Beauty Industry Revenue and Usage Statistics 2023

Last Updated: February 2024

Do you spend on personal care, skincare, and beauty products? Most likely, you do! The beauty industry is one of the few industries where both men and women spend a significant amount of their earnings. The following beauty Industry Statistics reveal the impressive growth and impact of this thriving sector, with billions of dollars in revenue and a global reach that spans various demographics and cultures.

As per studies, US consumers spend a whopping 89.7 billion on beauty products annually. 

That is why the beauty and personal care industry ranks among the top online shopping industries. Despite being hit by 8% during the pandemic, the beauty industry is growing and is supposed to reach $688.89 billion in worth in 2028.

In this article, we have put together all the fresh information and statistics on the beauty industry.

So without any further ado, let’s dive in!

Contents in this article are as follows:

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Key Beauty Industry Statistics 2023

  • The beauty industry revenue amounted to $528.6 billion in 2022, and is expected to reach $579.20 billion in 2023.
  • Speaking of revenue by company, Loreal generated the highest, $40.31 revenue in 2022.
  • The beauty industry’s net worth is estimated at $579.22 billion in 2023. 
  • Loreal leads the beauty industry market with the largest market capitalization of $250.62 billion as of 2022.
  • Speaking of spending by country, the US spends the most in the beauty industry – 89.7 billion USD annually.
  • Millennial women are the user group that buys the most – 38% of beauty products. 

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Beauty industry e-commerce stats 2023

  • The online channel for beauty in the U.S. grew by 5.6% in 2020.
  • Although ecommerce penetration has only increased slightly in recent years, the beauty industry’s online share is predicted to surge to 48% in the United States by 2023.
  • Cosmetic retailers report $17.09 billion in online sales.
  • Digital advertising makes up 34.1% of the total ad spend in the beauty industry.
  • Beauty companies spent an estimated $7.7 billion on advertising in 2022.
  • Despite the rise of online purchasing, 46% of consumers say they prefer to see beauty products in-person.

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Beauty supply store industry analysis

  • Beauty supply store revenue has reached $25.6 billion with an increased rate of 2.3%, over the last five years.
  • The US beauty supply, perfume store, and cosmetics include over 17,000 establishments with combined annual revenue of USD 23 billion.

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Beauty industry and social media

  • 60% of the beauty content on Youtube is controlled by influencers. 
  • 42% of beauty product buyers (aged 18-24) are inspired to buy beauty products through social media. 
  • 37% of shoppers find out about new cosmetic brands through social media ads.
  • 66% of customers discover brands on social media through celebrity endorsements and bloggers.
  • Kylie Jenner’s cosmetics brand has had a tidal wave of impact on Instagram, while her own personal account has over 300 million followers.
  • Huda Beauty and Kylie Cosmetics have the largest social media engagement in the US. Huda Beauty has over 4 million subscribers on YouTube alone.
  • Loreal’s Instagram followers are over 10 million, making it the cosmetic brand with the largest Instagram following.
  • 33% of beauty shoppers like/follow a brand on social media.

Sources: Terakeet.com, Commonthreadco.com, Forbes.com, Planbuildr.com, Firstresearch.com

social-brand-post-interaction

Source: Zippa, Forbes, Wearesocial

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Beauty Industry Revenue 2023

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How much revenue does the beauty industry make? 

  • The beauty industry generated $528.59 billion worldwide in revenue in 2022 and is estimated to generate $579.20 billion in 2023. 
  • Global beauty industry revenue is expected to top $716 billion by 2025.
  • The beauty (skincare) industry generated $100 billion in revenue in 2021.
    Source: Statista

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How much is the beauty industry revenue by year?

Despite an 8% fall in 2020, the beauty industry generated $528.60 billion in revenue in 2022, a 4.96% increase from 2021.

