Cosmetics Market is Expected to Undergo a Rapid Growth with a CAGR of 8.64% Through 2026
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Growing awareness towards personal appearance and presence of leading cosmetic brands are fostering the growth of United States cosmetics market through 2026.
According to TechSci Research report, “United States Cosmetics Market By Type (Skin care, Hair Care, Bath & Shower Products, Makeup & Color Cosmetics, Fragrances & Deodorants, Others), By Gender (Men, Women, Unisex), By Distribution Channel (Supermarkets/Hypermarkets, Pharmacy, Online, Departmental Store, Multi Branded Retail Stores, Others), By Region, Forecast & Opportunities, 2026”, the United States cosmetics market is anticipated to undergo a robust CAGR of 8.64% during the forecast period on account of growing awareness towards fashion and beauty among both women and men in the country. Also, presence of leading cosmetic brands makes United States a leading market. The market is projected to reach USD155.25 billion in 2026 from USD95.92 billion in 2020. The increasing inclination of consumers towards personal wellness is also creating high demand for cosmetics in the country. Moreover, increasing per capita expenditure on personal grooming products as well as increasing demand for natural cosmetics is acting as some key growth factors for the United States cosmetics market.
Additionally, manufacturers are also focusing on launching new cosmetic products in order to meet the growing demand and increasing their customer base. The market is also witnessing the growing trend of organic cosmetics. Similarly, consumers in the United States tend to prefer cosmetic products with the label ''cruelty-free''. This is further pushing the cosmetic brands to ensure that no animals were harmed during the product testing. Moreover, increasing number of beauty clinics and salons are also adding to the growth of United States cosmetics market. Also, the rise in demand for skin and sun care products owing to varying climatic conditions are also expected to accelerate the market growth in coming years.
Browse 28 Figures and 9 Tables spread through 91 Pages and an in-depth TOC on "United States Cosmetics Market"
United States cosmetics market is segmented based on type, Gender, distribution channel and region. Based on type, the market can be segmented into skin care, hair care, bath & shower products, makeup & color cosmetics and fragrances & deodorants. Among them, the makeup and color cosmetics segment is expected to undergo high CAGR during the forecast period. The reasons can be attributed to growing fascination of women consumers towards makeup as well as availability of variety of makeup brands to choose from.
Based on distribution channel, before COVID-19, in-store shopping accounted for more than 80% of the product purchases in the cosmetic industry. However, during the pandemic due to lockdown, retail stores were shut down and customers had to shift to e-commerce platforms in order to purchase the cosmetic products. Shopping through e-commerce platforms is expected to grow in the forecast period too as customers of all generations have become comfortable with this mode of purchase and are also able to maintain social distancing. Many companies witnessed higher online sales post lockdown for e.g.: Sephora’s online sales in the United States increased more than 30% than it was in 2019 during the same period.
Major players operating in the United States cosmetics market are L'Oreal USA, Inc., The Procter & Gamble Company, Unilever PLC, Estée Lauder Companies Inc., LVMH Inc., Chanel, Inc., Kylie Cosmetics LLC (Coty Inc.), Ulta Beauty, Inc., Glossier Inc. and Huda Beauty Ltd. Key growth strategies being adopted by leading market players are new product launches, collaborations and mergers & acquisitions. The companies are also focusing on using non-chemical based ingredients in their cosmetic products.
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“The cosmetic industry is witnessing a burgeoning growth in the United States and is also witnessing entry of new market players. The increasing purchasing power of consumers is also creating high demand for luxury cosmetic products in the country. Apart from this, companies are now targeting on increasing consumer base for men and hence are introducing cosmetic products, especially formulated for men. With growing sense of personal appearance among both men & women, the market is poised to undergo a significant growth through 2026,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based United States management consulting firm.
“United States Cosmetics Market By Type (Skin care, Hair Care, Bath & Shower Products, Makeup & Color Cosmetics, Fragrances & Deodorants, Others), By Gender (Men, Women, Unisex), By Distribution Channel (Supermarkets/Hypermarkets, Pharmacy, Online, Departmental Store, Multi Branded Retail Stores, Others), By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of cosmetics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United States cosmetics market.
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Created on Jul 22nd 2021 06:56. Viewed 29 times.