In 2017, the global cosmetics industry’s market value was at USD 532.43 billion. According to the experts at OrbisResearch.com, the industry is expected to achieve a record-breaking value of USD 805.61 by 2023. The scope of the report is limited to specific products commonly used by consumers such as skin care, hair care, oral care, fragrances, soaps, shower gels, color cosmetics, and sun care products. The study also emphasizes the different distribution channels such as pharmacies, direct selling, specialty stores, supermarkets and salons.

1. Global Cosmetics
Products Market to Reach
USD 805.61 Billion
By 2023
Volumetric Technologies

2. In 2017, the global cosmetics industry’s market value was at USD 532.43 billion. According to the
experts at OrbisResearch.com, the industry is expected to achieve a record-breaking value of USD
805.61 by 2023. The scope of the report is limited to specific products commonly used by consumers
such as skin care, hair care, oral care, fragrances, soaps, shower gels, color cosmetics, and sun care
products. The study also emphasizes the different distribution channels such as pharmacies, direct
selling, specialty stores, supermarkets and salons.
Globally, the cosmetics industry is one sector that remains impervious in events of economic
downturns. This is due to the growing and continuous usage of beauty products by women and,
increasingly, by men all over the world.
Aging Population and E-commerce: Major Drivers for the Market
Over the past 20 years, declining mortality and fertility rates have led to a rise in the global aging
population. This contributed to a strong desire among women and men to retain their youthful
appearance. Rapidly aging demographics has resulted to a huge demand for anti-aging products to
prevent age spots, wrinkles, uneven skin tone, dry skin and even hair damage.

3. Multinational companies have also set up websites and brand-specific social media profiles that have
led to the popularity of the e-commerce market. Cosmetic products have become more accessible as
consumers can order them at the click of a button and have the products shipped to their homes.
Future is Bright for the US Personal Care and Cosmetics Industry
The personal care and cosmetics industry in the US continues to expand due to the growing middle
class and the entry of new consumer groups such as men and babies. The market demand is further
supported by a wave of innovation in the formulation and delivery formats ranging from cushion
compacts to eye brow kits and face masks. This wave of innovation drives consumers to increase the
number of products in their skin care regimens and make-up bags.
While many factors are contributing to the success of beauty brands and retailers, it's no surprise that
the industry will continue to thrive and hit the expected target by 2023.

4. Sources:
http://www.volumetrictechnologies.com/
https://www.export.gov/article?id=Industry-Focus-Personal-Care-Cosmetics-Products-Part-II
https://www.reuters.com/brandfeatures/venture-capital/article?id=30351