|The beauty industry and cosmetics have been with us pretty much since the day men and women discovered that they can enhance their looks and more attractive to the opposite sex by applying specific substances on their faces / Photo by: khimma via Pixabay|
The beauty industry and cosmetics have been with us pretty much since the day men and women discovered that they can enhance their looks and more attractive to the opposite sex by applying specific substances on their faces. But it is only as of late that people really invested in the industry. Perhaps we should thank the beauty influencers and various tutorials across all social media platforms for this boom, or perhaps it has just been a long time coming.
Perceptions of makeup and beauty have certainly changed, though, and what years ago would be called “excessive” makeup now makes beauty influencers impressive amounts of money. Different makeup styles are embraced, from the loud, vivid beat of the drag queens to the simple no-makeup makeup look—there’s really something for everyone.
The Beauty Industry
This kind of mindset we have for the beauty industry is what has made it such a big industry. According to business website Business Insider, retail analytics firm Edited estimated that the beauty industry’s $532 billion-strong “rapid upward trajectory” will only continue from here on out.
With the rise of vloggers and YouTubers who do countless tutorials for every possible look, you may feel like wearing, as well as certified beauty gurus regularly gushing about new products churned out by big beauty companies, there is no shortage of beauty and cosmetic products to be had.
The beauty community and industry have become so big that “many cosmetics companies and direct-to-consumer beauty brands have started eschewing traditional advertising altogether in favor of tapping into the power of influencer marketing and brand ambassadors.”
Aside from the influence of influencers, this focus on the beauty industry has also aided in the rise of beauty markets across the globe. Here are the biggest.
Total Beauty/Skincare Exports: $9.6 billion
Leading the charge for most successful cosmetic industries is France, with their strong and robust market. According to Export.gov, an organization that helps US companies plan, develop, and execute international sales strategies necessary to succeed in today's global marketplace, France is a global leader when it comes to exports of beauty products. The country is such a respected place to get your cosmetics that when a label for a makeup item reads “Made in France,” it is always associated with high quality.
This comes as no surprise as most makeup brands are recognizably French. For perspective, France has a total of 430 cosmetics companies with a combined 55,000 employees. The best performers in the industry are Sephora, Marionnaud, Nocibé, and Douglas, among many others.
|Leading the charge for most successful cosmetic industries is France, with their strong and robust market / Photo by: Arthur Weidmann via Wikimedia Commons|
Total Beauty/Skincare Exports: $5.8 billion
The US beauty industry follows after France and that’s thanks to social media influencers making money out of convincing enough people to purchase these items. It also helped, reports Business Insider, that not only did the US foster a kind of freedom with the use of makeup but they also made every marketed thing easily accessible for everyone. Because of features like Instagram Shopping and Pinterest’s shoppable Pins, companies have brought the choices directly into the laps of potential customers so they can shop while they consume content from their favorite content creators.
Part of the reason it’s so easy for the US market to reach out to their buyers is trend observations. For instance, companies adjust prices to target specific demographics while others resort to advertising alternative beauty options.
Total Beauty/Skincare Exports: $5.2 billion
In a report by Personal Care Magazine, a leading technical and scientific publication for cosmetic scientists, formulating chemists, dermatologists, microbiologists, production staff, owners, and many more, while technically Singapore’s skincare products are usually lumped with toiletries, the local industry costs about 500 million in Singaporean dollars. If we break down that 500 million, though, we see that skincare still accounts for 40% and some 35% of makeup shares.
With that much growth, Singapore realized that their beauty industry can only go up from here and so, they will be employing the help of about 200 scientists and experts “whose work and research are dedicated to the advancement of cosmetic science and beauty.” It seems Singapore will primarily be focusing on the formulation as well, as they announce that this new dedication to bettering their beauty products is geared toward creating the right products for Asian skin.
|Because of their unique array of beauty products with varying innovations in textures, ingredients, and even product experience, the South Korean beauty market also makes this list / Photo by: Oskar Alexanderson via Wikimedia Commons|
Total Beauty/Skincare Exports: $4.9 billion
Because of their unique array of beauty products with varying innovations in textures, ingredients, and even product experience, the South Korean beauty market also makes this list. According to Mintel, a global and award-winning provider of market research, South Korea has amassed $13 billion in 2017, during which the beauty industry was at its boom.
Then, the beauty industry held a strong 51% of total market share, and by 2020, South Korean estimates actually peg that the country’s beauty industry will collect a whopping $7.2 billion.
According to Mintel’s analysis: “Much of the success of the facial skincare category is in part due to the abundance of new product development and the fact that more than two-thirds (68%) of the total skincare product launch in South Korea in 2015 to 2016 were facial skincare products.”
What these facts tell us is that for all the world’s woes and concerns, the need to look more attractive is inherent in humans probably as much as eating or breathing.