With beauty and personal care ranking among the top online shopping categories not only in the United States but also worldwide, there’s no question it’s an extremely lucrative industry to be in.

But just how much is the beauty industry worth?

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Global beauty industry market size

According to the latest statistics, the global beauty industry market size is worth $534 billion in 2022. This is a 6% increase year-over-year, the second-fastest annual growth rate in at least nine years. 

The beauty industry market size has grown by $41.4 billion since 2014, when it was worth $492.6 billion. However, that’s not to say that growth has been consistent. The industry’s total revenues decreased by seven percent in 2015, to $458.1 billion. It went back into the green in the four years that followed, before falling again by 7.1% in 2020, to $471.9 billion, as a result of the COVID-19 pandemic. The industry rebounded immediately from the fall and increased 6.7% the following year.

Looking ahead, the global beauty industry market size is set to continue growing until at least 2026. Experts predict revenues to increase by 10.3% in 2023, to total $589.2 billion—the fastest annual growth rate in 13 years.

Beyond 2023, experts predict the global beauty industry market will continue to grow, albeit at a slower rate. Revenues are expected to increase around 4.4% every year in the three years that follow and hit $670.4 billion by 2026.

From 2014 to 2026, the global beauty industry market is set to grow by $177.8 billion, or 36.1%, and at an average annual growth rate of 2.58%.

Global beauty industry market size: best-performing products

Personal care products bring in the most revenue for the global beauty industry market. In 2022, sales from this category are expected to hit $241.5 billion, around 45% of the total. In other words, nearly $1 out of every $2 spent on beauty products is on personal care items.

The second-best performing product category in the beauty industry in terms of revenue is skin care. It is responsible for $145.4 billion worth of sales, or 27.2% of the industry’s total.

Cosmetics, whose global market size is $93.78 billion, follows. Total revenues from products in the fragrances category are expected at $53.28 billion. 

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