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The global cosmetics market size was valued at USD 335.95 billion in 2024. The market is projected to grow from USD 354.68 billion in 2025 to USD 556.21 billion by 2032, exhibiting a CAGR of 6.64% over the forecast period. Asia Pacific dominated the cosmetics market with a market share of 39.57% in 2024.
Cosmetics are beauty & personal care products used for skin cleansing and beautification purposes. Cosmetics include various products, including skincare products, haircare products, and makeup products. Rising consciousness among individuals regarding personal appearance and well-being propels market growth. Furthermore, various prominent players are operating in the market, including L’Oreal, Unilever plc, Procter & Gamble (P&G), Johnson & Johnson Services, Inc., and The Estée Lauder Companies Inc.
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Rising Awareness Regarding Personal Care & Grooming to Fuel Product Demand
The consumer focus on self-care and grooming has increased across countries in recent years. Moreover, concerns regarding well-being are increasing due to a busy schedule, changes in routine, eating habits, and fluctuations in the sleep cycle. Skin care, hair care, and makeup products enhance the user’s appearance and assist in maintaining hygiene. These factors trigger the adoption of various cosmetic products among both young and aged populations and drive global market expansion. In addition, factors such as the rapidly growing fashion industry, easy availability of cosmetics from multiple local and international brands on e-commerce websites, rising working women population, and increasing men's grooming trends are expected to support global cosmetics market growth in the coming years.
Increasing Adoption of Organic & Sustainable Cosmetics to Drive Market Growth
Rising consumer preference toward organic products has accelerated research & development activities among cosmetic product manufacturers to seek organic and natural ingredients and formulations. The demand for these sustainable beauty products made using eco-friendly ingredients is significantly increasing among eco-conscious consumers. For instance, 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. Furthermore, consumer preference is also shifting toward vegan products that do not contain any ingredients derived from animals.
Rising Awareness Regarding the Side-effects and Counterfeit Products to Hamper Market Growth
Cosmetic formulations are a mixture of multiple components, including synthetic ingredients, such as sulfates and phthalates. Rising awareness regarding the adverse health effects and toxicity of these 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, the formation of black patches, acne or discoloration, and others. Furthermore, the prevalence of counterfeit cosmetics, such as shampoo, conditioner, makeup, face cream, serum, and others, poses a significant challenge to the growth of the market.
Increasing Scrutiny on Cosmetic Ingredients to Pose Significant Market Challenges
Stringent regulations on cosmetics manufacturing mandate industry participants to comply, discouraging new players’ entry. The U.S. Food and Drug Administration (FDA) is the most prominent authority regulating the cosmetics industry. The FDA’s Modernization of Cosmetics Regulation Act of 2022 (MoCRA) emerged as the most significant regulation since 1938 when the Federal Food, Drug, and Cosmetic (FD&C) Act was enacted. The MoCRA was passed to ensure safety across most daily-use cosmetic products. While internationally reputed market players have streamlined processes to ensure compliance with international authorities, prospective and new companies view industry-specific regulations as major challenges to market penetration.
Increasing Popularity of Personalized Beauty Recommendations/Hyper-personalization to Create Lucrative Business Opportunities
The increasing popularity of hyper-personalization within the beauty sector is creating lucrative business opportunities for industry participants to drive customer relationships, provide high-quality services, increase sales volumes, and achieve product differentiation. Personalized beauty recommendations help brands integrate artificial intelligence (AI)-driven technology to create products tailored to suit the user’s skin concerns or product preferences. Internationally renowned beauty companies typically leverage their technological capabilities to provide personalized product recommendations to customers. For instance, the U.K.-based Unilever plc revealed its emphasis on employing AI in 2024 to create customized user experiences to drive the company’s growth through increased product sales, premium positioning, and market growth. Given the increasing need for companies to stay competitive by investing in technological innovation, AI-driven digital solutions will likely emerge as a key tool for companies to disrupt the beauty category throughout the forecast timeframe.
