How Big Is the Cosmetic Industry?
Top Ten Beauty Industry Statistics to Remember
- CBD infused anti-wrinkle products show results after 40 days of use.
- The cosmetics industry was worth $93.5 billion in the US market in 2019.
- 21% of Americans are buying organic makeup.
- Facial skin masks account for half of the total Korean cosmetics market share.
- 48% of Millennials say they would purchase products with CBD oil for skin care.
- 4 out of 5 American women follow beauty industry trends and regularly use fragrance products.
- The global beauty industry is worth over $500 billion.
- There are almost 1 million employees in the service segments of the cosmetics industry.
- 51% of consumers want to see images that are not photo-shopped.
- Women in the USA spend around $3,000 on cosmetics annually.
Let’s take a close look at the cosmetology industry.
1. The global beauty industry is worth about $532 billion.
The cosmetic industry is growing faster today than ever before with an estimated market value of almost $805 billion by 2023. It is expected to grow at a compound annual growth rate (CAGR) of 7.14% from 2018 to 2023.
2. The global cosmetics market noted a 5.5% increase in 2018.
Last year the beauty industry registered the highest growth in revenue, reveal beauty industry statistics from 2004 to 2018.
3. The growth rate of the global cosmetics market was the lowest in 2009.
Even the cosmetics industry took a hit in the 2009 global recession, but not as much as other sectors. Experts consider the beauty industry to be one of the few recession-proof industries.
4. The cosmetics industry was worth $93.5 billion in the US market in 2019.
This is an increase of $74.7 billion from the year before.
Estimations on how much is the beauty industry worth in 2020 show that beauty and personal care products market value will be $97.3 billion.
5. Women in the USA spend around $3,000 on cosmetics annually.
This translates to around $225,360 throughout their entire lifetime. Men, on the other hand, spend an average of $2,928 per year on health and beauty products.
6. Sales revenue in the makeup segment grew by 1% in 2018.
Sales revenue in the makeup industry reached $8.1 billion in 2018. Growth is expected in this category as the number of consumers constantly increases. In fact, beauty industry statistics show that in 2018 alone, the number of consumers using makeup reached 67%.
7. $41.8 billion was generated from total sales of fragrances globally in 2018.
(Statista) (PR Newswire)
In terms of regions, North America was the market leader accounting for 33.9% of the global market share. In 2017, the value of the US fragrance market amounted to approximately $6.66 billion.
8. The global perfume market alone was worth $38.8 billion.
Cosmetic industry statistics worldwide estimate the market value to reach $48 billion by 2024, at a growth rate of 3.6%.
9. Personal care products are expected to grow at a rate of 4.5% up to 2020.
The sale of personal care products, or toiletries, is growing and is expected to reach $500 billion by 2020.
10. There are almost 1 million employees in the service segments of the cosmetics industry.
According to the beauty industry growth statistics, the number of employees in the service segment is expected to increase by 10% for barbers, hairdressers, cosmetologists, and by almost 22% for massage therapists by 2024.
11. Service providers make 5-15% of revenue from sales of products.
Hair salons and barbershops mostly rely on sales of cosmetic products to make a profit, as well as on price, location, and targeted demographics.
Skincare Industry Statistics
12. The global skincare market was worth nearly $135 billion in 2018.
Judging by cosmetic industry statistics for 2018, this is an increase of almost 60% in the past ten years. The highest selling skin cosmetic products in the USA were facial cleansers, generating sales of approximately $1.5 billion in 2018.
13. Skincare accounts for 60% of the total profit in the beauty industry.
Due to the raised awareness about the importance of skincare and the rising number of men purchasing skincare products, this market segment continues to grow. Skincare sales increased by 5% in the first quarter of 2019 and facts on the beauty industry in the USA inform us that revenue reached $1.4 billion.
14. Anti-aging and natural beauty products are the largest contributors to the growth in skincare product sales.
Olay Regenerist, owned by Procter & Gamble, was the top facial anti-aging brand that made up 8.7% of anti-aging brand sales.
15. Facial skin masks account for half of the total Korean cosmetics market share.
The Korean cosmetics market was valued at over $13 billion last year and is ranked among the top 10 beauty markets worldwide, as suggested by Korean cosmetic industry statistics.
Hair and Perfume Industry Stats and Facts
16. 4 out of 5 American women say they regularly use fragrance products.
The women’s mass fragrance market in the USA is valued at $465 million, while the market for fragrances for men is worth $327m.
17. Elizabeth Taylor was the first celebrity to create her own line of perfume.
One of the best-selling women’s perfumes in the US, Elizabeth Taylor White Diamonds, generated almost $23 million in sales even after her death, cosmetics industry statistics from 2015 show.
18. The global hair care market was valued at $87.73 billion.
Sales of hair care products in the USA have generated $12 million since the start of 2019, making it the global leading market for hair cosmetic products.
19. The size of the global hair care market is expected to grow by over 3% up to 2023.
Revenue from the sale of hair products on the US market is expected to reach $13 billion by 2022, suggest cosmetic industry statistics. There is an increasing demand on the US market and consumers are willing to pay more for new and innovative hair care products.
20. Shampoo had the largest market share in the hair care segment.
548 million units of shampoo were sold in the USA generating revenue in the amount of $24 billion. This category is expected to increase to $30 billion by 2023.
Cannabis and the Beauty Industry
21. Products that contain less than 0.2% of THC are legal in the UK.
UK cosmetic industry statistics reveal that cosmetics products, including skincare cosmetics that contain no more than 15% of CBD are completely legal.
22. CBD infused anti-wrinkle products show results after 40 days of use.
Consumers state that using products that contain cannabis oil, particularly CBD eye serum, removes signs of aging and undereye puffiness.
23. 48% of Millennials say they would purchase products with CBD oil for skin care.
(Linkage Research and Consulting)
Some of the attributes of CBD include anti-inflammatory and analgesic properties, beauty industry facts tell us, which means it can act as a pain-killer and treat dry skin, psoriasis, and eczema. Basically, all types of inflammation.
24. Acne is the most common skin condition, and it is CBD treatable.
Studies show that CBD oil for acne could be an effective treatment. CBD can control inflammation and oil production, two of the reasons why acne develops. Going by this, it is clear that cannabis has a bright future as CBD products can be made to suit all skin types, suggest cosmetics industry statistics.
25. Sales revenue of Herb Essentls, a cannabis-infused skincare cosmetic brand, tripled in 2017.
The company was launched at the start of 2017, and by the end of the year, its products were sold in over 30 US stores and online retailers. The company also reports a steady interest in Europe, too.
26. Lip balms containing CBD and THC are introduced on the market.
Vertly lip balms contain less than 0.3% THC and only use CBD from industrial hemp. Facts about the beauty industry show that this product provides all the benefits of cannabis oil, without getting you high. Consumers say that CBD lip balms hydrate the lips without feeling sticky or gloppy.
27. Milk Makeup went 100% vegan and subbed beeswax with CBD oil.
Milk Makeup, one of the more popular cosmetics brands among Gen Y shoppers, introduced Kush Mascara, a product infused with cannabis oil. The CBD in the mascara creates more volume and also prevents fallout, say consumers who follow beauty industry trends.
28. 18% of Millennials purchase hair care products that contain CBD.
(Linkage Research and Consulting)
Almost a third of Generation Y say that they already purchasing hair and skin products that are organic or plant-based, while 37% say they would like to buy hair care products that contain CBD oil, demonstrating another connection between CBD and the beauty industry.
29. Each 1.7oz bottle of Lord Jones CBD Body Lotion contains 100 mg of CBD.
Due to its calming and soothing effects, health and beauty industry statistics prove that cannabis oil is widely used to relieve chronic pain within an hour after application.
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