Global Cosmetics Market Size (2015–2027)
With makeup and cosmetics ranking among thetop beauty productsconsumers buy, it’s certainly one niche to consider if you’re thinking aboutstarting an ecommerce business.
But before jumping into it, it would help to know a few facts about the global cosmetics industry. That begins with answering the question: How much is the cosmetics industry worth?
Global cosmetics industry worth
According to thelatest statistics, total revenues from the global cosmetics market are set to hit $103.8 billion in 2023. This represents a whopping 11.6% year-over-year increase, which is the second-largest annual growth in at least 13 years.
Despite the surge, analysts expect cosmetic products to remain the third-biggest revenue-generating products in theglobal beauty market. Their overall contributions are set to make up 18.2% of the beauty industry’s total revenues in 2023, behind personal care and skin care products, which hold 44.4% and 27.3% of the market share, respectively.
From 2015 to 2027, the global cosmetics market is set to follow a growth trend. With the exception of 2015 and 2020, it’s forecast to increase its revenues year after year. In 2015, the industry shrunk by 5.3% to $77.9 billion. It rebounded quickly and recorded positive growth rates for the next four years, before falling drastically by 19.5% in 2020 as a result of the COVID-19 pandemic. The $72.4 billion revenue recorded that year was also the lowest in the period from 2015 to 2027.
Analysts predict the cosmetics market will continue to register positive growth rates in the years to come, albeit at a slower pace. For instance, in 2024 and 2025, it’s expected to increase its total revenues by 4.4% annually, to $108.4 billion and $113.2 billion, respectively.
From then on, growth rates are set to rise a little. Revenues are forecast to increase by 4.7% and 5.8% in 2026 and 2027, respectively. By 2027, the global cosmetics market is expected to hit $125.4 billion, making up 18.9% of the global beauty industry’s revenues.
From 2015 to 2027, the global cosmetics market’s annual revenues are predicted to increase by $43.2 billion, or 52.5%, with an average annual growth rate of around 3.7%.