Collaboration with Social Media Influencers & Celebrities to Provide Growth Opportunities
Partnerships between cosmetic brands and social media influencers have a positive impact on the demand for various cosmetic products. Social media influencers have large and engaged audiences across various platforms such as Instagram, YouTube, Facebook, and TikTok. Partnering with influencers allows beauty brands to tap into these audiences and increase the visibility of their products. Furthermore, partnerships with popular personalities and celebrities assist in increasing brand awareness and provide significant growth opportunities to market players. For instance, in February 2023, Dolce Glow, a self-tanning products brand in the U.S., partnered with Miley Cyrus, a popular Singer in the U.S., to promote their brand value in the region.
The COVID-19 pandemic significantly impacted the market owing to travel restrictions and lockdowns imposed by governments across countries in 2020. Most retail stores, supermarkets, hypermarkets, and beauty salons were shut down. Moreover, the pandemic disrupted manufacturing and supply chains, leading to production delays due to raw material shortages, factory shutdowns, and transportation disruptions. Furthermore, prices for ingredients increased in exports across developing countries due to longer shipping delays and higher freight prices.
Increasing Number of New Skincare Brands to Boost Product Demand
The global market is segmented into hair care, skincare, makeup, and others, based on category.
The skincare segment dominated the market in 2024 owing to increasing product availability globally and the growing number of new skincare brands. Various players are launching new brands to diversify their portfolios. For instance, in April 2022, Shiseido, a Japan-based cosmetics company, launched its new skincare brand, Ulé, in France.
The haircare segment is expected to grow significantly throughout the forecast period. Increasing awareness regarding hair health and personal hygiene boosts demand for haircare products offering scalp health and preventing hair damage. Moreover, the rising prevalence of various hair issues, including hair loss, dandruff, scalp itching, graying, split ends, and dryness, fuels the segment growth. Furthermore, the increasing availability of haircare products propels market growth. Several prominent market players are launching new innovative products. For instance,
In April 2024, epres, a U.S.-based haircare brand, launched its new healthy hair shampoo & healthy hair conditioner made using Biodiffusion technology.
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Rising Beauty Consciousness and Increasing Awareness about Self-care Among Women to Fuel Market Growth
The global market is bifurcated into men and women, based on gender.
The women segment dominated the market in 2024 owing to rising beauty consciousness, coupled with increasing awareness about self-care & personal hygiene. The growing urban lifestyle and rising number of working women, coupled with increased pollution levels, have heightened the need for cosmetics products among women seeking skin & hair protection. Moreover, several prominent industry players are launching new products to diversify their product offerings. For instance, in March 2022, SOLIA Corporation, a subsidiary of YCP Holdings, launched its MELCE Sparkling Spa Shampoo for women. According to the company, the product features carbonated dense foam and concentrated carbonated bubbles.
The men segment is expected to grow significantly in the coming years. Shifting beauty standards and an increased emphasis on personal grooming have fostered heightened awareness & adoption of skincare routines among men, boosting product demand. Moreover, the growing demand from working men to look presentable, coupled with rising disposable income, propels the market growth.
Hypermarket/Supermarket Dominated Market Owing to Extensive Product Availability
The market is segmented into specialty stores, hypermarket/supermarket, online channels, and others, based on distribution channel.
The hypermarket/supermarket dominated the market in 2024 due to the extensive product availability. Supermarkets & hypermarkets offer a vast array of cosmetics products from various brands, encompassing different price points and catering to diverse consumer preferences. Additionally, these stores frequently run promotions, discounts, and bundle deals, providing shoppers with attractive opportunities, thus fueling the segment’s growth.
The online channels segment is expected to grow significantly through the forecast period. The growing popularity of online shopping and the availability of attractive discounts fuels the segment’s growth. Moreover, the increasing availability of a diverse range of products from various cosmetics brands is boosting the segment’s growth.
