The 2023 Cosmetics Industry Report provides an overview of the global cosmetics industry, covering trends in consumer behavior and preferences, the influence of social media, and critical developments.
The report finds that in 2022, cosmetics revenue in the US grew the fastest at 21.9%, compared to 1.8% in Europe. Growth rates in the two regions will converge to around 3.5%-3.4% by 2026. The global luxury cosmetics market is estimated to reach $31.56 billion by 2027.
Regarding consumption trends, consumers are increasingly interested in natural and environmentally friendly products. Revenue for the global natural cosmetics market is growing at an average annual rate of 6.94%. Social commerce sales are estimated to reach $992 billion in 2022 and $3 trillion by 2026.
The report analyzes social media shopping behaviors and trends among Millennial, Gen Z, and Gen X consumers.
Insights into these generational preferences and channels are presented along with case studies of leading brands.
The report offers valuable insights for businesses to develop marketing strategies aligned with current industry trends. The findings can help companies better engage consumers and optimize their activities in this evolving market.