Top Beauty Products
Whether you’re running an ecommerce store selling beauty products or are thinking of starting one, it’s important to keep up with consumers’ changing demands to ensure your brand is in sync with the latest beauty trends.
With the global beauty industry market size set to hit $579 billion in 2023, it certainly is a lucrative sector for businesses to be in. To succeed, brands need to know what the top-selling beauty products are.
Top-selling beauty products
According to recent research on the purchasing preferences of beauty buyers, the most popular beauty products consumers buy are personal care products. Revenues from these products are forecast to hit $253 billion in 2023, which will account for 43.7% of the global beauty market revenues. In other words, more than two-fifths of global consumers’ total expenditure on beauty products this year is set to be on personal care products.
The second top-selling beauty product is skin care. Total revenues from skin care products are projected at $156 billion, making up just over one-quarter (26.9%) of the market share. This is followed by cosmetics, with $104 billion, or 18% of the market share.
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Fragrances and beauty tech round up the top beauty products consumers are forecast to purchase in 2023, with expected revenues of $58 billion and $8 billion, respectively.
Change in market share of top beauty products
Currently the most popular beauty product (and by a significant margin), personal care products have held the biggest share of the beauty market for many years.
In 2018, its market share was 44.3%. This is expected to hold relatively steady, dipping only by a marginal 1.3 percentage points to 43% by 2028.
The market share of skin care products, second on the list of the top beauty products, is also not expected to see huge changes. In 2018, its market share was 26.6%, and it is set to grow fractionally to 27% by 2028.
Meanwhile, cosmetics products are set to increase their market share from 17.3% in 2018 to 18.7% in 2028, while the share of fragrances falls from 10.4% to 9.7%. Beauty tech’s share is also forecast to rise slightly, from 1.4% to 1.5% over this period.
Of these top beauty products, three (skin care, cosmetics, and beauty tech) are set to see their market shares increase from 2018 to 2028.