Cosmetics Market

The global cosmetics market is expected to see continued growth in both volume and value over the period from 2022 to 2030, with a forecasted CAGR of +2.9% and +3.2% respectively. Key findings indicate that beauty, make-up, and skin care preparations dominate both consumption and production, accounting for the largest share of the market. China, Russia, and the United States are among the top consumers and producers of cosmetics, with notable growth rates in countries like Singapore. Global trade shows promising trends, with imports and exports expanding steadily over the past decade. Overall, the cosmetics market is set to witness further growth in the coming years, driven by increasing demand worldwide.

Market Forecast

Driven by increasing demand for cosmetics worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market volume to 9.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market value to $173.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cosmetics

In 2022, the amount of cosmetics consumed worldwide expanded slightly to 7.5M tons, picking up by 2.4% compared with the previous year's figure. The total consumption volume increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the peak volume at 7.5M tons in 2019; afterwards, it flattened through to 2022.

The global cosmetics market value totaled $134.9B in 2022, growing by 3.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.2% against 2019 indices. Over the period under review, the global market hit record highs in 2022 and is likely to continue growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.2M tons), Russia (1M tons) and the United States (732K tons), with a combined 40% share of global consumption. India, Japan, Indonesia, Turkey, Brazil, Singapore, Pakistan, Mexico, South Korea and the UK lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +36.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest cosmetics markets worldwide were the United States ($19.5B), Japan ($17.8B) and China ($13B), together accounting for 37% of the global market. Russia, Singapore, South Korea, India, Brazil, Turkey, Mexico, the UK, Indonesia and Pakistan lagged somewhat behind, together comprising a further 26%.

Singapore, with a CAGR of +40.2%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of cosmetics per capita consumption was registered in Singapore (27 kg per person), followed by Russia (7.3 kg per person), South Korea (2.6 kg per person) and Turkey (2.3 kg per person), while the world average per capita consumption of cosmetics was estimated at 0.9 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the cosmetics per capita consumption in Singapore amounted to +35.6%. In the other countries, the average annual rates were as follows: Russia (+6.1% per year) and South Korea (+3.0% per year).

Consumption By Type

Beauty, make-up and skin care preparations (6.3M tons) constituted the product with the largest volume of consumption, comprising approx. 85% of total volume. Moreover, beauty, make-up and skin care preparations exceeded the figures recorded for the second-largest type, manicure or pedicure preparations (433K tons), more than tenfold. The third position in this ranking was taken by lip make-up preparations (254K tons), with a 3.4% share.

For beauty, make-up and skin care preparations, consumption increased at an average annual rate of +3.0% over the period from 2012-2022. For the other products, the average annual rates were as follows: manicure or pedicure preparations (+0.4% per year) and lip make-up preparations (+0.9% per year).

In value terms, beauty, make-up and skin care preparations ($92.9B) led the market, alone. The second position in the ranking was held by eye make-up preparations ($9.7B). It was followed by lip make-up preparations.

For beauty, make-up and skin care preparations, market expanded at an average annual rate of +4.7% over the period from 2012-2022. With regard to the other consumed products, the following average annual rates of growth were recorded: eye make-up preparations (+5.1% per year) and lip make-up preparations (+1.2% per year).

Production

World Production of Cosmetics

In 2022, approx. 7.4M tons of cosmetics were produced worldwide; approximately reflecting the previous year. The total output volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 14% against the previous year. Global production peaked at 7.8M tons in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, cosmetics production reduced to $120.6B in 2022 estimated in export price. Overall, the total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.4% against 2019 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 16% against the previous year. Over the period under review, global production hit record highs at $122.3B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.3M tons), Russia (1M tons) and the United States (599K tons), with a combined 39% share of global production. India, France, South Korea, Japan, Indonesia, Turkey, Brazil, Singapore, Poland and Germany lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +12.9%), while production for the other global leaders experienced more modest paces of growth.

