Skincare dominates the beauty market
The beauty industry is characterized by a wide range of trends. Every day, new products and formulations or new companies appear, and some are here to stay. In recent years, skincare has become the main interest of beauty aficionados, and the “skinification” trend is proof of this. This involves combining a treatment with other treatments or personal care products, such as hair care or makeup. It’s no surprise that skincare is the most popular beauty category in 2022, with a 41 percent market share. Skincare is expected to remain number one, attracting approximately 186 billion US dollars of turnover by 2028. It is therefore easy to imagine that, in the near future, skin benefits will be imperative for almost every cosmetic product on the market.
Industry leaders
The production of cosmetics and beauty products is controlled by several multinational companies – L’Oreal, Unilever, Procter & Gamble Co., The Estee Lauder Companies, Shiseido Company and Beiersdorf to name a few. From 2022, the French cosmetics company L’Oréal was the world’s leading manufacturer of beauty products, generating revenues of more than 40 billion US dollars that year. The company owns the world leading personal care brandL’Oréal Paris, valued at nearly 48 billion US dollars in 2023.
The influence of social media
The cosmetics industry has benefited from the growing popularity of social networks such as Instagram and YouTube. These platforms not only have great influence among certain demographics, but also create demand for beauty products and help bridge the gap between cosmetic brands and consumers. In February 2023, Sandra Cires Art was the most subscribed beauty content creator on the YouTube video platform with around 16.4 million subscribers to his channel. However, social networks are now more than just influencers who talk to their audience while trying or promoting cosmetic products: with social commerce, it is now possible to purchase beauty items directly on beauty apps. social networks like Tic Tacmainly through direct sales.
Outlook: what’s in store for the cosmetics industry?
The cosmetics industry is not only strongly influenced or supported by social networks and e-commerce, but it can now rely on new technological products, which are part of the beauty technology market, developed to improve the consumer journey and experience. Increased use of trial apps and personalization software as well as improved skin care formulas and products can be seen in the future, helping to further strengthen the cosmetic industry’s privileged status in the market. Retail.
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