2024 universal registration document

1.2.2 The beauty market, rapidly expanding in an ever turbulent macroeconomic environment

1.2 Beauty market

1.2.2 The beauty market, rapidly expanding in an ever turbulent macroeconomic environment

1.2.2 The beauty market, rapidly expanding in an ever turbulent macroeconomic environment

Important: the competitive positions and market shares held by the Group’s Divisions and brands mentioned in this Document are based on studies, panels and polls obtained from specialised organisations and companies, or, in the absence of comprehensive studies, are the result of estimates made by L’Oréal on the basis of available statistical data.

In 2024, the beauty market returned to more normal growth after the strong expansion of the post-pandemic era as consumer markets reopened. This return to more traditional dynamics underlines the resilience of the sector, propelled by innovation and Beauty Tech in particular, along with the increasing customisation of products and services to meet the specific needs of each consumer. This trend, combined with strong demand from younger consumers, especially in Asia, is shaping a holistic market in the throes of change.

ESTIMATED VARIATION IN THE WORLDWIDE COSMETICS AND BEAUTY INDUSTRY FROM 2000 TO 2024(1)

This graph shows the estimated variation in the worldwide cosmetics and beauty industry from 2001 to 2024(1).

2001: 4%

2002: 5%

2003: 4%

2004: 3%

2005: 4%

2006: 5%

2007: 5%

2008: 3%

2009: 1%

2010: 4%

2011: 4%

2012: 5%

2013: 4%

2014: 4%

2015: 4%

2016: 4%

2017: 5%

2018: 6%

2019: 5%

2020: -8%

2021: 8%

2022: 6%

2023: 8%

2024: 4.5%

The beauty market continues to distinguish itself as a dynamic sector, driven by constant innovation and sustained demand for high-quality, high-performing and meaningful products.

Worth more than €290 billion in 2024(1), the beauty market has proved resilient, adaptable and prosperous, despite the geopolitical and economic upheaval surrounding it.

This industry benefits from many key growth drivers, including:

  • the increasing global population and the emergence of middle classes(2) ;
  • strong growth in the economies of emerging countries;
  • the quest for quality and continued premiumisation (expectation of products with high added value); and
  • a dynamic dermocosmetics market, positioned at the crossroads of beauty and health.

The cosmetics consumer always looks for quality and puts a premium on trends, new ideas, or leading‑edge technology.