Cosmetics Market Size, Growth and Industry Report | 2025-2034

Cosmetics Market Outlook

According to the report by Expert Market Research (EMR), the global cosmetics market reached a value of USD 343.37 billion in 2024. Aided by rising consumer awareness regarding personal grooming, increasing disposable incomes, and rapid urbanisation, the market is expected to witness robust growth during the forecast period. The global cosmetics market is projected to grow at a CAGR of 5.20% between 2025 and 2034, reaching a value of approximately USD 570.06 billion by 2034.

Cosmetics comprise a wide range of products used to enhance or alter the appearance of the face or body. These include skincare, haircare, makeup, fragrances, and personal hygiene products. With growing concerns related to skin health, beauty, and self-image, consumers across the globe are increasingly adopting cosmetic products as part of their daily routines.

The market is benefiting from a shift in consumer lifestyles, an increase in beauty consciousness, and greater exposure to global beauty trends through social media and digital platforms. Furthermore, the rise of e-commerce and direct-to-consumer (DTC) models is significantly influencing purchasing behaviour, further fuelling the global cosmetics market growth.

Cosmetics Market Size

The global cosmetics market, valued at USD 343.37 billion in 2024, represents one of the most dynamic and expansive sectors within the broader personal care industry. Driven by strong demand across both developed and emerging markets, the market is expected to add over USD 226 billion in value by 2034. This expansion is supported by a growing customer base, product diversification, and continuous innovation by major industry players.

Emerging economies in Asia Pacific, Latin America, and the Middle East are playing a critical role in expanding the market size, with younger demographics and rising middle-class populations contributing significantly to increased consumption.

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Cosmetics Market Share

Skincare products account for the largest share of the global cosmetics market, followed by haircare and makeup products. The skincare segment continues to dominate, fuelled by growing demand for anti-ageing solutions, moisturisers, sun protection, and facial treatments. North America and Europe currently hold significant shares due to early adoption of premium cosmetic products, but Asia Pacific is rapidly gaining traction and is expected to emerge as the largest regional market over the forecast period.

Key industry players such as L’Oréal, Estée Lauder, Procter & Gamble, Unilever, and Shiseido dominate the market, supported by strong brand equity, global distribution networks, and sustained investment in marketing and product development. However, a number of niche and indie brands are gaining market share by offering innovative, ethical, and natural formulations that appeal to younger, eco-conscious consumers.

Cosmetics Market Trends

Several trends are reshaping the global cosmetics market landscape. Among the most prominent is the growing preference for clean beauty and natural ingredients. Consumers are increasingly seeking products that are free from harmful chemicals, are cruelty-free, and incorporate sustainably sourced ingredients.

Personalisation is another key trend, with brands leveraging artificial intelligence (AI) and data analytics to deliver customised skincare and makeup solutions based on individual skin types, concerns, and preferences.

The rise of gender-neutral and inclusive beauty products is also driving product innovation and expanding target audiences. Brands are focusing on catering to diverse skin tones, hair types, and gender identities, reflecting a broader societal shift towards inclusivity and representation.

The growing popularity of K-beauty and J-beauty trends, characterised by multi-step skincare routines and unique product formats, is also contributing to global market growth, especially in Western markets seeking innovation and novelty.

Drivers of Growth

The growth of the global cosmetics market is underpinned by several key drivers. Increasing disposable incomes and improved living standards, especially in developing economies, are enabling consumers to allocate more spending towards non-essential products, including cosmetics.

The rising influence of social media platforms, beauty influencers, and celebrity endorsements has significantly heightened consumer engagement with beauty products, thereby boosting market demand. Platforms such as Instagram, TikTok, and YouTube are playing a vital role in shaping beauty standards and promoting product awareness.

Urbanisation and fast-paced lifestyles are also leading to increased demand for convenient, multifunctional cosmetic products. Furthermore, a growing focus on personal appearance, both socially and professionally, is propelling demand across demographic segments, including men and older consumers.

Technology and Advancements

Technological advancements are revolutionising the cosmetics industry. The use of AI and machine learning is enabling enhanced product formulation, customer engagement, and supply chain optimisation. Virtual try-on tools and augmented reality (AR) applications are transforming the shopping experience by allowing consumers to visualise products before purchase.

Biotechnology is playing an increasingly important role in the development of innovative cosmetic ingredients, such as lab-grown collagen and microbiome-friendly formulations. Moreover, advances in dermatological research are allowing companies to create more targeted and effective skincare products.

Packaging innovation is another area of focus, with brands investing in eco-friendly, refillable, and biodegradable packaging to align with sustainability goals and reduce environmental impact.

Cosmetics Market Segmentation

The market can be divided based on product, by gender, by price range, distribution channel and region.

Breakup by Product

• Hair Care
• Skin and Sun Care
• Makeup and Colour Cosmetics
• Fragrances and Deodorants
• Others

Breakup by Gender

• Men
• Women
• Unisex

Breakup by Price Range

• Mass
• Mid-premium
• Premium

Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Store
• Online
• Others

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

Some of the major key players explored in the report by Expert Market Research are as follows:

• L’Oréal S.A.
• Unilever plc
• The Estée Lauder Companies Inc.
• The Procter & Gamble Company
• Shiseido Co., Limited
• L Brands
• Kao Corporation
• Oriflame Cosmetics Global SA
• Christian Dior SE
• Beiersdorf AG
• Groupe Clarins
• Huda Beauty Limited
• Revlon, Inc.
• Coty Inc.
• Others

Challenges and Opportunities

Despite its promising outlook, the global cosmetics market faces several challenges. Growing regulatory pressure regarding ingredient safety, claims substantiation, and sustainability can pose operational hurdles. Moreover, intense competition and the commoditisation of certain product segments can lead to margin pressures.

Counterfeit products and grey market sales remain significant concerns, particularly in online channels, potentially damaging brand reputation and customer trust. Additionally, consumer expectations around ethical practices and environmental responsibility are compelling brands to invest more in traceability, eco-packaging, and corporate social responsibility initiatives.

Nevertheless, numerous opportunities lie ahead. The men’s grooming segment is witnessing increased interest, with a growing number of male consumers incorporating skincare and grooming products into their routines. Ageing populations in developed regions are driving demand for anti-ageing and skincare innovations.

The expansion of digital channels, including e-commerce platforms and mobile applications, offers immense potential for reaching new customers and providing a seamless shopping experience. The ongoing digital transformation of the beauty industry will continue to offer innovative ways to engage, personalise, and retain consumers.

Cosmetics Market Forecast

Looking ahead, the global cosmetics market is poised for sustained growth over the forecast period of 2025-2034. Supported by favourable demographic trends, technological innovation, and shifting consumer preferences, the market is anticipated to grow at a CAGR of 5.20%, reaching approximately USD 570.06 billion by 2034.

Product innovation, particularly in clean beauty, personalised skincare, and sustainable packaging, will remain critical to capturing consumer interest and maintaining competitive advantage. The increasing penetration of digital channels and the globalisation of beauty trends will further accelerate growth opportunities.

Asia Pacific is expected to emerge as the fastest-growing regional market, driven by the large consumer base, rising incomes, and increased beauty awareness. Meanwhile, North America and Europe will continue to offer strong growth potential, particularly in the premium and wellness-focused segments.

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