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Cosmetics Market Size, Share & Industry Analysis, By Category (Hair Care, Skin Care, Makeup, and Others), By Gender (Men and Women), By Distribution Channel (Specialty Stores, Hypermarkets/Supermarkets, Online Channels, and Others), and Regional Forecasts, 2024-2032

Last Updated: April 29, 2024 | Format: PDF | Report ID: FBI102614



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The global cosmetics market size was valued at USD 374.18 billion in 2023 and is projected to grow from USD 393.75 billion in 2024 to USD 758.05 billion by 2032, exhibiting a CAGR of 9.8% during the forecast period.

Cosmetics are beauty & personal care products used for skin cleansing and beautification purposes. Rising consciousness among the global population regarding personal appearance and wellbeing is propelling the cosmetics market growth. These products can enhance an individual's overall appearance. The manufacturing of such items has been controlled by a handful of multinational corporations. They offer a wide variety of skincare, hair care, and lip care products, which are essential to fulfill specific cosmetic requirements of a client. Moreover, increasing launches of anti-aging products, developing innovative & convenient packaging designs, and compact containers that can be easily carried are also attracting consumers. Manufacturers are focusing on developing a diverse product portfolio that can cater to the specific requirements of every individual.

Cosmetics Market Trends

Advent of AI/AR-based Beauty Applications and Emerging Personalization Trend to Favor Market Growth

Key market players including L’Oréal S.A., Shiseido Co. Ltd., Beiersdorf AG, and others are launching AI/AR technology-based mobile applications to educate users about their skin & beauty care profiles. For instance, in January 2024, Shiseido Co. Ltd., a Japanese cosmetic maker, developed ‘Beauty AR Navigation,’ a digital application to educate consumers about their facial skin health profiles. It provides cosmetic product recommendations to the users, which enables them to adopt a proper skincare routine. Advent of such AI/AR-based skincare-related mobile applications will likely favor market growth.

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Cosmetics Market Growth Factors

Rising Awareness Regarding Health, Hygiene, and Grooming to Fuel Product Demand

The trend of self-care and grooming has skyrocketed across the world in recent years, with women being at the epicenter of the cosmetics industry. Concerns regarding body and well-being are increasing daily due to a busy schedule, changes in routine, eating habits, and fluctuations in the sleep cycle. Beauty products can enhance the quality, cleanse, and beautify external body parts and thereby can help individuals look healthier and more attractive. Therefore, these are some of the factors that have resulted in high product demand from younger and aged populations. The increasing trend of using sun care products, night skin repair creams, refreshing fragrances, hair colors, and others, is also expected to boost the product demand. According to a survey conducted over 131 South Asian women by the International Journal of Progressive Sciences and Technologies (IJPSAT), in 2021, 53.8% reported that they use sunscreen regularly. The ever-expanding glamour industry is further boosting the demand for makeup products among the young generation to help them enhance their appearance. Social media has a strong influence on this generation, with attractive product promotions showcasing newer trends.

A wide range of product offerings from manufacturers, such as lotions, creams, and gels that are suitable for an individual’s skin and hair is expected to augment the market growth. Manufacturers are focusing on introducing personalization and digitalization in cosmetic products to attract a wider customer base. For instance, in February 2020, L'Occitane Group launched its new personalized skincare system, 'Duolab,' having a countertop device operated using artificial intelligence. This device can diagnose an individual's skin condition as and when required and then provide a customized face care solution in the form of a freshly blended cream. Brands, such as SA.AL & Co., Bulldog Skincare, David Beckham’s House 99 range, and Chanel’s BOY makeup line are focusing on offering products that cater to men’s skincare needs.

Adoption of Sustainable Cosmetics to Drive Market Growth

Rising consumer preference toward organic and therapeutic formulations has accelerated research & development activities among manufacturers to seek novel ingredients that can attract consumers. According to the Soil Association, retail sales of organic health and beauty products in the U.K. reached USD 182.94 million in 2022, up from USD 38.90 million in 2012.

