In 2018, the United States was the leading market for cosmetics, fragrances, and personal care products worldwide, with a revenue of 89.5 billion U.S. dollars. China, ranked second, generated 62 billion U.S. dollars in the given year.
North America and Asia–Pacific as market leaders
The Asia–Pacific region made up almost 40 percent of the global cosmetics market in 2018, followed by North America with a market share of 25 percent. These two regions have been the main drivers of growth for years, starting global beauty trends, and setting standards that are followed around the world.
Global advancements in the beauty and personal care industry
The beauty and personal care market has been experiencing continuous growth across the world. The industry’s global revenue, which was valued at 420 billion U.S. dollars in 2018, is forecast to exceed 716 billion U.S. dollars by 2025. There are several drivers that play an essential part in this development: growing demand for men’s grooming products, steadily increasing beauty product marketing across online platforms, as well as the advancements of the prestige beauty industry to attract more customers who are willing to pay higher prices for more high-quality products.
