Beauty Industry: Cosmetic Market Share, Trends, and Statistics - Terakeet Please do not hesitate to contact me. Manufacturers are changing their product branding and advertising strategies to accelerate their sales across various countries. 2023 Allied Market Research. Meanwhile, incumbent brands like Chanel, YSL, and others are revamping their product launch and marketing strategies to attract younger shoppers. Looking ahead, expect functional fragrances to be incorporated into more beauty products and categories, including experiential beauty offerings such as spas and wellness hotels. Regional Insights. Analyzing a16zs investment strategy in consumer & retail tech: Where did the VC place its biggest bets in 2022? Videos give people the opportunity to see a product in action, which is particularly important for cosmetics products. Major opportunity exists in meeting the needs of cohorts beyond the young adult (ages 18 to 35) segment. In 2021, the global market value stood at USD 40.37 billion. To thrive, brands must be hyper-aware of current beauty trends and shape their growth marketing strategies to align with the times. The global cosmetics market size was valued at USD 262.21 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030. Furthermore, 17 of the top 22 performers are publishers, capturing 62.3% organic market share. What is the crucial factor driving the global market? Get access to the only platform that combines expert-led research with in-depth data on the tech industry. Bottom line, beauty brands are missing out on a major opportunity when it comes to organic search traffic. Thank you!, I recommend Fortune Business Insights for their honesty and flexibility. At The Innovation Lab, consumers no longer have to swatch foundation shades endlessly, checking in-store and outdoor light before making a purchase. The Middle East & Africa and Latin America makeup products markets are assisted by the continuous support of the government for skin care product manufacturers to produce products at affordable costs. Jun 30, 2020. LOral is doubling down on the South Asia Pacific, the Middle East, and North Africa regions which will account for the bulk of LOrals new business over the next decade, per the company. Several brands are experimenting with biosynthetic ingredients: Beauty conglomerates have been active in developing biotechnology partnerships as well. Local D2C brands are popping up to capitalize on the opportunity at least 10 new China-based male skincare brands were reportedly launched in 2020. Which is the leading product in the market? As cosmetics have become an integral part of individuals lives, consumers, especially women, prefer to use cosmetics products, which are handy and easy to use while travelling or attending social meetings. While this type of content marketing is relatively new, its going to be increasingly important this year and coming years. In, Statista. Color cosmetics and fragrances saw particularly impressive growth on the back of the wider recovery, with a notable increase in consumers trading up. Corporates like Unilever, P&G, and Target have all tapped into this trend through acquisitions, accelerators, internal brand incubation, and more. Another one of the biggest beauty industry trends is virtual experiences. Growth of the dermocosmetics market compared with the global beauty market . Augmented reality apps that allow customers to virtually try on new products, Creating a referral program that rewards brand ambassadors, Highlighting customer reviews on their website, Rallying around a social cause, much like TOMS did by supplying shoes to those in need, Creating viral content that people want to share. As consumer values and expectations shifted, big beauty corporates and startups alike have been forced to adapt. A key social commerce tool in the beauty world is livestreaming, which has grown significantly with the Covid-19 crisis and the increase in online buying. Please create an employee account to be able to mark statistics as favorites. Beauty brands such as Unilever, Este Lauder, LOral, Glossier, and Clinique are nearly invisible in the non-branded organic search landscape across skincare, makeup, and hair care. The report covered all the points and was very detailed. Beauty Brands Focus on Acquisitions to Expand Product Portfolio. For example, Glamera, which offers on-demand spa and makeup services, is based in Egypt. Perfect Diary dropped an eyeshadow collaboration with the Metropolitan Museum of Art in 2019 and signed Australian singer Troye Sivan as an ambassador. Based on product, the market is segmented into powder, gel, lotion, and others. Alibaba reported eye-cosmetic sales increased 150 percent, month over month, during the week of February 18, 2020.2 By contrast, skin-care, hair-care, and bath-and-body products appear to be benefiting from self-care and pampering trends. Soothe connects customers with on-demand massage therapists who offer deep tissue, sports, and prenatal massages, among others. Think about that. Ultimately, the beauty brands and retailers that will come out on top will be the ones that create a unified view of the consumers online and offline behavior. Of course, depending on the competitiveness of the keyword, companies may have to pay a significant amount per click in order to earn the top sponsored spot. Available: https://www.statista.com/forecasts/1241179/mac-cosmetics-beauty-and-health-brand-profile-in-the-united-states, Mac