Products formulated with naturally derived ingredients are gaining more popularity across the globe owing to their safe and non-toxic nature. Demand for eco-friendly products is expected to grow in the future owing to increasing awareness regarding sustainability among the population. This awareness is rising as clients are being exposed to more information on the adverse effects of synthetic chemicals on their health and the environment. Lowering the use of synthetic chemicals that majorly include preservatives and pigments has pushed the concept of refrigerated BPC products, wherein the shelf life of products can be extended with the help of colder temperature without the addition of toxic preservatives. Several brands including FaceTory, Beautigloo, and The Quick Flick Beauty Fridge launched their mini cosmetic fridge products in 2019.

According to the ‘Organic Beauty and Wellbeing Market’ report published in the Soil Association Certification report, the organic personal care market in the U.K. witnessed a growth rate of 7% in 2018. Additionally, consumer preference is shifting toward vegan products that do not contain any ingredient derived from animals. Furthermore, manufacturers are also focusing on providing sustainable packaging solutions, such as paper-based, degradable, and refillable packaging options to attract more users and reduce their carbon footprint.


Rising Awareness of Side-effects and Access to Surgical Options to Hamper Market Growth

Cosmetic formulations are a mixture of numerous natural and synthetic ingredients, such as sulfates and phthalates. Rising awareness regarding the adverse health effects and toxicity of a few ingredients is likely to limit the product demand. Synthetic chemicals, such as preservatives, pigment molecules, and other additives have serious side-effects on the body, such as allergic reactions, formation of black patches, acne or discoloration, and others. Prolonged exposure to such products results in the continuous deposition of toxic ingredients in the body’s cells that can eventually cause adverse reactions. Excessive use of certain makeup and hair coloring products can result in rashes or patches on skin and permanent hair greying. These factors are also shifting the consumer preference toward cosmetic surgeries, which can alter their appearance permanently and help them reduce the daily use of beauty products. These factors will restrain the market growth. In addition, the higher cost of certain products, such as makeup and anti-aging skin care items is also expected to hinder the market growth. This factor has also resulted in the development of low-cost counterfeit products that contain low-quality ingredients and are not safe to use. Besides, the closure of cosmetic shops and supermarkets due to the COVID-19 pandemic-related lockdown restrictions negatively impacted the market growth.

Cosmetics Market Segmentation Analysis

By Category Analysis

Rising Awareness About Skincare Routines to Boost Demand for Skincare Products

Based on category, the market is segmented into hair care, skincare, makeup, and others. The skincare segment is expected to hold a significant cosmetics market share during the forecast period as a vast majority of the population uses skincare products daily as compared to hair care products. For instance, according to the ‘Consumer Survey on Cosmetic Dermatologic Procedures 2018’ conducted by the American Society for Dermatologic Surgery (ASDS), about 80% of consumers spent more than USD 100 per month on skincare products in the U.S.

People who have skin problems are using skincare products on a large scale. Several skincare products are being developed to quicken the healing process of the skin while also eliminating scars and rashes. According to the data issued by the National Health Interview Survey, in 2018, 9.2 million children in the U.S. who were 18 years and under were reported to have skin allergy.

Haircare includes several products, such as shampoos, hair colors, oils, serums, and others. The growing number of people experiencing hair issues, such as dry hair, dull hair, spit ends, hair loss, and others is escalating the consumption of hair care products. These products can control hair thinning and breakage, and also repair damaged, dry, and chemically treated hair. According to the article ‘Hair Loss in Women’ published by Cleveland Clinic in May 2018, more than 50% of women in the U.S. experienced noticeable hair loss.

Makeup products include face powders, blush, mascara, and lipstick, which further enhance a person’s appearance. Innovative color shades and affordable makeup products are expected to drive the segment growth.

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The others segment includes fragrances and hygiene & oral care products. The need for products including fragrances, teeth whitening creams, and breath fresheners is increasing globally owing to growing hygiene awareness, thereby boosting the segment growth.

By Gender Analysis

Cosmetic Products to be Widely Used by Working Women to Enhance Their Appearance

Based on gender, the market is divided into men and women. The women segment is anticipated to hold the larger market share as more manufacturers are producing products that are specifically targeted toward women. A larger percentage of women are more inclined to beauty products as compared to men. Young girls and working women are increasingly exploring beauty care solutions. Therefore, the increasing number of working women globally is expected to boost the product demand and support the market growth. For instance, according to the data released by the Australian Government in February 2020, among all the employed individuals in Australia, women held a share of about 47% in 2019.

