Cosmetology Market to reach USD 239.24 Bn dominated by Facial Contouring and Rejuvenation Segment - Says Stellar Market Research

Cosmetology is the study and application of beauty treatments, encompassing a wide range of services related to skin, hair, nails, and overall aesthetic enhancement. It includes areas such as hairstyling, skincare, makeup application, nail care, and various beauty treatments. Increased focus on personal appearance and self-care is boosting the demand for beauty services.

PUNE, India, July 22, 2024 /PRNewswire/ -- Stellar Market Research, a global Pharmaceutical Market research firm has published a competitive intelligence and market research report on the "Cosmetology Market". The Cosmetology Market size was valued at USD 118.93 Bn in 2023 and the total Cosmetology market size is expected to grow at a CAGR of 10.5 percent from 2024 to 2030, reaching nearly USD 239.24 Bn by 2030. 

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Key Highlights of the Report

• Innovations in beauty products and treatments, alongside advancements like AI and AR in beauty tech, are reshaping consumer engagement and market dynamics.
• Platforms like Facebook and RealSelf play a pivotal role in empowering patients with information, influencing treatment decisions, and enhancing patient satisfaction.
• Psychological impacts, surgical risks, and economic factors like inflation pose challenges to sustained market growth in cosmetology.

L'Oréal (France): Major Player in Cosmetology Industry

L'Oréal is known for investing heavily in advertising and research to maintain its leadership. In 2023, the company spent about 13.36 billion Euros on advertising to ensure its brands like Lancôme, Essie, and Maybelline stay well-known. L'Oréal holds a significant market share in Europe (20%) and North Asia (13%), showing its strong global presence. In the US, L'Oréal's skincare and hair care products are widely recognized. They offer a wide range of products including skincare, hair care, makeup, hair coloring, and perfumes, with total sales reaching around 41.18 billion Euros worldwide in 2023. Innovation is key for L'Oréal, spending about 1.29 billion Euros on research and development in 2023, resulting in 610 patents to advance beauty products.

Unilever (Netherlands): Prominent Player in Cosmetology

Unilever has emerged as a formidable player with a diverse portfolio of well-known brands and strategic initiatives that enhance its market presence. In 2023, Unilever's beauty and personal care segment generated sales of approximately €21.7 billion, underscoring its significant impact on the industry. The company owns a variety of leading brands, including Dove, Vaseline, Tresemmé, and Pond's, catering to a wide range of consumer needs in skincare, hair care, and personal grooming.  Unilever invests heavily in research and development, spending €1 billion annually to drive innovation in product formulations and consumer experiences. Approximately 25% of Unilever's beauty and personal care sales are now conducted online, reflecting the growing importance of digital channels in reaching and engaging consumers. The company collaborates with various organizations and startups to foster innovation and expand its product offerings.

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Growth of Non-Surgical Cosmetic Procedure Segment

Non-surgical procedures including chemical peels, Botox, dermal fillers, and laser hair removal have grown in popularity given their successful results, shorter recovery times, and lower risks. As of 2022, consumer preferences are evident as non-surgical procedures accounted for almost 70% of all cosmetic operations performed globally. The need for procedures that give a more youthful appearance without requiring invasive surgery has increased due to the aging of the world's population. For instance, in 2023, 30% of individuals aged 18-24 in the United States reported using some form of non-surgical cosmetic treatment, illustrating the widespread appeal of these procedures. The potential market size for non-surgical cosmetic procedures is shown by estimates that the number of people worldwide who are 65 years of age or older will reach 1.2 billion by 2025. A wider range of people are drawn to non-surgical techniques since they are more affordable than surgical ones. For instance, Compared to surgical facelifts, which may cost over $10,000, Botox treatments typically cost between $300 and $600 each session. Social media and celebrity endorsements are driving an increase in consumer acceptance and knowledge of non-surgical therapies. In 2023, over 40% of millennials and Gen Z consumers follow beauty influencers, who frequently highlight non-surgical treatments.

North America Dominates Cosmetology Industry with Strong Consumer Spending and Technological Advancements

North America leads the global cosmetology market, driven by factors such as high disposable incomes, a strong emphasis on personal care, and widespread adoption of advanced technology. In the United States, the beauty industry thrives with an annual revenue exceeding $49.2 billion, notably bolstered by skincare products contributing $18 billion alone. In 2022, the average American woman spent approximately $313 monthly on beauty products and services. The sector employs over 1.2 million individuals, and skincare products are used daily by more than 63% of American adults. In Canada, the beauty and personal care market has grown by 5.8% in 2023, reaching $9.7 billion. The demand for non-invasive cosmetic procedures has driven growth, with approximately 24 million minimally invasive treatments performed in the US by 2022. Additionally, there is a growing preference for organic skincare products among 45% of Canadian consumers, reflecting a trend towards sustainability and eco-friendliness. E-commerce has revolutionized beauty retail, accounting for 35% of all sales in North America. The region boasts over 2,300 cosmetology schools, ensuring a steady supply of skilled professionals. Hair and nail salons in the US generate $46 billion annually, underscoring the rising demand for professional beauty services. The beauty tech industry leverages AI and AR to enhance customer engagement through personalized experiences.

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Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Procedure, Application, and Region
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Stellar Market Research a leading Pharmaceutical research firm, has also published the following reports:

Beauty Fridge Market: The market was valued at USD 170.38 Million. In 2023 the total revenue is expected to grow at CAGR 8.6% through 2024-2030, reaching nearly USD 303.55 Million.

Herbal Beauty Products Market: The market size was valued at USD 93.36 Bn. in 2023 and the total Global Herbal Beauty Products revenue is expected to grow at a CAGR of 6.1% from 2024 to 2030, reaching nearly USD 141.31 Bn. by 2030.

Clean Beauty Market: The market size was valued at USD 6.41 Bn. in 2023 and the total Global Clean Beauty revenue is expected to grow at a CAGR of 13.8 % from 2024 to 2030, reaching nearly USD 9.92 Bn. by 2030.

Lip and Face Oil Market: The market size was valued at USD 6.15 Bn. in 2023. Global Lip and Face Oil revenue is expected to grow at a CAGR of 4.1% from 2024 to 2030, reaching nearly USD 8.15 Bn. by 2030.

Halal Cosmetics Market: The market size was valued at USD 42.39 Bn. in 2023 and the total Halal Cosmetics revenue is expected to grow at a CAGR of 11.6% from 2024 to 2030, reaching nearly USD 91.39 Bn. by 2030.

Anti-Acne Cosmetics Market: The market size was valued at US$ 4.50 Billion in 2023 and the Anti-Acne Cosmetics revenue is expected to grow at 9.1% through 2024 to 2030, reaching nearly US$ 8.28 Billion.

Anti-aging Cosmetics Market: The market was valued at USD 54.86 billion in 2023. Global Anti-aging Cosmetics Market size is estimated to grow at a CAGR of 5.9 % over the forecast period.

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SOURCE Stellar Market Research