Today, consumers around the world spend $330 billion a year in fragrances, cosmetics and toiletries.
The growth of the industry is being driven by richer ageing baby-boomers and increased discretionary income in the West and by the growing middle classes in developing countries.
The industry’s transformation from by humble moral nuisance to a global brand-driven powerhouse offering products essential to daily life is one of the more intriguing stores in modern business history.
Cosmetics companies are marching toward continued global market success through the use of a more universal aesthetic that has been codified by mass and popular culture and the cosmetic industry.
Unilever was one of the first multinationals to ask its board to examine possibilities of a global market for the beauty industry in 1950. World War II had opened up new horizons for businesses mass culture, and the exchange of goods and information.
Global competition in the market is becoming increasingly intense, Unilever and Procter and Gamble, facing maturity in many of the tradition business are devoting more resources to developing global beauty brands.
While the market for tradition beauty products becomes increasingly competitive, the industry’s real growth may come from areas outside the ‘radar screen of the main players: cosmetic surgery and well being products consisting of spas, salons and clubs linking to exercise and diet.
Global beauty industry
