Thats why beauty brands now aim at gender-neutral products. However, they also report that there still arent enough options available. Namely, 30% of customers started using moisturiser more often in 2020. According to the latest available stats, the global shampoo market was worth $35.1 billion (2020). In the UK, the average person will spend 4.14 on lip cosmetics. Furthermore, its projected to grow even bigger. Before the pandemic, only 8% of retailers said the same.Another example of beauty industry business trends we can expect soon is Olays Skin Advisor App. Similarly, by 2025, its projected to grow to 565.78 ($758.4 billion). The long-established aspirational concept of beauty, and products designed to help consumers achieve them, needs to give way to a more personal, inclusive, and authentic image. The presence of beauty brands on social media is essential. Beauty is an essential part of Asian culture, and women are especially interested in it. Natural products made of quality ingredients take over the beauty industry market. Since people have become more aware of their health, future trends include home self-care and healthy products. The global skincare market size is estimated at 107.46 billion in 2022. The cosmetics industry in the UK is the third-largest in Western Europe. Here are my takeaways from the survey results focused on the perspectives of U.S. consumers: As much as we like to think that consumers are always looking to try new beauty products, the Ipsos survey finds most consumers are satisfied with the products they currently use and are available today. All important statistics are prepared by our experts available for direct download as PPT & PDF! Statista assumes no Beauty industry statistics for 2022 show that the average spend per capita on lip cosmetics in 2022 will be 1.81. The sector also includes deodorant and other fragrances. Nearly two-thirds replied yes and explained that their perception changed after getting to know the individual better. Black beauty industry statistics also show that Black consumers spend much more on hair care in general than Whites. Natural cosmetics industry statistics show that the market is expected to keep growing at a 7.51% annual rate between 2022 and 2026. 52% of Millennials and 63% of Gen Z use social media to discover new products. Keep reading to find out exciting stats and facts about this industrys market size, revenue, new trends and products, and more. The global skincare products market was worth $140.92 billion in 2020, and its predicted to grow at a CAGR of 4.69% by 2026. Currently, facial skincare products make up 51% of the South Korean beauty market. Dry shampoo is increasing in popularity due to peoples lifestyles becoming more hectic and the rising demand for waterless products. Women in the US spend up to $3,756 on beauty products each year. 26. The UK beauty industry is valued at 12.14 billion in 2022. 49 and Estee Lauder No. The appeal of waterless cosmetics is that theyre more concentrated, last longer, and often dont require plastic or any packaging at all. The products are gaining popularity due to shoppers increased concern with certain ingredients environmental and health effects. Hair salon industry statistics indicate that 69.7% of all barbers in the US are male, 25.8% are female, while 4.5% havent disclosed their gender. For every $1 that a man makes, a woman makes $1.01. Asia will most likely generate one-fourth of the global revenue, while Europe will generate 40%. We are happy to help. Shoppers had fewer reasons to purchase such products, with stay-at-home orders and focusing on skincare rather than makeup. At the same time the lip cosmetics market in the UK will reach 283 million. Consumers preference for brands they know and trust poses challenges for new beauty brands to breakthrough. Consequently, the market is estimated to reach $3.5 billion by 2027. With many male social media influencers using makeup and posting tutorials, some men now feel comfortable using it. Given the outsized influence of mothers on younger womens beauty routines, it points to the need for beauty brands to develop multi-generational strategies. Ultimately beauty is as beauty does and it is defined in this survey as confidence, kindness, and intelligence. How much is the cosmetics industry worth? 20 Years On From Minority Report, Are We Living In Spielbergs Vision Of A Retail Future? New brands must offer something really new and different to pull people away from what they are using now. sustainability as a significant shopping factor. After shampoo, hair dyes are the next largest segment in the hair care industry. On the contrary, 35% of women aged 60 or older use makeup products every day. Because beauty customers often take their cues from those closest to them, it is no surprise that they are looking for beauty products that are appropriate to their age and ethnicity. As more young people dye their hair, the global market is expected to keep growing. Thus, experts have estimated a 3% increase in the global hair market by 2023. facts. Ecommerce will account for 25.4% of the global beauty and personal care market sales in 2022. Having studied why people buy things they dont need since then (its the title of my first book),I have no reason to dispute her theory. Statistics show that the UK, along with Germany and France, is among the biggest cosmetics markets. However, the demand for makeup products can vary depending on global events. The U.S. currently is the