Cosmetics Market Outlook: How Sustainability is Shaping the Future of Beauty

The global cosmetics market size was estimated at USD 295.95 billion in 2023 and is projected to reach USD 445.98 billion by 2030, expanding at a CAGR of 6.1% from 2024 to 2030. A key factor driving this growth is the increasing consumer focus on enhancing personal appearance and grooming standards.

Among millennials, products related to skincare, color cosmetics, and hair care have become essential components of daily routines. The growing demand for natural, non-toxic, and organic ingredients in cosmetic formulations is further propelling market expansion, as consumers increasingly prioritize clean beauty and sustainability.

Personal care products (PCPs)—used for hygiene, grooming, cleaning, and appearance enhancement—span a broad range of categories, including hair and skincare products, UV protection creams, facial cleansers, insect repellents, fragrances, perfumes, soaps, detergents, shampoos, conditioners, and toothpaste.

Soap continues to play a vital role in skincare, serving as an essential tool for maintaining cleanliness and overall skin health. According to Consumer Reports, consumer preferences regarding skincare and haircare are increasingly influenced by environmental awareness, sustainability, and ingredient transparency.

Key Market Trends & Insights

• Asia Pacific held the largest market share of 45% in 2023.
• The U.S. market is expected to grow at a CAGR of 6.1% from 2024 to 2030.
• By product, the skincare cosmetics segment accounted for 43.3% of revenue share in 2023.
• By end user, the women’s cosmetics segment held a 62.9% revenue share in 2023.
• By distribution channel, offline sales accounted for 72.2% of total market revenue in 2023.

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Market Size & Forecast

• 2023 Market Size: USD 295.95 Billion
• 2030 Projected Market Size: USD 445.98 Billion
• CAGR (2024–2030): 6.1%
• Asia Pacific: Largest market in 2023

Competitive Landscape

The cosmetics market features a mix of established global brands and emerging players, all competing through product innovation, differentiation, and sustainable design. Leading companies leverage their extensive global distribution networks to effectively reach diverse consumer bases and penetrate emerging markets.

Recent Developments

• January 2024 – L’Oréal Group: Its venture capital arm, BOLD (Business Opportunities for L’Oréal Development), invested in Timeline, a consumer health company specializing in aging and longevity. Timeline integrates its proprietary Mitopure technology into skincare products and supplements to support its expansion across the beauty, food, and health sectors.
• December 2023 – Estée Lauder: Partnered with the Stanford Center for a three-year initiative supporting the Program on Aesthetics & Culture, funding research projects such as the New Map of Life post-doctoral fellowships to explore perceptions of longevity and vitality.

Key Companies Profiled

• Coty Inc.
• L’Oréal Group
• Estée Lauder Companies, Inc.
• Revlon Consumer Products LLC
• Avon Products, Inc.
• Unilever
• Company 7
• Godrej Group
• Procter & Gamble

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Conclusion

The global cosmetics market is set for robust growth through 2030, fueled by rising consumer awareness, preference for clean and sustainable beauty products, and continuous innovation by leading brands. Growing demand across emerging economies, coupled with technological advancements in formulation and distribution, will continue to redefine the market landscape. With strong contributions from the skincare and women’s cosmetics segments, and increasing adoption of natural and organic products, the industry is positioned to maintain steady momentum in the coming years.