The global beauty industry is on track to remain one of consumer goods’ strongest growth engines, with core categories expected to reach a market size of $590 billion by 2030. Even as the macro environment stays volatile, beauty is still viewed as a “darling” category, fueled by expanding definitions of beauty, new subcategories, and shifting consumer behaviors.
A bigger, broader beauty market
Core beauty segments—color cosmetics, skin care, fragrance, and hair care—are projected to grow at about 5% a year over the next five years, slightly below the 7% pace from 2022 to 2024, when inflation and strong volume both pushed up sales. Within that, skin care is expected to account for about 40% of sector value, confirming its role as the category’s long-term growth anchor.
Beyond the core four, the wider “extended beauty” universe—including aesthetics, men’s grooming, sun care, bath and shower products, supplements, and spa services—represents an additional…
$820 billion in value and is growing even faster in some pockets. Men’s participation in beauty and self-care is accelerating, while sun care is expected to expand at nearly 8% annually, driven by innovation.
Where brands are betting Beauty executives are becoming more selective about where they place their biggest geographic bets. In the latest survey, 51% of leaders plan to prioritise expansion in North America, while about 70% expect very high growth in India and the Middle East.
These ambitions sit alongside a continued eastward shift in influence: China remains critical but is no longer the sole engine of growth, and markets from Saudi Arabia to Brazil and South Korea are shaping new trends and expectations in beauty.
Overall, the message to brands is clear: there is no single hero market, so portfolios and investment theses must be diversified. Fragmented consumers and “true value” Beauty shoppers are fragmenting along attitudes rather than simple demographics…
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