Source page: McKinsey & Company
Commentary
Diversifying the beauty market
Consumer | Fashion | Retail
June 27, 2023 – After weathering the COVID-19 pandemic and a turbulent macroeconomic environment, the market for beauty products is projected to grow by 6 percent a year to reach approximately $580 billion by 2027. But senior partners Achim Berg and Kristi Klitsch Weaver find that while brands have long focused on the top two markets—China and the United States—they should now be prepared to diversify geographically to other countries and regions, including the Middle East and India, which offer distinct potential for specific categories and price tiers.
To read the article, see “The beauty market in 2023: A special State of Fashion report,” May 22, 2023.
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Visual form
Stacked column chart with growth-reference panel.
Layout / body structure
Annual stacked columns run from 2015 through 2027 on the left, with the projected years shaded, while a right-hand side panel lists the regions and year-over-year growth reference lines.
What is being compared
It compares global beauty retail sales by region over time, including Asia-Pacific, North America, China, Western Europe, Latin America, Africa and the Middle East, Eastern Europe, and Australasia.
Measurement system
The main measure is dollars in billions on a vertical scale up to 600, while the side panel summarizes year-over-year growth across 2015 to 2019, 2019 to 2022, and the 2022 to 2027 projection.
Visible structure inside the graphic
Each yearly column is stacked by region, the projected window is shaded on the right side of the chart, and the side legend ties each colored band to a region and to its separate growth reference line.
Main takeaway from the visual
The stacked totals climb steadily into the projected period, and the largest layers remain Asia-Pacific and North America, which is why the chart frames those two as the biggest markets through 2027.
Key standout values or extremes
The source narrative ties the far-right total to about 580 billion dollars by 2027, and the 2027 column is visibly much taller than the 2015 starting point while still being dominated by the largest regional bands.
Controls / sequence, when applicable
This is a static chart image with no in-chart controls to operate.
Companion media, when applicable
There is no separate companion audio or video; the chart image is the full visual on this page.