Black women, in particular, spend an estimated $7.5 billion annually on beauty products, shelling out 80% more on cosmetics and twice as much on skin care as their non-Black counterparts. Yet, they've been grossly underserved by the cosmetics industry throughout history.
Results. We found distinct trends of personal care product use by race/ethnicity: Latina women typically used makeup most frequently; Black women used certain hair products or styles most frequently; and Vietnamese women were most likely to use facial cleansing products compared to other races/ethnicities.
The United States spends the most on cosmetics.
Loreal leads the beauty industry market with the largest market capitalization of $211.62 billion as of 2022. Speaking of spending by country, the US spends the most in the beauty industry – 89.7 billion USD annually. Millennial women are the user group that buys the most – 38% of beauty products.
Share of shoppers buying beauty products online 2022, by gender. A survey conducted in the third quarter of 2022 revealed that globally, women were purchasing beauty products online more than men.
Examples of Target Markets
Hence, from a generic point of view, a typical cosmetics business dealing in make-up items and other skincare products will primarily have women, aged 18 and above as its target market. Over time, men have shown keener interest in sports and sports betting than women.
Traditionally, the beauty industry was primarily marketed towards women, but in recent years, there has been a shift towards inclusivity and diversity, with many brands now targeting men, non-binary individuals, and individuals of all ages and ethnicities.
North Asia represents 35% of the global beauty market (L'Oréal) North Asia is the largest market for beauty and personal care products. In 2021, North Asia made up over one-third of the market. China has risen to become the industry leader in this region.
While consumers, and more particularly “millennials” (18 – 34 years old), are turning more and more to e-commerce to buy cosmetics, the in-store experience is still privileged because it offers the possibility of testing the products. Thus, 80.7% of global sales of beauty products are still made in stores.
According to a survey conducted in February 2021 in the United States, skin care was the most shopped-for beauty category across all age groups. The majority of Gen Z shoppers (aged 18 to 24 years) said skin care was the product category they currently spend the most on.
Certainly, one thing you'll notice after spending some time in the Netherlands is that people (well, Dutch women to be precise) wear way less makeup than what you're used to. That doesn't mean they don't take care of themselves — simply that there isn't the same culture surrounding makeup as in many other countries.
African American women spend the most on hair care each month, with 21 percent spending more than 25 percent of their monthly budget on hair care compared to only five percent of Caucasian women. African American women have to travel the furthest to get to a hair salon that really caters to their hair type.
Makeup dates all the way back to 6000 BCE, starting with the Egyptians. They created it as they believed makeup was next to godliness and that it appealed to the Gods; both men and women of all social classes wore makeup.
The world's largest ethnic group is Han Chinese, constituting over 19% of the global population in 2011. In terms of the largest number of native speakers, Mandarin is the world's most spoken language.
The United States is leading the ranking by revenue in the skin care segment of the beauty & personal care market, recording 19.9 billion U.S. dollars.
Millennials and Gen Z are the main consumer demographic driving the trend, showing more interest in organic and natural beauty products than the average consumer.
Walgreens Boots Alliance Inc is the leading health & beauty retailer in the world (by retail sales). The company reported revenues of $132,703 million for the fiscal year ended August 2022 (FY2022), an increase of 0.14% over FY2021.
According to the Top 20 Global Beauty Companies 2021 Report, the biggest beauty companies in the world are The Procter & Gamble Company (NYSE:PG), The Estée Lauder Companies Inc. (NYSE:EL), and Unilever PLC (NYSE:UL).
L'Oréal is the beauty manufacturer holding the largest share of the market.
rarebeauty.com's audience is 25.74% male and 74.26% female.
Report Overview. The global cosmetics market size was valued at USD 262.21 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030.
Product strategy: Sephora offers a range of beauty products such as perfumes, skincare products, and other such products and services. The target audience for Sephora is young women, especially those belonging to the middle and upper-middle classes.
Black people have the lowest growth rate of hair but the highest eumelanin content. Breakage is increased or faster in this hair type. This group also has smaller hair cuticles than other ethnicities.
Genetics (which controls ethnicity) is the number one cause of hair loss. Certain races have higher rates of hair loss compared to others. Caucasians have the highest rates out of all the ethnic groups. On the opposite end of the spectrum, Native American Indians, Inuits, and Chinese have the lowest rates.