beauty-market8.08 min read "Forecasting the Future of Beauty in 2023"
The beauty market is expected to reach $580 billion by 2027, growing by a projected 6 percent a year. The premium beauty tier is projected to grow at an annual rate of 8 percent, as consumers trade up and increase their spending, especially in fragrance and makeup. E-commerce in beauty is expected to continue to be the fastest-growing sales channel, at 12 percent per year between 2022 and 2027. The rise of wellness, the influence of Gen Z, the imperative to scale, and the recalibration of M&A are the five disruptive themes that will shape the beauty industry in the coming years.
2 years ago•Source: McKinsey
