Market Information Papers
Cosmetics, Spa and Beauty Products
The Cosmetics industry in Canada has an estimated value of about $9.9 billion in 2016. The industry has grown at an annualized rate of 5.5% over the five years to 2017. The industry has been expanding rapidly as consumers opt for beauty stores that allow consumers to interact with the products. While Canada’s economic growth has increased the industry’s revenue, demand for cosmetic products is still dictated by shifting consumer habits. Emphasis on development at the manufacturing level has increased the number of innovative beauty products, including high-end anti-ageing skincare products and cosmeceutical creams with pharmaceutical properties. Increase in consumer demand is expected to boost industry revenue by 3.5% in 2018. Positive consumer trends are expected to continue for the next five years to 2022 as economic prospects continue to improve.