The Global Cosmetics Market Contracted by 8% in 2020
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The global cosmetics market experienced a significant contraction in 2020. According to Statista, global cosmetics market growth fell by 8% last year.
This percentage is 13.25% lower than its growth in 2019, which saw a 5.25% increase. This is in line with the sluggish global economy caused by the Covid-19 coronavirus pandemic.
However, Statista projects that the global beauty and personal care market will rebound, growing by approximately 6.46% in 2021. This is strongly driven by online sales, which are expected to reach 25.2% this year.
The United States is the world's largest cosmetics market, with revenue of US$92.9 billion in 2019 and an average annual growth rate of 0.5%. China is second with revenue of US$69.2 billion and an average annual growth rate of 10.8%.
Indonesia is projected to become the fifth largest cosmetics market in the world in the next 10-15 years. The Ministry of Industry recorded Indonesia's cosmetics imports at US$803.58 million in 2019, while exports amounted to US$506.65 million.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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