Additionally, the promotion of beauty contests, such as Miss World, Miss Universe, and Victoria’s Secret is generating more traction for cosmetic products among women as it prompts them to emulate their looks. For instance, according to the Indian Express, Miss World 2019 was estimated to have a viewership of 900 million from 140 countries.

The men segment is displaying a strong presence in the market owing to the increasing consciousness among men regarding their looks and wellbeing. This factor has increased the sales of men’s grooming products. A large number of men are working in professions, such as sales, hospitality, aviation, and others, which requires dealing with clients or customers on a daily basis. This has surged the usage of cosmetic products among men as they need to look presentable. For instance, according to a survey conducted by The Bluebeards Revenge in the U.K. in 2018, 52% of the men surveyed said that they wished to pay more for grooming products in the coming year.

By Distribution Channel Analysis

Wide Availability of Products under One Roof to Boost Consumer Preference for Hypermarkets/Supermarkets

In terms of distribution channel, the market is segmented into hypermarkets/supermarkets, specialty stores, online channels, and others. The hypermarkets/supermarkets segment is expected to hold the largest market share during the forecast timeframe. These stores are known to showcase a vast variety of several brands and their products that are provided in the mass market. Products used for daily purposes are purchased at these stores as they offer the option to buy products in bulk at lower prices. Value packs of body lotions, shampoos, conditioners, and a bundle of roll-ons/antiperspirants are easily available at these markets which attracts consumers.

Specialty stores offer a wide range of products under specific brands. These stores are explored particularly for makeup products, anti-aging cosmetics, and fragrance products from luxury brands. Therefore, these stores are gaining momentum among customers as they cater to their specific product requirements. The online stores segment is projected to grow significantly due to the ease and convenience offered by online purchasing. Additionally, these stores provide different benefits, such as free home delivery, discounts on bulk orders, and gift coupons, while also saving their time going to offline stores.


Asia Pacific Cosmetics Market Size, 2023 (USD Billion)

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Asia Pacific dominated the global market share and was valued at USD 147.92 billion in 2023 owing to a large pool of aging population in countries, such as China and Japan. This has surged the demand for anti-aging, anti-wrinkle, and dark spot treatment products. According to data released by the Ministry of Economy, Trade, and Industry of Japan in 2019, the production of cosmetic products increased from 434,000 tons in 2017 to 455,000 tons in 2018.

According to a survey report ‘World Population Aging: 2019’ published by the Department of Economic & Social Affairs of the United Nations, in 2019, nearly 164.49 million people in China were in the age group of 65 years and above.

The rising middle-class population in the region is also responsible for the burgeoning demand for beauty products. For instance, according to the article ‘The Middle Class in India - From 1947 To The Present and Beyond’ published by the Association for Asian Studies in 2018, the middle-class population in India was about 5-10% of the country’s total population in 2005, which is expected to increase to about 90% by 2039.

Moreover, growing consumer preference toward buying high-quality and premium cosmetic items and rising income of the population are further propelling the demand for branded cosmetic items in the region. According to statistics presented by the U.S. National Library of Medicine National Institute of Health, in December 2019, nearly 25.8% of males and 74.2% of females preferred to buy Korean luxury cosmetics in China.

The market in North America has witnessed strong growth owing to higher spending power of the population and increased demand for luxury and premium products. Growing incidence of skin-related problems, such as cancers, rashes, and wrinkles among the population in countries, such as the U.S. and Mexico is primarily driving the demand for dermatologically proven skincare products. According to the data published by the American Academy of Dermatology Association, every year, nearly 50 million Americans are affected by acne.

The Europe market holds a considerable share of the global market owing to a large number of on-street salons that support the consumption of skincare & haircare cosmetics. Increased number of beauty salons and rising number of millennials and generation Z in the region are expected to propel the demand for various cosmetic products. For instance, according to the annual report 2018-2019 of the German Cosmetic, Toiletry, Perfumery and Detergent Association, between the years 2013 and 2018, the skin & face care products market witnessed an average growth of 2.7% per year.

Additionally, increasing import of essential oils in countries, such as France, Italy, and others, indicates increased demand for essential oil-based perfumes in the region. According to the analysis report named ‘Organic imports in the EU’ published by the European Commission, in 2018, Europe imported 178 tons of essential oils from Tunisia.

