Major consumers of beauty products worldwide 2018 | Statista (2024)

FAQs

Who are the customers of beauty products? ›

The target markets in the cosmetic business vary, but they often include women and men of different age groups who are interested in enhancing their appearance. Additionally, specific products may target demographics based on factors like skin type, concerns (e.g., anti-aging, acne), and cultural preferences.

Men ($2,256) spend more annually on beauty than women ($1,283). While that may seem surprising, an April 2023 analysis by Deloitte found that men are just as likely to splurge as women — and they tend to spend more money than women when they do.

In 2023, around 900 million people around the world purchased beauty products online. This number is expected to increase to over 1.2 billion by 2027.

The target market for beauty products refers to the customer segments that can buy the products. Age, gender, preferences, market trends, requirements, and other factors determine the target audience for beauty products. Before developing a product, a beauty brand has to consider these things.

The United States is leading the ranking by revenue in the beauty & personal care market, recording 97.81 billion U.S. dollars.

Although millennials are the most serious about their skin care routines, Gen Z shoppers are the ones that purchase skin care products the most.

Consumers are becoming increasingly concerned about the ingredients in their beauty products and are looking for products that are better for their health and the environment. This trend is influencing consumer behaviour and driving demand for clean beauty products.

L'Oréal. The L'Oréal juggernaut continues. Registering its third year in a row of double-digit growth in like-for-like terms, the world's biggest beauty company surpassed €40 billion in sales for the first time in 2023.

The cosmetics and beauty sector was the fastest-growing US retail category last year, per our The US Beauty Consumer report, with consumers spending $94.36 billion.

The global cosmetics industry is growing at impressive rates. According to the market research company EUROMONITOR INTERNATIONAL, in 2023 the sector registered a total value of over $617.2 billion. For 2024, it is projected to reach $670.8 billion with a 9% annual growth.

What race buys the most makeup? ›

Black women are the largest purchasers of many personal care products, and Latina women are the fastest growing group in this market [12]. The Latina women in our study were the most frequent users of makeup, which may result in higher paraben levels than other races/ethnicities in California.

Within the color cosmetics category in the U.S., facial cosmetics was the most profitable segment. In 2023, about 2.3 billion U.S. dollars were generated from sales of facial cosmetics in the U.S. Meanwhile, eye cosmetics was the second most profitable segment, with a sales revenue of around 2.2 billion U.S. dollars.

According to recent data, L'Oréal is currently the world's largest cosmetics company. As of March 2024, the French company has a market value of $252.75 billion. It owns popular brands including Maybelline, Garnier, and Urban Decay. This marks a 5% fall from its $266.18 billion valuation at the end of 2023.

L'Oréal, Unilever, Procter & Gamble and Estée Lauder Companies inc are the multinational conglomerates that own most of the market. In 2019, they made up a whopping 81.7% of worldwide revenue for the beauty industry.