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 36.1 percent of the global market in 2016.
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 put a damper on the market for some years, making more affordably priced merchandise and do it yourself at home products key in the beauty market. In 2015, the average annual expenditure on cosmetics, perfume and other personal care products among U.S. consumers dropped slightly, to approximately 164 U.S. dollars. Eye makeup products such as mascara and eye liner were among the cosmetic products with the highest number of transactions per capita.
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.