worlds largest beauty market, with about 20% share, followed by China (13%) and Japan (8%). However, the skincare market size in the Asia-Pacific region has decreased significantly during the coronavirus outbreak in 2020. The makeup industrys most significant annual growth rate was in 20185.5%. However, LOreal still sits at the top. This has implications too for beauty retailers to make the most of their potential to develop close personal connection with customers. According to some studies and statistics, it will most likely reach a value of $805.61 billion by 2023. According to The Black Pound Report 2022: A Study of the Multi-Ethnic Consumer, 59% of Black, Asian and multi-ethnic customers report theyre more likely to buy brands with inclusive product ranges. LOreal had revenue of $29.4 billion in 2020. The most important key figures provide you with a compact summary of the topic of "Cosmetics industry" and take you straight to the corresponding statistics. They want a real-world, hands-on experience with new products before they pull the trigger. Quite the contrary, there will be plenty of losers, as well as winners, in the business of beauty, because it faces seismic shifts in how women, and increasingly men, define beauty and the role of beauty products in their lives. Perfume industry statistics show that the fragrance market is constantly growing. Furthermore, the global haircare sector is expected to grow even more in the coming years. Get in touch with us. Beauty brands spent 42.2% of their budgets on television advertising or 1.6 times more than brands in general. Find the Best Fashion Discounts on the UK Market! Over 80% agreed with the statement My personal beauty and grooming needs are met by products I can buy today. Further a majority (55%) are likely to choose a trusted brand that I know over a new brand that I havent used before, with the same percentage (55%) saying I am loyal to the face, body, hair or beauty care items I use.. You may opt-out by. While 34% of customers prefer organic products, 44% buy them occasionally, with their choices differing from product to product. If you celebrate people, they're going to want to buy into that product, she continued. liability for the information given being complete or correct. This plant-based ingredient is associated with incredible healing properties. Also, the cosmetics industry frequently brings many innovations on the market (like organic, vegan, and cruelty-free products), which influences this industrys growth and size. The only year when its revenue was $3 billion was 2003. A group of researchers tested over 230 cosmetic products at the University of Notre Dame. Its predicted that 153.13 million Americans will use shaving gels or creams in 2024. However, beauty industry statistics reveal that more than half of women in the US now show interest in quality products with organic and natural ingredients. During recessions, theres a phenomenon known as the lipstick effect. Apart from that, personalized cosmetics and male products have become more popular. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Insights into the world's most important technology markets, Health Market Outlook Men have accepted and started using beauty products more than before. As a result, people are more aware that they should pay attention to the components of the beauty products they use.Cosmetic industry statistics worldwide indicate that this industry will most likely hit the $54 billion mark and boost the global market. What is the biggest trend in the beauty industry? Also, the beauty industrys worth has grown, which can be accredited to social media influencers and brand ambassadors. 30 Essential Vegan Statistics for a Healthier Life [Data for 2022], 29 Eye-Opening Food Allergy Statistics [2022], Beauty Industry Statistics Conclusion, Save 30% Off Bestsellers + Free Shipping Over $49, The Asia Pacific region holds almost 50% of the global beauty industry market share, Women spend around $313 monthly on beauty products, Facial skincare makes up over half of the South Korean beauty market, 48% of millennials use skincare products with CBD oil, 35% of women aged 60 or older use makeup products every day, The global makeup market will probably be worth around $85 billion in 2024, A standard bottle of shampoo consists of 90% of water, 96% of beauty brands are active on social media. Is It Better To Lease Or Buy A Car In Summer 2022? While projections for growth vary, most agree it will continue to advance at a 5%-to-7% compound-annual-growth-rate to reach or exceed $800 billion by 2025. As the makeup industry recovers after the pandemic in 2021, its expected to keep growing by 2026. Although it experienced a slight dip that year, its expected to reach $105.14 billion by 2028. Over the years, the US has shown a steady and encouraging increase in its hair care market size. Clicking on the following button will update the content below. The younger the base, the more influential social media becomes. The haircare market is a very successful branch of the beauty industry, from shampoos to sprays and conditioners. Interestingly enough, only 61% of consumers say they would return to their pre-pandemic makeup-wearing habits once the crisis is over. Because of the increasing need for self-care in times of crisis, luxury shopping has evolved. The beauty industry is number one when it comes to influencer marketing, according to a study by Rakuten. 18.3% of advertising budgets went to magazines.