Since the early twentieth century, the production of cosmetics has been controlled by a handful of multi-national corporations. The global cosmetics industry is broken down into six main categories; skin care being the largest one out of them all, accounting for 37 percent of the global market in 2017.
In recent years, consumers have been spending higher levels of disposable income on cosmetics than they had in the past. Unfortunately, the global financial crisis has put a damper on the market and during those years, more affordably priced merchandise and do it yourself at home products were key in the beauty market. However, in recent years as Generation Y has really entered the job market, they have become a big driver of the cosmetics market; especially in the United States. The United States is the biggest cosmetic market in the world, with an estimated total revenue of about 62.46 billion U.S. dollars and employing about 63,816 people by 2016.
In the coming years, global cosmetic companies will continue to focus their efforts on product innovation in order to attract new consumers and keep existing consumers loyal to specific brands.