The global beauty market demonstrates ongoing resilience, fuelled by the continued rise in the potential consumer population representing 4.2 billion people in 2024, accounting for 53% of the total population and projected to increase to nearly 60% by 2030.
The India market presents a particularly compelling opportunity, with this socioeconomic cohort poised to grow significantly with 250 million more consumers by 2030, to reach a global consumer class of nearly 900 million people. With increased purchasing power and sophistication of beauty knowledge and routines, this growing consumer segment is driving demand for innovative beauty products and experiences. China is still expected to see significant growth in its consumer classes, expanding by 15% in 2030, linked to growth from tier three and four cities.
In mature markets, the “boomer” generation (around 20% of the potential consumer population in North America and Europe) continues to boost demand in beauty, particularly within the premium segment. Significant opportunities lie with Gen Z, who will account for 17% of beauty spending by 2030, whose affinity for personalised experiences, sustainable and inclusive products, and engagement with brands via social commerce platforms like TikTok is transforming the beauty landscape. Another major growth segment is men’s beauty products, especially in dermocosmetics.