Here are a few options for a formal equivalent, depending on the focus you want:
Option 1 (Direct and professional):
“TikTok Contributes £10 Billion to the UK Economy, Highlighting the Platform’s Influence on the Beauty Industry”
Option 2 (More concise):
“The Economic Impact of TikTok on the UK Beauty Industry: A £10 Billion Contribution”
Option 3 (Emphasis on the study/finding):
“Report Reveals TikTok’s £10 Billion Contribution to the UK Economy Through the Beauty Sector”
Recommendation: Option 2 is the most standard formal title for a report or article.