World Market for Beauty and Personal Care

May 2024

The beauty and personal care industry exceeded expectations in 2023, driven by the mass and premium segments, key beauty categories, premiumisation in personal care categories and rising consumption. The largest engines of growth were skin care, Asia Pacific, beauty specialists and e-commerce, and dermocosmetics. Wellness, ingredients and value creation are set to be key trends in 2024, as well as sustainability and artificial intelligence.

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Key findings

Skin care continues to be the largest beauty and personal care category globally

Skin care made up almost a quarter of total beauty and personal care’s absolute value gains in 2023, driven by dermocosmetics and facial care but also by premiumisation trends in body care. Heightened demand for clinically-positioned products and medical beauty drove dermocosmetics, given the segment’s focus on solutions and prevention.

Asia Pacific remains the largest region and a growth engine for premium beauty

Asia Pacific accounted for almost a third of the global market in 2023. Beauty and personal care in Asia Pacific rebounded 3% in 2023, stemming in large part to China’s 3% growth. Asia Pacific is expected to be a key force behind premium beauty and personal care into 2028, driven by the larger beauty markets of the region but also emerging markets of Southeast Asia.

Colour cosmetics and fragrances see strong demand

Colour cosmetics and fragrances registered the next-highest gains after skin care in 2023. Demand for formulations with skin health benefits and growth in key categories such as foundation/concealer but also other facial make-up such as primer serums, while unisex, premium and sets/kits boosted fragrances, which benefited from strong association with wellness.

Beauty specialists remains largest channel, but robust e-commerce growth continues globally

Beauty specialists witnessed double-digit growth in 2023 globally, fuelled by expanding appetites for fragrances, skin care and colour cosmetics. E-commerce grew high-single digits, benefiting from consumers’ increasing comfortability ordering skin care online in mass and premium.

Wellness, ingredients and value creation to influence the industry, as well as sustainability and AI

The beauty and personal care industry in 2024 will continue to see polarisation of spending but also more optimism as consumers pivot to wellness-positioned products and look for features that add value. Ingredients will still be top of mind, but sustainability and AI adoption will further transform the industry.

The beauty and personal care industry outperformed expectations in 2023
Key findings
Skin care continues to be the largest beauty and personal care category globally
The beauty and personal care industry added USD18.0 billion in 2023
Beauty and personal care top trends in 2024 span value creation, ingredients and wellness
Beauty and personal care top trends in 2024
Trends in the beauty industry are linked to Consumer Health, Home Care, Digital Consumers
The beauty and personal care industry exceeded expectations for 2023
Growing consumer awareness and usage led to notable shifts in most consumed categories
Asia Pacific remains the largest region and a growth engine for premium beauty
Skin care remains the largest category while colour cosmetics, fragrances see strong demand
US performance in 2023 steady, while China rebounds and Brazil and Mexico continue climb
Beauty specialists remains largest channel, but robust e-commerce growth continues globally
Skin care is forecast mid-single-digit growth globally in 2024, boosted by habit persistence
Dermocosmetics usage increased among consumers in majority of regions
“Cruelty Free” tops as leading sustainability claim in available colour cosmetics
E-commerce momentum in fragrances continues in 2024, a major boost to a busy Q4 2023
L'Oréal Groupe retains its top spot while Beiersdorf AG and LVMH grow double digits
A poor year for Olaplex despite historic performance, while C-beauty brands see gains
Market share gains and e-commerce expansion drive Proya’s exceptional growth into 2024
Top 10 players maintain dominance, but “Others” share jumps as need states widen
Skin care players in the US, Brazil and India focused on new launches with preventative claims
Skinification claims in sun care a result of widened consumer understanding of skin health
Recommendations and opportunities for growth into 2028
Wellness, ingredients, sustainability and artificial intelligence to influence beauty industry

Beauty and Personal Care

This is the aggregation of baby and child-specific products, bath & shower, deodorants, hair care, colour cosmetics, men's grooming, oral hygiene, fragrances, skin care, depilatories and sun care. Black market sales and travel retail are excluded.

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