Everyone Wants to Look Good

Today the global beauty industry is a $532 billion business. The U.S. is currently the world’s largest beauty market, with about 21% share, followed by China (13%) and Japan (7%). Projections for growth will continue to advance at a 7%-to-9% compound-annual-growth-rate to reach or exceed $800 billion by 2025. Even in the current world’s PANDEMIC economy, the beauty business is holding its own, more than other discretionary categories. When times get tight, consumers will continue to indulge in prestige cosmetics – little luxuries – that give them an emotional lift, while forgoing expenditures on higher-priced luxury.

The beauty industry is number one when it comes to influencer marketing. But the research suggests that such strategies may not be all that effective.

Rather, the people closest to the consumer have the most profound influence in an individuals’ beauty routine, especially friends (51%), mothers (28%) and sisters or other family members (21%). These close personal contacts are way out in front of magazines (27%), online videos (37%) and Instagram and other social media (36%) as influencers.

Consumers are not always conscious of what and how their behaviors are influenced, but the research suggests that the people consumers know and trust are more influential than paid influencers or traditional marketing and advertising methods.

Given the outsized influence of mothers on younger women’s beauty routines, it points to the need for beauty brands to develop multi-generational strategies. This is especially important considering demographic trends. Women aged 65 and older will be the fastest-growing female age segment through 2025, rising 36%, while Millennial-aged women (24-to-44 years) will only increase by 10%.

With that said, I would like to share some information on my favorite portion of the sector. Facial injectable market size is valued at USD 8.88 billion in 2019 and is expected to exhibit a CAGR of 11.8% during the forecast period. Increasing consciousness regarding physical appearance among the consumer described above coupled with the growing geriatric population is anticipated to drive growth. Increasing shift from invasive to minimally invasive procedures and advancements in facial rejuvenation is expected to support market growth.

Rising consciousness about external appearance among young and old individuals and rising awareness regarding the availability of various products and procedures are becoming increasingly common. Personalized products are gaining traction across the globe as consumers demand products that are unique and can enhance their personality.