In 2019, the global cosmetics market was worth over $70bn, with a growth increase of 4% from the previous year. Makeup and skincare are the most dynamic segments with an increase of 8.4%, with a particular focus on the Asia-Pacific region, which accounts for 37% of total consumption.
The steady growth of the beauty and cosmetics industries has also been pushed by online sales, which in recent years have been booming, thanks to the rise of beauty bloggers and vloggers, who share their tutorials on social media platforms such as YouTube, Instagram, Facebook and TikTok. It is no coincidence that beauty and cosmetic companies have recently abandoned traditional marketing in favour of online marketing.
Makeup and beauty videos represent a large business on YouTube. In 2019, makeup-related videos received over 200bn views, the most successful ones being makeup and hair tutorials, and product reviews of the most prestigious brands.