According to Fortune Business Insights, the global cosmetics market size was valued at USD 335.95 billion in 2024 and is expected to grow to USD 354.68 billion in 2025, reaching USD 556.21 billion by 2032 at a CAGR of 6.64% during the forecast period. Asia Pacific led the cosmetics market in 2024 with a dominant market share of 39.57%.
Cosmetics, which include skincare, haircare, and makeup products, are widely used for personal grooming, cleansing, and beautification. The market’s growth is fueled by rising consumer awareness around appearance and wellness. Key industry players such as L’Oréal, Unilever plc, Procter & Gamble, Johnson & Johnson Services, Inc., and The Estée Lauder Companies Inc. continue to shape the competitive landscape.
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Major Players in the Cosmetics Market
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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.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- L’Oréal S.A. (France)
- Unilever plc. (U.K.)
- Procter & Gamble Co. (U.S.)
- The Estée Lauder Companies Inc. (U.S.)
- Beiersdorf AG (Germany)
- Shiseido Co., Ltd. (Japan)
- Coty Inc. (U.S.)
- Natura & Co. (Brazil)
- Kao Corporation (Japan)
- Johnson & Johnson Services, Inc. (U.S.)
Cosmetics Market Trends
Collaborations with social media influencers and celebrities are emerging as key growth drivers for the cosmetics industry. Influencers with large, engaged audiences on platforms like Instagram, YouTube, Facebook, and TikTok help brands expand their reach and boost product visibility. These partnerships enhance brand awareness and offer substantial market opportunities. Celebrity endorsements also play a crucial role in strengthening brand value. For example, in February 2023, U.S.-based self-tanning brand Dolce Glow teamed up with singer Miley Cyrus to elevate its presence and appeal in the region.
Report Coverage:
The report provides a detailed industry analysis and highlights key aspects such as leading product categories, companies, and distribution channels. The report also offers valuable insights into the latest market trends and covers vital industry developments. In addition to the abovementioned factors, the report encompasses several factors that have contributed to the market’s growth in recent years.
Drivers and Restraints:
Rising Awareness of Importance of Health, Hygiene, and Grooming to Boost Market Growth
The self-care and grooming trend has increased tremendously in recent years as people are becoming more aware of the significance of maintaining good health and hygiene. The importance of grooming has skyrocketed among men and women, consequently boosting the sales of these products. Since more people are following an erratic lifestyle, concerns regarding overall health and wellbeing are rising, further enhancing the demand for cosmetic products.
However, more people are becoming aware of the side-effects of using cosmetics for a long time and have access to surgical options, which can hamper the market progress.
Increasing Number of Company Mergers and Acquisitions Will Aid Growth
The report includes several factors that have made an impact on the growth of the market in recent years. It highlights a few of the major industry developments of recent times and further discusses how these developments have influenced market growth. Among all factors, the increasing number of company mergers and acquisitions has made a huge impact. In September 2017, Unilever announced that it plans to acquire Carver Korea. The company possesses an attractive range of skin care products and is based in South Korea. Unilever’s acquisition of Carver will bode well for the global market in the foreseeable future.
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Regional Outlook:
North America Currently Fast Growing Market; Increasing Investment in Product R&D Will Aid Growth
The report analyzes the ongoing cosmetics market trends across North America, South America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, North America will witness the highest growth in the coming years. The massive investments by large scale companies towards the development of organic products will aid the growth of the regional market. As of 2018, the market in North America was worth USD 82.59 billion and this value is projected to increase further in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years, owing to the high population and the subsequently high demand for cosmetics and cosmetic products in several countries across this region.
Industry Developments:
- August 2024: Kay Beauty, an India-based beauty brand, launched its new range of lipsticks, Kay Beauty Hydra Crème Lipstick. According to the company, the new 16 shades are made using hyaluronic acid and lychee extracts.
- July 2024: Curology, a U.S.-based skincare brand, launched its non-prescription skincare products across CSV Pharmacy, a U.S.-based retail corporation. According to the company, the skincare product will be available through CSV Pharmacy’s 3,800 stores countrywide and its website, CVS.com.
- 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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