Skincare, haircare, make-up, perfumes, toiletries and deodorants, and oral cosmetics are the main product categories of the cosmetics market. Skincare was the leading category in 2022, accounting for about 41 percent of the global market. Haircare products made up a further 22 percent, while make-up accounted for approximately 16 percent. Skincare is one of the most profitable product categories, as its revenue is projected to generate roughly 182 billion U.S. dollars by 2027. As of 2022, the North-Asia region accounted for approximately 32 percent of the global market.
The production of cosmetics and beauty products is controlled by a number of multi-national corporations – L’Oréal, Unilever, Procter & Gamble Co., The Estee Lauder Companies, Shiseido Company, and Beiersdorf to name a few. As of 2022, the French cosmetics company L’Oréal was the leading beauty manufacturer in the world, generating revenues of over 40 billion U.S. dollars that year. The company owns the leading personal care brand worldwide, L’Oréal Paris, valued at nearly 48 billion U.S. dollars in 2022.
Industry trends: technological developments in the beauty industry
The cosmetics industry has benefited from the increasing popularity of social media channels such as Instagram and YouTube. These platforms are not only highly influential amongst certain demographic groups, but create a demand for beauty products and help fill the gap between cosmetics brands and consumers. As of November 2022, Sandra Cires Art was the most subscribed beauty content creator on the video platform YouTube with about 16.4 million subscribers to her channel. E-commerce platforms have also become extremely popular, with around 36 percent of millennial consumers purchasing beauty products online. But that is not all: as technology keeps on evolving, the cosmetics industry is not only heavily influenced or supported by social media and online shops, but it keeps on introducing new technological products, forming part of the beauty tech market, which are developed to improve the journey and experience of beauty shoppers.
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