Production By Type

Beauty, make-up and skin care preparations (6.3M tons) constituted the product with the largest volume of production, comprising approx. 85% of total volume. Moreover, beauty, make-up and skin care preparations exceeded the figures recorded for the second-largest type, manicure or pedicure preparations (427K tons), more than tenfold. The third position in this ranking was held by lip make-up preparations (249K tons), with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of the volume of beauty, make-up and skin care preparations production amounted to +2.7%. With regard to the other produced products, the following average annual rates of growth were recorded: manicure or pedicure preparations (+0.2% per year) and lip make-up preparations (+1.2% per year).

In value terms, beauty, make-up and skin care preparations ($94.8B) led the market, alone. The second position in the ranking was held by lip make-up preparations ($9.3B). It was followed by eye make-up preparations.

From 2012 to 2022, the average annual rate of growth in terms of the value of beauty, make-up and skin care preparations production stood at +4.9%. With regard to the other produced products, the following average annual rates of growth were recorded: lip make-up preparations (+2.0% per year) and eye make-up preparations (+5.2% per year).

Imports

World Imports of Cosmetics

Global cosmetics imports expanded modestly to 3.1M tons in 2022, surging by 2.1% compared with the previous year's figure. The total import volume increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 9.9% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, cosmetics imports shrank to $73.2B in 2022. Overall, imports showed a buoyant increase. The most prominent rate of growth was recorded in 2018 when imports increased by 21% against the previous year. Global imports peaked at $74.6B in 2021, and then dropped slightly in the following year.

Imports By Country

In 2022, the United States (312K tons), Hong Kong SAR (213K tons), China (177K tons), the Netherlands (169K tons), the UK (163K tons), Germany (127K tons), France (127K tons), Singapore (94K tons), Belgium (85K tons), Poland (75K tons), Italy (75K tons) and Spain (69K tons) represented the largest importer of cosmetics in the world, committing 54% of total import. The United Arab Emirates (65K tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +18.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, China ($17.9B) constitutes the largest market for imported cosmetics worldwide, comprising 24% of global imports. The second position in the ranking was held by Hong Kong SAR ($6.2B), with an 8.5% share of global imports. It was followed by the United States, with an 8.3% share.

In China, cosmetics imports increased at an average annual rate of +31.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (+10.6% per year) and the United States (+7.2% per year).

Imports By Type

Beauty, make-up and skin care preparations dominates imports structure, finishing at 2.7M tons, which was near 86% of total imports in 2022. Eye make-up preparations (117K tons), manicure or pedicure preparations (116K tons), talcum and cosmetic powder (105K tons) and lip make-up preparations (88K tons) followed a long way behind the leaders.

Beauty, make-up and skin care preparations was also the fastest-growing in terms of imports, with a CAGR of +5.2% from 2012 to 2022. At the same time, eye make-up preparations (+3.6%), lip make-up preparations (+3.4%) and talcum and cosmetic powder (+1.1%) displayed positive paces of growth. Manicure or pedicure preparations experienced a relatively flat trend pattern. Beauty, make-up and skin care preparations (+4.5 p.p.) significantly strengthened its position in terms of the global imports, while manicure or pedicure preparations saw its share reduced by -2.3% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, beauty, make-up and skin care preparations ($59.8B) constitutes the largest type of cosmetics imported worldwide, comprising 82% of global imports. The second position in the ranking was taken by eye make-up preparations ($4.9B), with a 6.8% share of global imports. It was followed by lip make-up preparations, with a 6% share.

From 2012 to 2022, the average annual growth rate of the value of beauty, make-up and skin care preparations imports totaled +10.0%. For the other products, the average annual rates were as follows: eye make-up preparations (+3.7% per year) and lip make-up preparations (+7.0% per year).

Import Prices By Type

In 2022, the average cosmetics import price amounted to $23,575 per ton, declining by -3.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.8%. The most prominent rate of growth was recorded in 2018 an increase of 9.8%. Over the period under review, average import prices hit record highs at $24,504 per ton in 2021, and then shrank modestly in the following year.