Have a look at the beauty industry revenue for the last nine years:

YearRevenue ($ bn)
2014492.59
2015458.06
2016462.25
2017484.43
2018500.76
2019507.96
2020471.91
2021503.62
2022528.59
2023579.20*

Source: Statista

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How much is the beauty industry revenue by company?

L’Oreal revenue was the highest at $40.31 billion in 2022 among all the top players in the beauty industry. Unilever ranked 2nd with $25.11 billion in revenue and The Estee Lauder revenue was $16.4 billion in 2022.

Source: Statista

Related: Discord Revenue and Usage Stats 2022

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How much do consumers spend annually on beauty products?

  • Annual expenditure on beauty products is $182.3 per consumer in the United States. 
  • American women spend, on average, $313 a month on cosmetics.
  • On an average, American women spend more than $3,756 annually on beauty products and services.
  • Cosmetics industry spending topped $483 billion in 2020.
  • Americans spend between $244 and $313 on cosmetics every month on an average.
  • 3 out of 4 beauty customers respond well to personalized recommendations.
  • 1 in 5 women changed their skincare routine because of the COVID-19 pandemic.
  • 67% of beauty shoppers say they turn to influencers to discover new products.
    Source: Statista, Swnsdigital.com, Terakeet

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Spending on beauty by country

CountrySpending ($bn)
United States Of America89.7
China 58.3
Japan36.9
Brazil34.7
Germany19.1
United Kingdom17.2
India15
France 14.7
South Korea12.8
Russia11.4

Source: Zippia

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Beauty Industry Net Worth 2023

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How big is the beauty industry market and how much is the beauty industry worth? 

According to the latest statistics, the global beauty industry market size is set to be worth $579.22 billion in 2023.

Source: Statista

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How big is the beauty industry worldwide?

The beauty industry’s net worth is estimated at $528.6 billion worldwide as of 2022. Researchers foresee an 8% Y-o-Y increase, the fastest annual growth rate in the last 13 years. Asia Pacific and North America account for more than 70% of the total market size.

Source: Statista

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Beauty industry net worth by company

As of July 2023, L’Oreal’s net worth is estimated at $250 billion, contributing around 50% of the beauty industry’s total net worth. Furthermore, Estee Lauder’s net worth is estimated at $70 billion

 CompaniesNet Worth ($ bn approx.)
#1L’Oreal250.22
#2Estee Lauder70.18
#3Givaudan30.63
#4ULTA Beauty23.43
#5IFF20.30

Source: Companiesmarketcap.com

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How much is the skincare industry worth? 

  • The skincare industry was worth $100.13 billion in 2021.
  • The skincare industry market value is projected to reach $177 billion by 2025.
  • The skincare category has grown the fastest and was worth $145 billion globally in 2022.
    Source: GlobeNewswire, ExplodingTopics

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What is the growth rate of the beauty industry? 

The beauty market is expected to grow at a rate of 4.64% ( CARG 2022-2027). 

Source: Statista

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What is the annual growth rate of the cosmetic industry?

The cosmetics industry is expected to grow at an annual growth rate of 4.75% worldwide.

Source: Terakeet

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How much is the beauty industry worth in 2025?

By 2025, the beauty industry will have a market share of $590.9 billion.

Source: Oberlo

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Beauty Industry Market 2023

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What is the largest cosmetic company in the world?

L’Oreal is the largest cosmetic company in the world with a market cap of $250.22 billion.

Where is L’Oreal most popular? L’Oreal is most popular in North Asia. L’Oreal market share is 35.10 percent in North Asia.

Who are L’Oreal greatest competitors? Estee Launder and Givaudan are L’Oreal greatest competitors as per the data.

Source: Companiesmarketcap.com 

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Top beauty companies in the world

As of 2022, L’Oreal is the top company in the beauty industry with the largest market cap of $250.22 billion followed by Estee Lauder and Givaudan with $70.18 billion and $30.63 billion market cap respectively.

 CompaniesNet Worth ($ bn approx.)
#1L’Oreal250.22
#2Estee Lauder70.18
#3Givaudan30.63
#4ULTA Beauty23.43
#5IFF20.30

Source: Companiesmarketcap

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How many makeup brands are there in the US?

As of 2022, there are 4,305 cosmetic and beauty products manufacturing brands in the US, a 3.4% increase from 4164 brands in 2021. 

Source: IBISWorld

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How is the beauty industry segmented? 

The cosmetic industry is segmented into 7 main categories. These categories are skincare products, makeup, perfume, hair care products, deodorants, oral care, and toiletries

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Cosmetics

  • Among all categories, the cosmetics segment is the largest with a 32% share.
  • The natural cosmetics segment is expected to reach $54.5 billion by 2027.
  • Currently, makeup sales generate about $77.8 billion of the total $380.2 billion global cosmetics market.

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Skincare

  • The skincare segment accounts for 24.3% of the market share.
  • The global skincare industry is currently valued at over $163.5 billion
  • 38% of US consumers reportedly use cleanser products.

Source: Commonthreadco.com, Formulabotanica.com, grandviewresearch.com

Related: Doordash Revenue and Usage Stats

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Beauty Industry Users 2023

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Beauty Industry Demographics

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What demographic buys the most beauty products? 

Millennial women (aged 25-44) buy the most – 38% of beauty products, followed by women aged 45-54 who buy 18%.

Age Group (Women)Percent Usage
18-2414%
25-3419%
35-4419%
45-5418%
55-6415%
65-7415%

Source: TABSanalytics 

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What age group buys the most skin care products?

When it comes to skincare, the largest proportion of Gen Z (41%) buys skincare products followed by millennials at 40%. 

Age GroupPercent Usage
18-2541%
26-4140%
42-5731%
58-6731%

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What age group uses makeup the most?

  • Women aged 18-34 use makeup the most at 85%.
  • 77% of women aged 55+ wear makeup.
    Source: The Oklahoman

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Skin care target market demographics

The primary target demographic for the skincare industry is women aged 18 to 41. That’s simply because this demographic of users buy the most – over 40% of skin care products.
Source: dealsonhealth.com

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Beauty Industry Gender Ratio

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What percent of the beauty industry is female?

In an industry with women as the target consumer demographic, men rule as the board of directors and CEO.

As per Fortune 500 companies, a small number of 37 companies are led by women. This means only 7.4% of beauty companies are led by women.

Additionally, women occupy 34% of board seats and 24% of executive positions at personal care companies.  

Source: Digital Beauty

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What percentage of the beauty industry is male?

92.6% of companies in the beauty industry are led by men.

Source: Digital Beauty

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Who Spends more on beauty products?

On average, women spend $69 more than men on beauty products.

Source: Zippa

Related: Bumble Revenue and Usage Stats 2022

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Beauty Industry VS Fashion Industry 

Comparison Beauty IndustryFashion Industry
Growth Rate4.64%6.2%
Net Worth$528.6 Billion (2022)$1.85 Trillion (2022)
The country that spends the highest USAUSA
Industry value in the US $84 Billion$369.39 Billion
Revenue$528.59 Billion (2022)$0.87 Trillion ( 2022 )
Covid-19 effect-8%-28.5%
Largest share by companyL’OrealLVMH Group

Source: Zippa, Statista, FashionUnited

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Conclusion

By looking at all the information mentioned above, we can clearly say that the beauty industry is growing around the world and across the nation and has no sign of slowing down in the coming future. The industry is growing at a rate of 4.64% which is a positive sign for new beginners.

Moreover, the beauty industry is valued at $84 billion in the US and is divided into 7 major segments. Women have been a major reason for the growth of the industry with average spending of $69 more as compared to men. Social media is the key to growth in the beauty industry with 61% of the followers coming from it.

Now, in the end, we hope that we were able to provide some fresh information to you on the beauty industry. But if you still think that we have missed something important then do let us know in the comments and we will try our best to add the stats.