin care products will continue to grow year after year until at least 2027.
In 2024, the skin care industry’s growth rate is set to slow to 3.6%, to total $161.3 billion in total revenues. This will decelerate marginally in 2025, to 3.5%, bringing the year’s overall revenues to $166.9 billion. Growth rates are predicted to rebound slightly in 2026, to 4%, for expected revenues of $173.6 billion. By 2027, the skin care market is set to be worth $181.5 billion, growing 4.6% year on year.
By analysts’ estimates, the global skin care sector is expected to increase its total revenues by $25.8 billion from 2023 to 2027—registering an overall increase of 16.6% and an average annual growth rate of 4.8%.
Skin care industry revenue per capita
The skin care industry’s revenue per capita also follows a similar growth path. In 2023, the average revenue per capita increased by 7.5%, to $20.27. This is forecast to rise in the coming years and is expected to hit $22.84 by 2027.