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Global cosmetics consumption will reach 700 billion in 2027

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Global cosmetics consumption will reach 700 billion in 2027

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«Cosmetics is a sector that represents not only the excellence of Made in Italy, but an industry with unique characteristics on a global level. Cosmetic products are particularly linked to people’s intimacy and self-esteem, so it is an extraordinarily resilient sector, capable of resisting inflation and the pandemic.” Thus Roberto Giovannini, KPMG partner, head of consumer & industrial market, analyzed the trends, strategies and opportunities of beauty during Milan Beauty Week, the event dedicated to beauty and well-being which is currently taking place in the Lombardy capital .

The global value of the market, estimated at around 500 billion euros, is destined to reach 700 billion in 2027: an increase of 200 billion, with an annual growth rate of 8%, driven above all by some specific categories, such as skincare – which represents 28% of the cake –, hair products (17%) and make-up (14%). As for the geographical areas, Asia-Pacific leads the ranking by value with 166.4 billion and an annual growth rate of 6.7%, followed by North America with 112.1 billion and a +3.9%; while the areas growing fastest are Latin America with +16.7% for 57.3 billion and the Middle East and Africa at +16% and 37.5 billion. Western Europe grows by 4.9% per year with a value of 92.3 billion.

For Giovannini it is a unique sector also for its ability to quickly grasp and adapt to consumer desires. Four trends have been identified: the main one is “conscious beauty” which involves the themes of inclusiveness and sustainability, while “smart beauty” focuses on the effectiveness of products supported by R&D and scientific tests. Then there is “customized beauty” which, with the use of cutting-edge technologies, allows you to give advice or even offer personalized products and finally “holistic beauty” dedicated to those seeking well-being of mind and body. «Looking to the future – concludes Giovannini – there are many transformative phenomena in the industry: the M&A market is very lively and above all beauty is currently at the center of the strategies of the large luxury players».

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