Geographically, the global market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Asia Pacific Cosmetics Market Size, 2024 (USD Billion)
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Asia Pacific region accounted for the largest market share in 2024. The region has experienced significant economic growth in recent years. As a result, numerous affluent consumers have emerged in the region with the financial capacity to invest in luxury and premium cosmetics. Moreover, the region's expanding middle-class population is increasingly focusing on adopting affordable cosmetics, driving regional market growth.
Europe is expected to grow significantly throughout the forecast period. The rapidly growing fashion industry throughout the region due to the presence of fashion-forward cities, high disposable incomes, demand for luxury, organization of several fashion events, and the presence of various salons and prestigious fashion schools contribute to the regional growth. Furthermore, numerous renowned cosmetics brands such as L'Oreal, Beiersdorf AG, and Estee Lauder Companies Inc. offer a wide range of products throughout the region.
North America is expected to grow significantly throughout the forecast period. The presence of numerous fashion-conscious individuals with high spending power in the region which fuels the demand for cosmetics. Furthermore, numerous working women across the region using cosmetics daily to enhance their appearance support the regional market expansion.
The U.S. is the most prominent country in the region owing to the presence of prominent companies and the growing number of working women. According to the Bureau of Labor Statistics, a government agency, in 2022, the labor force participation rate for women was 56.8% across the U.S.
South America is expected to grow considerably throughout the forecast period. Rapid urbanization and changing lifestyles in South American countries, such as Brazil and Argentina, have an increased demand for high-quality cosmetic products across the region. In addition, social media platforms, such as YouTube, Instagram, and Facebook, have increased awareness regarding global fashion and makeup trends, which has heightened consumer demand for various cosmetic products.
Middle East & Africa is expected to grow considerably throughout the forecast period. Growing consumers’ accessibility to a variety of cosmetic products through different distribution channels drives Middle East & African market growth. Furthermore, the growing number of middle-income population groups and their spending on personal care goods also increases product sales.
Prominent Players Focus on Retail Expansion to Strengthen Their Brand Presence
Intense competitive rivalry characterizes the global market. International prominent market players leverage their strong brand loyalty and presence to stay ahead of the competition. Several key market players are focusing on launching new retail stores to expand their reach and strengthen their brand presence. For instance, in October 2024, Caudalie, a France-based skincare company, launched its new flagship store in Kuala Lumpur, Malaysia.
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L’Oreal, Unilever plc, Procter & Gamble, Johnson & Johnson Services, Inc., and The Estée Lauder Companies Inc. are the prominent players in the market. The global cosmetics market is fragmented, with the top 5 players accounting for around 34% of the market share.
The market report provides comprehensive investment analysis and opportunities in the cosmetic industry to provide investors and business leaders with actionable insights. The report also highlights potential investment opportunities, including new product launches, increasing production capacity, strengthening retail presence, research & development of new formulations & ingredients, and geographic expansions.
The cosmetics market report analyzes the market in-depth and highlights crucial aspects such as prominent companies, category analysis, gender, & distribution channels. Besides this, it also provides insights into the global cosmetics market trends and highlights significant industry developments by cosmetics companies.
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ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2032 |
Historical Period | 2019-2023 |
Growth Rate | CAGR of 6.64% from 2025 to 2032 |
Unit | Value (USD billion) |
Segmentation | By Category
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By Gender
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By Distribution Channel
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By Region
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Fortune Business Insights says that the worldwide market was USD 335.95 billion in 2024 and is anticipated to record a valuation of USD 556.21 billion by 2032.
Ascending at a CAGR of 6.64%, the global market will exhibit steady growth during the forecast period.
By category, the skincare segment dominated the market.
Rising awareness regarding personal care & grooming to fuel product demand and drive market growth.
LOreal, Unilever plc, Procter & Gamble, Johnson & Johnson Services, Inc., and The Estée Lauder Companies Inc. are the leading companies worldwide.
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