The Cosmetics industry has received love and attention from all corners like never before. With beauty gurus and social media influencers taking the virtual world by storm every single day, it is safe to say that the Cosmetics or Beauty industry is booming.
The only role cosmetics ever play in our lives is to make us look good and feel good about ourselves. That’s how the term ‘make-up’ was coined in the first place: to ‘make-up’ for the flaws in our appearance. And everyone loves to look good and feel good, isn’t it? While the industry has faced a lot of backlash for many years for having unrealistic ideas of what beauty looks like, the industry never slowed down.
It has even bravely faced the heat of economic slowdowns and has come out alive and healthy! But this backlash hasn’t gone down the drain. Today the industry is more aware of the sentiments of its customers and has since welcomed all ideas of beauty.
Right from brining in plus-sized models on fashion runways to encouraging and supporting businesses owned by people of colour, the industry is truly becoming diverse by the day.
Non-Financial Beauty Stats:
Now let’s take a look at the non-financial beauty stats of the Cosmetics industry and why the industry plays a vital role in hiring people in offices! Surprising? Yes it is. Is it unfortunate? Yes it is. Here’s why.
According to various studies, the chances of women wearing makeup to interviews and getting hired were far more than those who didn’t wear any. Also, well-groomed and good looking women would get more pay than their lesser attractive colleagues.
The cosmetics industry has never ending opportunities to grow with various related industries constantly evolving to suit the consumer’s latest needs.
Financial Beauty Stats:
According to Fashion News website Fashionista, India’s cosmetics market is expected to exceed $20 billion by 2025. Online stores like Nykaa are helping India become the next big beauty and fashion destination. The reason behind this whopping hike is that the India’s economy has been blooming in the recent years. This has helped people have more money in their pockets to spend on beauty and makeup products.
Another highlight given by Statista, an online portal revealing market statistics, is that the fragrance market is expected to exceed $7 billion in North America by 2020. Also, the global perfume market will see a growth rate of 3.9% from 2019 to 2025. And according to media intelligence firm PR Newswire, the market size of fragrance industry will be worth $91.17 billion by 2025!
Moreover according to market and strategy intelligence firm Prescient & Strategic Intelligence, the lipstick market will grow at a rate of 6.6% between 2019 and 2024! The lipstick market was worth $14.41 billion in 2019 and is expected to reach $21.06 billion by 2027 (news source: market research website Verified Market Research).
And to top it all off, Fortune Business Insights predicts that the Cosmetics Industry will touch $438.38 Billion by 2026 due to a huge number of corporate collaborations and acquisitions.
So you can see the sheer amount of money the industry makes just to make you look, smell and feel good! And with the ever-booming social media, the numbers are only expected to see an upward trend.