The Global Cosmetics Market Contracted by 8% in 2020

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.