Prices varied noticeably by the product type; the product with the highest price was lip make-up preparations ($49,566 per ton), while the price for manicure or pedicure preparations ($12,652 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by beauty, make-up and skin care preparations (+4.5%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average cosmetics import price stood at $23,575 per ton in 2022, dropping by -3.8% against the previous year. Over the last decade, it increased at an average annual rate of +3.8%. The most prominent rate of growth was recorded in 2018 an increase of 9.8%. Global import price peaked at $24,504 per ton in 2021, and then fell modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($101,233 per ton), while the Netherlands ($11,692 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+11.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cosmetics

In 2022, the amount of cosmetics exported worldwide reduced to 3.1M tons, which is down by -6% on the year before. The total export volume increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when exports increased by 9.8% against the previous year. The global exports peaked at 3.3M tons in 2021, and then contracted in the following year.

In value terms, cosmetics exports contracted to $68.6B in 2022. Over the period under review, exports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 19%. Over the period under review, the global exports reached the peak figure at $70.6B in 2021, and then fell modestly in the following year.

Exports By Country

In 2022, France (334K tons), followed by China (221K tons), South Korea (212K tons), Germany (206K tons), Poland (185K tons) and the United States (180K tons) represented the main exporters of cosmetics, together achieving 43% of total exports. Spain (135K tons), the Netherlands (132K tons), Hong Kong SAR (132K tons), Singapore (112K tons), Italy (99K tons), the UK (87K tons) and Thailand (84K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +18.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, France ($10.7B), South Korea ($6.8B) and Singapore ($6.2B) were the countries with the highest levels of exports in 2022, with a combined 35% share of global exports.

In terms of the main exporting countries, South Korea, with a CAGR of +23.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Beauty, make-up and skin care preparations dominates exports structure, accounting for 2.7M tons, which was near 87% of total exports in 2022. The following types - talcum and cosmetic powder (119K tons), manicure or pedicure preparations (110K tons), eye make-up preparations (103K tons) and lip make-up preparations (83K tons) - together made up 13% of total exports.

Exports of beauty, make-up and skin care preparations increased at an average annual rate of +4.5% from 2012 to 2022. At the same time, lip make-up preparations (+4.9%), eye make-up preparations (+4.5%) and talcum and cosmetic powder (+1.7%) displayed positive paces of growth. Moreover, lip make-up preparations emerged as the fastest-growing type exported in the world, with a CAGR of +4.9% from 2012-2022. Manicure or pedicure preparations experienced a relatively flat trend pattern. While the share of beauty, make-up and skin care preparations (+2.9 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of manicure or pedicure preparations (-2.2 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, beauty, make-up and skin care preparations ($55.7B) remains the largest type of cosmetics supplied worldwide, comprising 81% of global exports. The second position in the ranking was taken by eye make-up preparations ($4.7B), with a 6.9% share of global exports. It was followed by lip make-up preparations, with a 6.1% share.

For beauty, make-up and skin care preparations, exports expanded at an average annual rate of +9.0% over the period from 2012-2022. With regard to the other exported products, the following average annual rates of growth were recorded: eye make-up preparations (+3.6% per year) and lip make-up preparations (+7.1% per year).

Export Prices By Type

The average cosmetics export price stood at $22,154 per ton in 2022, with an increase of 3.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.5%. The pace of growth was the most pronounced in 2018 when the average export price increased by 8.3% against the previous year. The global export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by the product type; the product with the highest price was lip make-up preparations ($50,172 per ton), while the average price for exports of manicure or pedicure preparations ($13,646 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by beauty, make-up and skin care preparations (+4.3%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average cosmetics export price amounted to $22,154 per ton, growing by 3.3% against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. The growth pace was the most rapid in 2018 when the average export price increased by 8.3% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($55,818 per ton), while Thailand ($8,049 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+11.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform