The global cosmetics industry is worth more than $10 billion, according to a new report from Euromonitor International.
That’s a whopping 15 times the amount of the United States cosmetics industry, which is worth $2.1 billion.
In other words, cosmetics are bigger than ever.
Euromonitors International estimates the global makeup market is worth a staggering $10.3 trillion.
The cosmetics industry isn’t the only sector worth a lot of money.
A large portion of this is in the apparel and footwear sector, which Euromonitus estimates will be worth more in 2023 than in 2015.
In the footwear industry, Euromoniters estimates that the global shoe market will be valued at $2 trillion by 2023, which would make it one of the largest cosmetics markets in the world.
The apparel and clothing market is estimated to be worth $1.6 trillion by then.
The beauty and personal care sectors are projected to be valued by Euromonits at $1 trillion by 2025.
And the pharmaceuticals and pharmaceutical-related industries are expected to be even more valued at around $2 billion by 2025, Euromanitus said.
This is a great year to be in the cosmetics industry!