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The market in South America and the Middle East & Africa is expected to hold a comparatively lower share than other regions. The growing online presence of key players and rising online shopping in the Middle Eastern countries, such as Saudi Arabia, Qatar, and Egypt are propelling cosmetic companies’ revenues from online stores in the region. Additionally, rising disposable income, increasing access to international products, and growing availability of affordable products are expected to drive the market growth in these regions.

List of Key Companies in Cosmetics Market

Market is Highly Fragmented with Varied Product Portfolios of Companies

The cosmetics industry is highly fragmented owing to the presence of several domestic and international players across the globe. Additionally, these companies are focusing on developing organic and natural products, which will propel the market growth. Several domestic and small- scale players in the market are adopting various strategies to expand their business operations. Strategic partnerships of key players with companies offering innovative techniques and packaging solutions are expected to further consolidate their market positions.

For instance, in February 2021, Kao Corporation introduced a serum named SOFINA iP INTERLINK SERUM Pore Refining Moisture. This product is said to condition the skin and conceal pores to provide a clear, moist texture.



  • April 2023: L’Oréal S.A. acquired Aēsop, a Natura & Co.-owned luxury products brand, to expand its portfolio of luxury products in Australia.

  • February 2023: Shiseido Company Limited announced the launch of two new moisturizers from SIDEKICK, its skincare brand that focuses on common skin concerns that young men face.

  • December 2022: Beiersdorf AG acquired a majority stake in S-Biomedic NV, a Belgium-based life-science company. With this acquisition strategy, the company will be able to strengthen its expertise in the field of acne treatment.

  • September 2022: Shiseido Europe S.A., a subsidiary of Shiseido Company Limited, entered an agreement to acquire all the outstanding shares of Gallinée Ltd., a London-based beauty brand.

  • February 2021: Revlon partnered with MDR Brand Management for new product launches, wider retail reach, and deeper consumer engagement across the EMEA, APAC, and the Americas regions.


An Infographic Representation of Cosmetics Market

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The report provides a detailed analysis of the market and focuses on crucial aspects, such as leading companies, product categories, and distribution channels. Besides this, it offers insights into the latest market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the global market in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 9.8% from 2024 to 2032


Value (USD billion)


By Category

  • Hair Care

  • Skin Care

  • Makeup

  • Others

By Gender

  • Men

  • Women

By Distribution Channel

  • Specialty Stores

  • Hypermarket/Supermarkets

  • Online Channels

  • Others (Drug Stores, Brand Outlets)

By Geography

  • North America (By Category, Gender, Distribution Channel, and Country)

    • U.S. (By Category)

    • Canada (By Category)

    • Mexico (By Category)

  • Europe (By Category, Gender, Distribution Channel, and Country)

    • U.K. (By Category)

    • Germany (By Category)

    • France (By Category)

    • Italy (By Category)

    • Spain (By Category)

    • Rest of Europe (By Category)

  • Asia Pacific (By Category, Gender, Distribution Channel, and Country)

    • China (By Category)

    • India (By Category)

    • Japan (By Category)

    • South Korea (By Category)

    • Australia (By Category)

    • Rest of Asia Pacific (By Category)

  • South America (By Category, Gender, Distribution Channel, and Country)

    • Brazil (By Category)

    • Argentina (By Category)

    • Rest of South America (By Category)

  • Middle East & Africa (By Category, Gender, Distribution Channel, and Country)

    • South Africa (By Category)

    • UAE (By Category)

    • Saudi Arabia (By Category)

    • Rest of the Middle East & Africa (By Category)

Frequently Asked Questions

Fortune Business Insights says that the global market size was valued at USD 374.18 billion in 2023 and is projected to reach USD 758.05 billion by 2032.

In 2023, the Asia Pacific market value stood at USD 147.92 billion.

Registering a CAGR of 9.8%, the market will exhibit steady growth during the forecast period of 2024-2032.

By category, the skincare segment is expected to lead the global market.

The rising awareness regarding health, hygiene, and grooming is the key factor driving the market.

L’Oréal Professional, Unilever, Procter & Gamble, and Estée Lauder Inc. are the leading players in the market.

Asia Pacific held a dominant share in the global market in 2023.

The advent of AI/AR-based beauty applications and emerging personalization trend will drive the adoption of these products.

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