The U.S. cosmetics market size is predicted to record a steady CAGR of 3.7% during the forecast period of 2023-2030.
Consumers are increasing their reliance on cosmetic products as they are becoming more aware of the importance of grooming and maintaining proper skin hygiene. Cosmetic products and skincare solutions are gaining widespread popularity among male consumers as they are taking various steps to create a proper grooming routine. The total percentage of working women is also growing across the world.
This has encouraged them to spend more on luxury cosmetic brands. Since customers are becoming more conscious about their carbon footprint and want to do more to save the environment, companies are investing heavily in packaging products that are sustainable and eco-friendly. These factors are expected to boost the U.S. cosmetics market growth in the coming years.
Segments:
In terms of category, the market is divided into hair care, skin care, makeup, and others.
Based on gender, the market is bifurcated into men and women.
In terms of distribution channel, the market is segmented into specialty stores, hypermarkets/supermarkets, online channels, and others.
Report Coverage:
The report offers quantitative and qualitative insights into the industry and an elaborate analysis of the U.S. market size & growth rate for all possible segments in the market. This report also gives a deeper understanding of the competitive landscape, market dynamics, and the industry forecast. Many valuable insights presented in this report are an overview of price analysis of types of products, number of procedures, pipeline analysis, regulatory scenario in key countries, new product launches, key industry developments – mergers, acquisitions & partnerships, and the effect of COVID-19 on the industry.
Drivers and Restraints:
Growing Usage of Social Media Platforms to Spur Product Sales
The young population in the U.S. has completely transformed the cosmetics & personal care sector as they are getting heavily influenced by social media platforms and want to create looks that are trending. They are also looking for smart ways to enhance their appearance, which is expected to further boost the market growth. Many beauty brands are also using advanced technologies to transform the way cosmetics are used. This has given rise to newer makeup trends, causing a major shift in young customers’ buying patterns.
However, prolonged usage of synthetic makeup products carries the risk of creating skin problems, which can hamper the market growth.
Competitive Landscape:
The key players accounting for a sizable U.S. cosmetics market share include Kao Corporation, P&G, L'Oréal S.A., Revlon, Inc., the Estée Lauder Companies, and Coty Inc. These organizations are investing a lot of money in their R&D activities and programs to make innovative cosmetic products and gain a competitive edge in the market. They are also initiating promotional events and campaigns to improve their brand value and exhibit their product ranges to expand their customer base.
Key Industry Development:
November 2022: Avon collaborated with Perfect Corp. to create and introduce a virtual try-on online shopping experience for its customers. Through this launch, consumers can try a wide range of makeup products over online portals using the AI-based power technology developed by Perfect Corp.
LIST OF LEADING ORGANIZATIONS PROFILED IN THE REPORT
L’Oréal Professional (France)
Unilever (U.K.)
Procter & Gamble (U.S.)
Henkel AG & Co. KgaA (Germany)
Revlon, Inc. (U.S.)
Shiseido Co., Ltd. (Japan)
Coty Inc. (U.S.)
Natura & Co. (Brazil)
Kao Corporation (Japan)
Revlon, Inc. (U.S.)
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/u-s-cosmetics-market-108012