The global cosmetics industry has been a dynamic sector in the consumer goods market. In recent years, it has shown significant growth, with the market size reaching new heights.
Global Market Growth
From 2022 to 2024, the cosmetics industry grew at an annual rate of 7%. The global beauty market, which includes cosmetics, was valued at $450 billion. Projections indicate that it will continue to expand, growing at an annual rate of 5% through 2030. This growth is driven by multiple factors. Changing consumer lifestyles and an increasing focus on personal grooming have led to higher demand for cosmetics products. For example, more consumers are using makeup not only for special occasions but as part of their daily routine.
Regional Growth Patterns
Asia Pacific dominates the global cosmetics market, accounting for around 49.57% of the market share in 2024. The large population base in countries like China, India, and Japan, combined with rising disposable incomes and growing beauty awareness, contributes to this significant share. In contrast, North America is expected to be the fastest – growing region in the coming years. The region has a strong consumer base that is receptive to new beauty trends, and there is a continuous launch of innovative products. For instance, the demand for clean and vegan cosmetics is on the rise in North America.
Growth in Sub – Categories
Among different product categories, skincare has been leading the market. In 2024, it held a 44.48% revenue share. Consumers are becoming more conscious about skin health and are investing in products with anti – aging, hydrating, and skin – brightening properties. Additionally, there is substantial growth in emerging sub – categories. The men’s cosmetics market, valued at $30.8 billion in 2021, is expected to grow at a CAGR of 9.1% from 2022 to 2030. Men are increasingly interested in grooming products such as shampoos, moisturizers, and face washes. Another growing area is the scalp care segment. The Chinese scalp care market size reached 620 billion yuan in 2024, with products targeting issues like hair loss and oil control showing a growth rate of over 136%.
However, the industry also faces challenges. Geopolitical and economic uncertainties, as well as market saturation in some areas, could impact growth. Brands need to adapt to changing consumer preferences, such as the increasing demand for sustainable and clean beauty products, to continue growing in this competitive market.