The World Market for Beauty and Personal Care

Delivery

This report comes in PPT.

Key Findings

Beauty consumers’ price sensitivity is rising amid economy uncertainty

Global beauty and personal care sales reached USD593 billion in 2024, growing by 6.7% in current terms – slightly below the 8.7% growth recorded in 2023. In volume terms, the global market recorded 1.8% of the growth, higher than the 1.1% growth in 2023. The acceleration in volume, but deceleration in value indicated a slowdown in unit price growth. With a heightened focus on value, consumers are shifting towards more thoughtful consumerism during a time of restrained beauty spending.

Growing appetite for science-backed dermocosmetics products.

Between 2019 and 2024, the share of Gen Z and Millennial consumers who had not used dermocosmetics dropped from 52% to 33% globally. Dermocosmetics, which emphasise skin health benefits and proven results, have seen significant success, with retail sales and usage frequency of dermocosmetics globally rising in 2024.

Fragrances and sun care perform well, as skin care growth slows

While skin care shows signs of saturation, fragrances and sun care outpaced the market average growth in 2024. Fragrances have emerged as the new expression of the “lipstick effect”, offering affordable luxury and personal indulgence even amid economic uncertainty. Sun care continues to benefit from rising consumer awareness of sun damage to the skin, with a shift toward daily use rather than occasional application.

Content-centric approach is reshaping beauty distribution

Between 2019 and 2024, retail e-commerce recorded the fastest growth among beauty and personal care retail channels. Social media platforms are gaining relevance in consumers’ decision-making journey, driven by their content-centric approach featuring short videos and live-selling formats, which have proven highly effective in driving consumer engagement and conversion.