Cosmetics brand awareness, usage, popularity, loyalty, and buzz among beauty and health online shop users in the United States in 2022, Immediate access to statistics, forecasts & reports, Find your information in our database containing over 20,000 reports. Lipstick Market Size, Share | Global Industry Trends Report, 2019-2025 portalId: "763793", The cosmetics market size from 2021 to 2027 is $463.5 billion. AI retail is firmly what he believes is the next frontier. MAC Cosmetics was founded in 1984. For example, California-based ManiMe uses 3D scanning and printing technology to create customized press-on nails that are shipped to the customer. At checkout, customers scan their wristbands and receive their items immediately. Customers are increasingly demanding greater insight into what their products are made of, and ingredient transparency has become a top priority not only for beauty and personal care brands but also for CPG and retail companies more broadly. After seeing the success of independent players such as vertically integrated incubator Seed Beauty, which is behind ColourPop, Kylie Cosmetics, and more big beauty corporates have followed suit with their own incubators and accelerators, with examples including: LOrals Seed Phytonutrients and Unilevers Skinsei are just a few examples of internally incubated brands. This has led more brands to partner with a broader range of influencers. We use cookies to enhance your experience. MAC Cosmetics New Concept Store Is The Next Step In Virtual Retail - Forbes The rising awareness toward personal grooming along with the expanding number of brands producing a wide range of cosmetic products is favoring market expansion. In this report, we look at the latest innovations across every part of the beauty space and highlight the top industry trends to watch in 2021 and beyond. It looks quite comprehensive and the data is exactly what I was looking for. (July 12, 2022). The global cosmetics market recovered markedly in 2021, rebounding to 2019 levels thanks to a very dynamic skincare category and growing digitalisation driven by the boom in e-commerce and social commerce. Here, you can ask questions, get tips, join challenges, receive recommendations, etc. South Korea has been a trendsetter in this category, with men in South Korea accounting for a fifth of global spend on mens skincare in 2018 a trend often attributed to the rise in popularity of K-pop idols. Around 11% of beauty and health online shop users in the United States say they are likely to use Mac Cosmetics again. The global makeup market size is projected to grow from $41.85 billion in 2022 to $61.34 billion by 2029, at a CAGR of 5.61% during the forecast period. Some beauty brands are even carrying out clinical studies to test out their products: Juice Beauty and ZO Skin Health both feature real patients results from clinical laboratory studies on their websites. Beauty sales declined as much as 30% in the first half of the year, according to McKinsey. Consumer behavior has shifted. Newer initiatives include: Biodegradable packing is another avenue of interest that has seen traction, pioneered by industries like food and beverage. MAC now offers an infrared touch-screen to shade-match even the uniquest skin tone. Online sales will make up 48% of all beauty sales by 2023, The online channel for beauty in the U.S. grew by 5.6% in 2020, The offline channel for beauty contracted by 1.2% in 2020. We value them as a research company worthy of building long-term relationships., Well done Fortune Business Insights! Face powder is highly used as a base to apply bronzer, contour, or blush. Virtual try-ons are a key decision-making tool to assist with buying beauty products, especially makeup. These companies formulate and package products to improve convenience and user experience, which eases consumers into using more sustainable products without changing their routines to accommodate, for instance, scoopable shower gels or chewable toothpastes. It even opened a brick-and-mortar hair salon to showcase its tech. The beauty and personal care industry generates nearly 120B packaging units every year, and nearly 91% of these fossil fuel-based bottles, wrappers, and other plastic waste are never recycled, accumulating in the ocean and landfills. Despite burgeoning interest, companies can face barriers in scaling up production. Beauty brands and conglomerates will increasingly use varied pricing strategies to appeal to a broader range of shoppers, with the goal of remaining essential to their routines. However, chemicals used in manufacturing of cosmetic products can harm an individuals skin or other parts of the body. "Assisting You in Establishing Data Driven Brands", Region : Global | Format: PDF | Report ID: FBI102587. The company invested in Curie Co, a startup that makes biomaterials to replace preservatives in everyday beauty and personal care products, through its JLABS incubator. Refill models are being embraced across different beauty verticals. The region is anticipated to experience a significant growth in the coming years, owing to the rise in the young population along with their rising consumption of branded beauty products. Porters five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplierbuyer network. But, what is content marketing? Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The partnership was named Best In-Store Technology Innovation in the beauty industry by Glossy. Historically, the lions share of beauty products have been purchased in brick-and-mortar stores, but thats changing rapidly, with online sales projected to make up 48% of the total by 2023. Following its $600M purchase of a 51% stake in Kylie Cosmetics in 2019, Coty snapped up a 20% stake in Kim Kardashians beauty business, In September 2019, SC Johnson purchased mens skincare brand, Edgewell announced plans to buy mens grooming brand, It was reported in October 2020 that mens personal care company. The global makeup market size was valued at USD 40.37 billion in 2021. Share. Find out which beauty brands are winning the Google organic market share wars (and which ones are not). The starting place is offering customers a superior buying experience, including both the products and themselves and the purchasing process. Virtual try-on cannot completely replace the in-store experience of interacting with a sales rep and experiencing the weight and texture of physical products. These technologies have caught the eyes of top beauty investors. Sephora, for instance, partnered with Google to offer its own Google Assistant app that allows users to order products, access skincare advice, and view Sephoras YouTube videos. In the midst of the Covid-19 pandemic, spa and salon appointments have looked quite different if they are available at all. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. The challenge remains in scaling up production. Coming out of the pandemic, as economic recovery looks different for consumers with different wallets, there is opportunity at multiple price points. With ever-increasing online sales, digital marketing is increasing in importance to beauty brands. In 2021, the beauty industry is taking with it many learnings and permanent shifts from the past year. Although MAC inspired countless cosmetics brands, they still retain the largest ecommerce market share in the cosmetics industry, especially in lip products. Often, though, lesser-known beauty experts who have a more dedicated, loyal, and sincere following deliver better results for brands. In addition, growth in consciousness about external beauty along with individuals internal intellect has become one of the major driving factors for use of cosmetics in the global market. 2023 Terakeet LLC. Another important factor in a successful omnichannel experience is the ability for store associates to connect with customers online. Ascending at a CAGR of 5.61%, the global market will exhibit steady growth over the forecast period (2022-2029). Uniquely, The Innovation Lab is the integration of the best of both digital and retail worlds coming together for an AI beauty encounter. The market is projected to grow from USD 41.85 billion in 2022 to USD 61.34 billion by 2029, exhibiting a CAGR of 5.61% during the forecast period. MAC Cosmetics' public holiday sales Beauty industry statistics, market share, and worth 70% Asia Pacific and North America account for more than 70% of the total market size Common Thread 4.75% The cosmetics industry has an annual growth rate of 4.75% worldwide Common Thread $716B Global beauty industry revenue is expected to top $716 billion by 2025 Common Thread Quality online customer service can help shoppers feel more comfortable buying new products online. The goal was to create multiple channels that provide equally satisfying shopping experiences by addressing customer needs and preferences including the desire to limit human contact amid the pandemic and the growing preference for online shopping. While most analog brick-and-mortar retail is staring at the fate of a video rental store, MAC Cosmetics is taking the virtual road. Statista. Sephora has been testing a pilot recycling program in Utah and Colorado since 2019; no expansion plans have been announced. TikTok especially is gaining traction as a beauty product education and exploration platform, boosting sales when products go viral. Even informational content in the middle of the funnel can grow brand awareness with new prospective customers. Looking forward to work together in the future, It has been a delightful experience working with you guys. Certain areas within beauty, such as skincare, became an area of focus instead as people looked for ways to de-stress. When we compared informational vs transactional searches, online publishers really pulled ahead. MAC Stock Price | Macerich Co. Stock Quote (U.S.: NYSE) - MarketWatch They are also quick to pick up the current beauty trends that Chinese consumers are drawn to, and are fast in launching products that leverage those trends, Nanyang Technological University associate professor Elison Lim said in an interview with Insider. In particular, perimenopausal concerns have seen increasing attention in skincare, for example: Beauty brands are also looking to babies and children for untapped opportunities, with examples like: Luxury skincare brands such as Pai Skincare, Dr. Barbara Sturm, and others have expanded into baby and childrens skincare products. the media outlets selected for the campaign are highly relevant to the market base. C-beauty brands have also leveraged partnerships to gain traction beyond local markets. In 2020, LOral rolled out Signature Faces, a line of virtual makeup products. The line provides makeup filters supported on a range of platforms, including Zoom, Instagram, Snapchat, and more. 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