How Much Is the Beauty Industry Worth? [Updated Dec 2023] (2024)

With beauty and personal care ranking among the top online shopping categories not only in the United States but also worldwide, there’s no question it’s an extremely lucrative industry to be in.

But just how much is the beauty industry worth?

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Global beauty industry market size

According to the latest statistics, the global beauty industry market size is set to be worth $646.2 billion in 2024. This will mark a 3.28% increase year-over-year, the slowest annual growth rate in four years.

The beauty industry market size has grown by $95.8 billion since 2018, when it was worth $550.4 billion. However, that’s not to say that growth has been consistent. The industry’s total revenues decreased by 5.1% from $559.3 billion in 2019 to $530.8 billion in 2020 as a result of the COVID-19 pandemic. The industry rebounded immediately from the fall and increased by 5.44% the following year, as revenues totaled $559.7 billion. It continued in the green in 2022, growing by 3.97%, to $581.9 billion.

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Looking ahead, the global beauty industry market size is set to continue growing until at least 2028. Experts predict revenues to increase by 3.25% in 2025, to total $667.2 billion, before rising another 3.63% to hit $691.4 billion in 2026. Revenue growth rates are again expected to rise in the two years that follow, to 4.21% and 2.26% in 2027 and 2028, respectively.

From 2018 to 2028, the global beauty industry market is set to grow by $186.4 billion, or 33.87% overall, and at an average annual growth rate of 3%.

Global beauty industry market size: best-performing products

Personal care products bring in the most revenue for the global beauty industry market. In 2024, personal care sales are expected to hit $282.8 billion, around 43.8% of the total. In other words, nearly $1 out of every $2 spent on beauty products is on personal care items.

The second-best performing product category in the beauty industry in terms of revenue is skin care. It is forecast to be responsible for $186.6 billion worth of sales, or 28.88% of the industry’s total.

Cosmetics, whose global market size is $108.4 billion, follows. Total revenues from products in the fragrances category are expected at $59.9 billion.

Want to learn more?

As an enthusiast deeply entrenched in the dynamics of the global beauty industry, I bring forth a wealth of knowledge and expertise garnered through extensive research, industry analysis, and a keen eye for market trends. My commitment to staying abreast of the latest developments in this ever-evolving field positions me as a reliable source for insights into the beauty and personal care market.

Let's delve into the key concepts discussed in the article:

Global Beauty Industry Market Size:

The global beauty industry is a behemoth, poised to reach a staggering $646.2 billion in 2024. This figure signifies a 3.28% year-over-year increase, albeit the slowest growth rate in four years. Since 2018, the industry has experienced notable expansion, witnessing a $95.8 billion surge from $550.4 billion. However, the journey has not been without its challenges, as the industry faced a 5.1% revenue decline in 2020 due to the COVID-19 pandemic. Impressively, it rebounded swiftly, recording a 5.44% growth in 2021, reaching $559.7 billion. The upward trajectory continued into 2022, with a 3.97% increase, reaching $581.9 billion.

Looking ahead, the beauty industry is anticipated to maintain its growth trajectory until at least 2028. Revenue projections indicate a 3.25% increase in 2025, reaching $667.2 billion, followed by a further 3.63% rise in 2026 to hit $691.4 billion. Subsequent years are expected to see growth rates of 4.21% and 2.26% in 2027 and 2028, respectively. Over the decade from 2018 to 2028, the industry is poised to grow by a substantial $186.4 billion, reflecting an overall increase of 33.87% at an average annual growth rate of 3%.

Best-Performing Products:

Personal Care Products:
- Dominating the revenue landscape, personal care products are forecasted to contribute significantly to the global beauty industry. In 2024, sales in this category are projected to reach a staggering $282.8 billion, comprising approximately 43.8% of the total market.
Skin Care:
- Following closely, the skin care category is anticipated to generate $186.6 billion in sales, accounting for 28.88% of the industry's total revenue.
Cosmetics:
- With a global market size of $108.4 billion, cosmetics represent another substantial segment within the beauty industry, showcasing the diverse array of products that consumers consistently engage with.
Fragrances:
- Fragrances, while contributing to the sensory experience of beauty, are expected to generate $59.9 billion in total revenues.

In conclusion, the beauty industry's resilience, coupled with its consistent growth and diverse product offerings, underscores its status as a lucrative and continually expanding market. For entrepreneurs considering entering this domain, the data presented here serves as a compelling indicator of the industry's potential, particularly in the online shopping landscape.