Beauty market: resilience or warning signs?

Q2 2025 confirms a turning point for the global cosmetics industry: revenue growth has dropped to +2.4%, its lowest level since 2022. After two years of post-COVID recovery, the sector is now entering a more uncertain phase, marked by strong regional contrasts and new questions on long-term growth drivers.

• The Americas and EMEA are slowing down sharply, with negative or near-zero growth.
• Asia-Pacific is no longer the growth engine it once was: China and Japan are both in decline, with China showing four consecutive quarters of contraction.
• In contrast, South Asia and Latin America remain dynamic, posting double-digit growth.

This regional breakdown raises key strategic questions: are we seeing a rebalancing of global demand? Are new consumer preferences or macroeconomic pressures reshaping the industry’s fundamentals?

Our analysis offers a clear, data-driven view of these market dynamics: