beauty industry

The Size of the Beauty Industry in 2020

The size of the beauty industry is always changing and the trend shift happens dynamically with different new products appearing in the market every day. The beauty industry has been growing constantly and strongly over the past century or so – into what is now a $532 billion global industry. There is always a growing demand between the customer and service provider, and with an increase in beauty trends and awareness of skincare and dermal fillers, the employment in the beauty industry has been steady so far (and continues to be an opportunity for growth and employment).

Having spread across the world with so many categories, the cosmetics market is highly dependent on gender, geographical market and sales trends. With products that categorically fall in skincare, liposuction treatments, haircare, suncare, beauty and wellness products, antiperspirant and fragrances. These products are the ones that are widely sold in the market and make up the biggest chunk of the market percentage. As the sales trends shift widely based on the brands and beauty trends, the sales mode such as retail and online shopping influences the access of these products to the consumers.

Based on location, the beauty industry has focused its market in leading developing areas around the world such as the Northern part of America, Asia Pacific region and Europe. With every country and geography steadily marketing their own local beauty industry, global manufacturers also play a role in the market trends of these local beauty services and products. 

If continuing at its fastest growth rate, the beauty industry will hold the exceptional market value of almost $805 billion in the year 2023. The growth rate is expected to be compounded on the annual basis based on the revenue trend seen through the previous years. It is also observed that opportunities in employment and revenue in the beauty industry has always been growing with a marked increase in the number of service providers such as cosmetologists, makeup artist and hairdressers. This enormous growth is influenced by a universal desire to stay young and youthful, and maintain healthy, good looking skin and beauty.

The market focusing on male customers and their beauty-needs have also expanded with this awareness. With several strategies in hand, the beauty product manufacturers try and focus their attention on interest groups with specific and key ingredients to keep the market expanding. With every year moving by, the beauty products have been innovated and developed to hold on to their market position and sustain sales.

The beauty products and services have laid the importance of beauty and skincare in with people and there is a rise in consumers who prefer high-end beauty products. The varieties in products categories in the cosmetics from organic, truly clean and vegan have clearly invoked interest in different groups of people who follow these as their niche ideologies. The greater access of products personally, and in the global market, has driven the market growth. Beauty products specifically created for very age groups have made the product more informative and sustainable for the consumers to keep the market on the move.

As the beauty industry is all about trial and testing, the consumer seems to buy and use most products in the market and once they have realized a product that works magic for them. There is always a brand loyalty attached to it and their honest reviews also influence the market to a certain extent. The importance of skin protection and skincare routines have become popular among the aging groups especially those who are above 45, who would want to recapture their youthfulness. Men’s skincare is still a growing market yet to completely exploited as the interest towards skincare and beauty products are still not a priority for most men around the world.