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 $571.1 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 $253.3 billion in 2023, which will account for 44.4% of the global beauty market revenues. In other words, nearly half 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 $155.7 billion, making up just over one-quarter (27.3%) of the market share. This is followed by cosmetics, with $103.8 billion, or 18% of the market share.
Fragrances round up the top beauty products consumers are forecast to purchase in 2023, with expected revenues of $58.3 billion.
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 2014, its market share was 45.7%. This is expected to hold relatively steady, dipping only by a marginal two percentage points to 43.7% in 2027.
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 2014, its market share was 26.6%, and it is set to grow slightly to 27.4% in 2027.
Top Beauty Products: Purchase Factors
When deciding what beauty products to purchase, buyers value personal recommendations above all else. Nearly half (46%) of consumers say they tend to discover beauty products this way.
Product samples also have a strong influence over beauty buyers’ decisions to purchase. More than one-third of them (36%) discover new products from receiving samples.
This is followed by ad placements across many media (both online and traditional) platforms. Ads that are seen on television help 34% of beauty buyers discover new products, while those on social media and websites are responsible for 25% and 24% of product/brand discovery, respectively.