Impressive Beauty Industry Statistics

Posted by Sharon Ober on January 26th, 2021

Impressive Beauty Industry Statistics

Beauty is all around us, and the search for beauty has been a driver that has led to the emergence of a billion-dollar industry with a wide number of products, experiences, and companies involved. But how big is this industry and what are the trends foreseen for 2021? Also, how can you become a part of the industry?

The Beauty and Cosmetics Industry in Numbers

Market Size

The beauty industry will have an estimated value of 3 billion by 2024. Skincare products stand out, comprising 45% of the total.

Another important part of this industry are fragrances, which are expected to be valued at billion by 2025.

In consequence, there has been an increasing emergence of cosmetology and beauty schools around the United States, where students go well beyond makeup classes. The cosmetic and beauty school market is currently valued at billion in the United States alone!

Safety Concerns

A shocking statistic is that despite this widespread use of cosmetics and beauty products, over 59% of consumers don’t consider them entirely safe!

However, this is expected to change as consumers are changing their relationship with these products. Approximately 80% of Gen Z members base their choice on whether a cosmetic is organic or not

Social Media Adoption

Approximately 90% of beauty brands have a social media presence. Furthermore, 63% of consumers have stated that their trust in a brand increases when they have a strong social media presence, so it has a huge influence on brand awareness. 

Women are the main consumers of beauty products, and the majority of them believe that most beauty trends are emerging from social media, showing how important it is for a brand to develop this presence.

Biggest Trends for 2021

Inclusive Beauty

The beauty industry has been historically narrow on its advertising and product offering, focusing mainly on white, thin women, and promoting this image as the standard of beauty. However, a trend that has been growing during 2020 and that is expected to continue during 2021 is a more inclusive beauty industry.

From the inclusion of plus-size models as part of advertising to the creation of products made for over 40 different skin tones, brands like Esteé Lauder and Fenty Beauty are leaders on this trend. In addition, other brands have promoted their products as gender-neutral ones.

Skinfluencers Are in High Demand

The importance of social media continues to be evident as “skinfluencers” have become a trend in Instagram, YouTube, and Facebook.

Therefore, brands are now partnering not only with celebrities and models but also with influencers that review and showcase their products. Studies have shown that people are more willing to trust an influencer than a brand’s advertising.

Adoption of Tech

The development of Virtual Reality (VR) that can be easily adapted to mobile apps has changed the consumer journey in the beauty industry. Now, people can see how a specific product will look on them before even going to the store.

Brands have seen the potential in this and they include VR sampling as part of their marketing making it easier for customers to feel confident with their purchase.

How to Get into the Beauty Industry

Know Your Skills

The beauty industry consists of many moving parts, and your skills and interests will be instrumental to choose the right path for you. If you want to be a beauty editor, you don’t need to have the best makeup skills, but you need to understand the market and know how to ask the right questions.

CV and Networking

An important step is creating a CV that truly reflects your talent and makes you stand out from the rest. Make sure you invest time in creating your CV as it will help you get that first foot on the door.

Also, as in many industries, networking can be the key to find the right job. If you are not out there talking with people already in the industry, then it’s time to get moving! You can find networking groups for almost anything online.

Embrace Social Media

Yes, even if you don’t have a job as part of the industry yet, you can start building your social media presence by showcasing your work. This is the best way to build a portfolio and a following! Also, it will help you practice and it can be a part of your networking. Never underestimate the power of social media.