For ages people have been particular about how they look. So it should be no matter of contention when we say that the beauty industry is a mammoth when it comes to industries worldwide. Here are some statistics that prove the prowess and impact of the beauty industry
The beauty industry generates over $100 billion in revenue worldwide. The beauty industry took a major hit during the pandemic, with a decrease of 8% in 2020. However, things turned around right the next year as 2021 was marked the best year for the beauty industry. The beauty industry overall is expected to generate over $120 billion by the year 2025.
L’Oreal is the leading company in the beauty industry with over $27 billion generated in global sales. Unilever follows with Estée Lauder and P&G close behind.
North Asia has proven to be the largest market for the beauty industry, with China coming out on top in this region. Statistically, North Asia makes up 35% of the global beauty market.
22% of women reported that they spent more time and money on skincare during the pandemic. Globally, there was an increase in usage of moisturizers, exfoliators, scrubs and cleansers.
Men’s skincare and beauty products have been on an upward trend since 2019. This specific market is expected to grow to $276.9 billion by the year 2030.
The beauty industry is largely dominated by skincare, as it takes up 42% of the overall market share. The Asia-Pacific region is responsible for over 40% of the market.
Clean beauty has been on the rise for the past three decades. As a testament to this fact, around $400 million is generated in annual sales by clean and green beauty products.
The recent rise of shampoo bars can be attributed to a new trend of “waterless beauty” in the industry. Minimal use of water is key here and since a typical bottle of shampoo is 90% water, using a shampoo bar seems more eco-friendly.
Lakme is the leading beauty brand in India, with a market share of over 25%. Lakme’s long and rich history in India is also a reason responsible for its position as the leader of the Indian beauty market.
If you own a beauty brand, better be active on social media. Upto 63% of customers have said that they trust brands more if they have an Instagram account, and even more will be highly likely to buy a product if they receive a personalised and targeted ad for it on social media.