Beauty & Personal Care: Recession resistant and growing

Gregory Grudzinski

The global beauty market, valued at $430 billion in 2022, is projected to grow at an annual rate of 6% to reach $580 billion by 2027, with remarkable resistance to inflation.

In 2022, the global beauty market, encompassing beauty, personal care and fragrance, generated approximately $430bn in revenue, according to McKinsey. The report predicts category sales will grow at a rate of 6% annually to reach $580bn worldwide by 2027.

One notable aspect of the category is its resistance to inflationary pressures.

Despite an estimated inflation of 6.5% in 2022 (largely driven by Russia’s invasion of Ukraine), which dropped to 3.7% in 2023, only 13% of US consumers have reduced spending on personal care items in the past 12 months. GWI reported in January 2023 only 21% of...

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