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The global beauty industry will hit a value of $670 billion by the end of this year, according to Euromonitor International, with an average annual growth of 9% over the next four years.
And that's not counting packaging, which is expected to grow at a slightly slower rate of 6% over the same period.
CNBC reports on some of the bright spots in the industry, which it says is being helped by "post-pandemic beauty market growth," as well as by a shift toward more local brands in China.
For example, Italian manufacturer Intercos Group says sales in its hair and body unit were up 47% last year, while sales in its makeup division were up 9.5%.
"The hair and body unit enabled us to sustain our growth at a specific category or fully grasp many opportunities the sector is offering," the company's CEO tells CNBC.
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