In 2016, the global cosmetic market grew an estimated of four percent in comparison to the previous year. Skincare, hair care, make-up, perfumes, toiletries and deodorants, and oral cosmetics are the main product categories of the cosmetic market. The skincare product category was the leader in this market, accounting for about 36 percent of the global cosmetic market. Hair care products made up a further 23 percent of the cosmetic global market, while make-up accounted for 18.2 percent in 2016. Skin care is forecast to remain the most profitable product category, as its market value is projected to grow by 20.1 billion U.S. dollars between 2014 and 2019.
The cosmetic industry has benefited from the increasing popularity of social media channels such as Instagram and YouTube. These platforms are not only highly influential amongst certain groups, but create a demand for beauty products and help fill the gap between cosmetics brands and consumers. Nearly half of the beauty videos on YouTube are tutorials. These tutorials aim to teach something about beauty to the users, whether it is how to use a particular type of product or create a style of make-up, for example. Beauty vloggers and other independent content creators in fact produce the majority of conversations and social media buzz surrounding beauty brands on YouTube – 97.4 percent as of June 2016, with makeup videos accounting for just over 50 percent of the makeup content videos on YouTube.
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