Does beauty industry works due to people's insecurity?

I am not a hater of makeup and products to enhance beauty. I firmly believe do whatever makes you happy until or unless it is harmful to others. But, I was wondering that is the basis of beauty industry foundationed on the soil of insecurities of people? that they aren't entirely comfortable in their own skin and wants to enhance it more. Image Source What are your thoughts on this subject? I would love to engage into discussion in comment section below-