29 Beauty Industry Statistics & Facts for a Radiant 2021
The global beauty industry is worth billions of dollars and is growing rapidly with each passing year. As beauty industry statistics show, this market is always ready to adapt to new trends. That is one of the reasons why it has managed to survive and thrive even amid economic recessions.
What does the future look like for the beauty industry?
To find out, we compiled the most interesting and relevant stats, as well as some fun data on the history of beauty and its popularity across the world. Let’s dive right in!
Key Beauty Industry Statistics and Facts to Impress You
How much is the beauty industry worth in the US?
In 2019, the value of the US cosmetics industry was $49.2 billion. Of all the six segments that make up the beauty industry, skincare is the largest. The highest revenue was generated from the sale of foundations and mascara. Both were the most profitable product lines of the US market in 2018.
Is the cosmetics industry profitable?
Despite estimates that the beauty industry could fall by 30% in 2020, the cosmetics market seems to be adapting to the changing needs and trends. More and more brands are embracing virtual tools and tech advances. They are also focusing more on “clean” products, balance, and personal care. Simply put, the cosmetic industry is still profitable for those brave enough to accept innovation and adapt to changes.
Is the beauty industry growing?
An analysis of the beauty industry between 2004 and 2019 shows that the market grew from 3.4% in 2004 to 5.5% in 2018. The lowest growth was in 2008 and 2009, caused by the global economic recession. Despite being hit by another crisis today, i.e., the COVID-19, experts believe the industry will bounce back. The hopes are high following the increased implementation of digital tools.
Who buys the most makeup?
According to analysis, millennial women spend the most on cosmetics. Millennials are twice as likely to buy more than 10 types of products a year than other age groups. In fact, heavy buyers, defined as those that purchase 10+ products a year, make up 29% of the buyers, while Millennials account for almost half of them, beauty industry statistics reveal.