The global beauty industry grew 10% in 2023, reaching $446 billion, driven mostly by price increases rather than volume gains. Regions like India and the Middle East saw strong growth, while China lagged with only 3% growth. Categories like skin care and fragrance grew significantly, with fragrance leading at 14%. Online sales continue to expand, but in-store channels, especially specialty beauty retailers, saw notable growth as well. The industry is expected to reach $590 billion by 2028, with a 6% annual growth rate, driven by innovation and shifting consumer preferences​.

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