News : Just Released — The State of Fashion: Beauty

Tuesday, May 23, 2023

Just Released — The State of Fashion: Beauty

Dear Reader,

We are delighted to share the latest in our special edition reports on The State of Fashion in partnership with McKinsey & Company, The State of Fashion: Beauty.

Pairing in-depth research with expert industry analysis, the report reveals that the beauty industry is in the midst of a new era of growth and expansion, with global retail sales expected to reach an estimated $580 billion by 2027.

Download your free copy of The State of Fashion: Beauty now to understand the critical dynamics for the industry over the next five years.

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The report is a sneak preview of the critical market shifts that we will be exploring with an outstanding line-up of speakers at The Business of Beauty Global Forum taking place from May 30 - May 31 at Stanly Ranch in Napa Valley, California. Join us from anywhere in the world by registering for the global livestream.

Key Insights From The State of Fashion: Beauty

Skin care, as beauty's largest category, is expected to grow from $190 billion to $260 billion, driven by innovation and shoppers seeking out products focused on science-based efficacy.
Fragrance retail sales are expected to rise from approximately $70 billion to nearly $100 billion, benefitting from further expected penetration in China and growth in the US.
Colour cosmetics is expected to continue its post-pandemic recovery, rising from $80 billion to around $105 billion, with growth largely evenly distributed across price segments.
Hair care (excluding devices) is expected to expand from $90 billion to $120 billion, with the category experiencing a "skinification" as consumers adopt multi-step hair care routines much as they have been doing with skin care.
As China's dominance in the industry wanes and the US becomes increasingly competitive, global players will seek out new markets to diversify their reach, with India and the Middle East emerging as hotspots.