Beauty market
After the post-pandemic boom, growth in the beauty market returned to a more normal +4.5% in 2024, driven by innovation, personalised products and the dynamism of emerging markets. These factors sustained the market’s resilience while building upon trends established in previous years.
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>€290 Bn
estimated market value
>€290 Bnestimated market value
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+4.5%
global beauty market growth
+4.5%global beauty market growth
Estimated growth of the global beauty market 2014-2024
(as a %)
| Year | Value |
|---|---|
| 2014 | +4% |
| 2015 | +4% |
| 2016 | +4% |
| 2017 | +5% |
| 2018 | +6% |
| 2019 | +5% |
| 2020 | -8% |
| 2021 | +8% |
| 2022 | +6% |
| 2023 | +8% |
| 2024 | +4.5% |
Breakdown of the beauty market by region
(as a %)
| Geographic Zone | Value |
|---|---|
| North America | 29% |
| North Asia | 27% |
| Europe | 24% |
| Latin America | 9% |
| SAPMENA - SSA | 11% |
Breakdown of the beauty market by category
- 39% Skincare
- 21% Hair
- 17% Makeup
- 13% Fragrances
- 10% Hygiene
Main global players by sales
(in billions of USD)
| Global players | Value |
|---|---|
| L’Oréal | 44.5 |
| Unilever | 26.2 |
| Estée Lauder | 15.2 |
| Procter & Gamble | 15.0 |
| LVMH | 8.9 |
Beauty's enduring appeal: growth driven by diverse demographics
The global beauty market demonstrates ongoing resilience, fuelled by the continued rise in the potential consumer population representing 4.2 billion people in 2024, accounting for 53% of the total population and projected to increase to nearly 60% by 2030.
The India market presents a particularly compelling opportunity, with this socioeconomic cohort poised to grow significantly with 250 million more consumers by 2030, to reach a global consumer class of nearly 900 million people. With increased purchasing power and sophistication of beauty knowledge and routines, this growing consumer segment is driving demand for innovative beauty products and experiences. China is still expected to see significant growth in its consumer classes, expanding by 15% in 2030, linked to growth from tier three and four cities.
In mature markets, the “boomer” generation (around 20% of the potential consumer population in North America and Europe) continues to boost demand in beauty, particularly within the premium segment. Significant opportunities lie with Gen Z, who will account for 17% of beauty spending by 2030, whose affinity for personalised experiences, sustainable and inclusive products, and engagement with brands via social commerce platforms like TikTok is transforming the beauty landscape. Another major growth segment is men’s beauty products, especially in dermocosmetics.
750 million more potential consumers by 2030
| Geographic Zone | 2024 | 2030 |
|---|---|---|
| North America | 370 | +15 |
| Europe | 830 | +30 |
| Latin America | 390 | +30 |
| SSA | 150 | +55 |
| SAPMENA | 1,360 | +470 |
| North Asia | 1,150 | +140 |
Trends and opportunities
Evolution in beauty trends
Beauty market trends are constantly evolving. The last ten years have seen significant changes in category performance: a strong acceleration in makeup, followed by the rise and continued demand for skincare, and since Covid, increased appetite for haircare and a boom in fragrances. With a strategy dedicated solely to beauty and covering all categories, L’Oréal demonstrates its agility in anticipating and seizing opportunities linked to growth trends as they evolve.
| Period | Category | Average growth during the period |
|---|---|---|
| 2014-2017 | Makeup | +7% |
| 2017-2019 | Skincare | +6% |
| 2021-2024 | Fragrance | +13% |
| 2021-2024 | Hair | +6% |
Meeting global and local beauty needs
With an exclusive focus on beauty, L’Oréal has the in-depth knowledge and expertise to meet the needs and desires of different consumer targets, as well as local, regional or cultural specificities. The Group has a strong geographical footprint, enriched by a powerful portfolio of global and local brands with a product offering that resonates with diverse beauty aspirations. For example, in the US, our portfolio includes 18 American brands; and in North Asia, we enriched it with the acquisitions of Takami in 2021 and the Korean skincare brand Dr.G in 2024, complementing our other regional brands, Shu Uemura, 3CE Stylenanda and Yuesai.
Brand causes in tune with what matters to consumers
Consumers are more engaged and loyal to brands they trust and that champion important causes. L’Oréal brands have a longstanding history of taking action to have a positive impact on people and the planet through brand causes. Today, more than 23 of our brands pursue programmes in areas such as women empowerment, the environment and access to resources, health and medical assistance, mental health and the fight against discrimination of marginalised communities. In 2024, these initiatives positively benefited 4.5 million people.
Promoting more responsible beauty
The refill market in beauty and personal care continues to grow; 39% of consumers bought a refillable product in the last year. In the current context where value for money is increasingly important, refillable products allow consumers to adopt more sustainable habits and benefit from savings over time as refills are typically more economical than purchasing a brand-new product. L’Oréal is deploying refillable products across its skincare, makeup, hair care and fragrance offers and scaling up education and communication to make refills both more practical and desirable for consumers.
