North America Beauty And Personal Care Products Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

North America Beauty And Personal Care Products Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The North America Beauty and Personal Care Products Market size is expected to grow from USD 111.23 billion in 2023 to USD 127.70 billion by 2028, at a CAGR of 2.80% during the forecast period (2023-2028).

The changing and busy lifestyles of the consumers in the region have led to a rise in demand for multifunctional beauty and personal care products as the consumers are following holistic approaches to beauty and health care rather than treating each as a separate segment. Consumers are looking for products requiring minimal application time and prioritizing quality over quantity, leading to increased demand for premium beauty products. "Made in the USA" products are becoming more popular, so companies are building factories close to where they sell their goods.The region provides many brands with opportunities for innovation and expansion regarding color cosmetics. Skincare and hair care are the major growing segments in this region. Brands are building their equity by focusing on ambassador marketing and improving relations with macro- and micro-influencers. Celebrities and successful individuals in the entertainment industry are launching product lines in the market, relying on their large fan bases and social media followers.The demand for the beauty and personal care products market in this region is rising due to people's increasingly active lifestyles and the prevalence of beauty consciousness in society. Young individuals are spending more on cosmetics and personal care products. As a result, their buying habits and patterns are the main elements fueling the market expansion for beauty and personal care products. For instance, in July 2022, The Kind Words Matte Lipsticks and Liners were two new lip products introduced by Selena Gomez's beauty line. The smooth, non-drying formula of the Kind Words Matte Lipsticks, available in 10 shades, lasts all day. The liners have a built-in sharpener and are available in 10 shades that match the lipsticks.Additionally, external usage of beauty and personal care products can reduce symptoms like wrinkles, acne, personal cleanliness, and other hair cleanliness items. The wide assortment of products available on online platforms and the medium's emphasis on time-saving are two elements that have helped drive up demand for the online retail industry. Due to improved security features for online payments, customer-friendly services, user-friendly shopping websites, and straightforward delivery, online beauty and personal care product shopping portal usage is anticipated to increase significantly in this region during the forecast period.

North America Beauty & Personal Care Products Market Trends

Growing Demand for Natural and Organic Cosmetics Products

People in this area are becoming more aware of and interested in luxury personal care brands, which makes natural and organic cosmetics more popular. Factors, such as consumer knowledge and an increase in awareness of the benefits of organic products and services through digital media and other sources, coupled with the advent of social media, are contributing to the growth in the region. Consumers such as millennials and Gen Z are increasing their consumption of herbal beauty products, particularly skincare and hair care products, due to their "vegan," "natural," "organic," "botanical," and "free from" labels. For example, in June 2021, SO’BiO étic, a French organic beauty brand, launched its organic beauty product line in the United States. The company believes in making healthy beauty products for its customers and the environment, and it follows eco-friendly production values all along its supply chain.

Similarly, in October 2022, Balmonds, a renowned skincare company, will expand to North America. The company offers a wide range of skincare items created with 100 percent biodegradable raw materials, including multipurpose skin balm, shampoo, facial oil, and moisturizer. Naturally, anti-inflammatory herbs, like chamomile, calendula, and chickweed, are abundant in their products. Additionally, they claim that their products contain organic hemp seed, safflower, and olive oils to help the skin regenerate and restore itself.

Furthermore, demand for organic skin care products is expected to rise throughout the forecast period due to rising consumer preference for chemical-free beauty products and the development of concepts such as creams, serums, and moisturizers infused with organic components, which will drive the market even further. Since these products are expected to be more effective and have fewer adverse effects, it is anticipated that more people will use them. Sales are expected to increase as individuals become more aware of the skin problems brought on by synthetic ingredients in cosmetics and beauty products. Synthetic chemicals that cause allergic reactions, acne, pimples, rashes, and other skin-related issues include butylparaben, propylparaben, and methylparaben. As a result, the major players are introducing organic products.

The United States Holds the Largest Market Share

The United States beauty and personal care market have been growing rapidly. The consumers in the country have registered an increasing average annual expenditure on personal and beauty care products over the years, which in turn is augmenting the growth of the market in the country. The rising cases of oral problems in the country are projected to augment the United States oral care market. As per the report published by the American Dental Association, dry mouth, sensitivity, and tooth pain were found to be the most frequent oral problems among Americans, which majorly boosts the market for oral care products in the country.

Additionally, the introduction of beauty vloggers, who post YouTube videos and Instagram stories about their favorite face creams, lipsticks, mascara, compact powder, etc., has enabled consumers in the United States to try new products and engage with brands in novel ways. Many cosmetic businesses have started to forgo traditional advertising in favor of using well-known celebrities and influencers to market their brands to target audiences. As a result, the demand for cosmetic items in the United States has increased dramatically over the years. Both male and female users of cosmetics are increasing in number in the United States. A number of the top cosmetic brands in the world have their headquarters in this region. For example, Estée Lauder Companies Inc. has its headquarters in New York, similarly, Procter & Gamble Co has its headquarters in Cincinnati, Ohio.

With more companies selling their products on their website and other e-commerce sites, the expansion of online shopping is also contributing to the growth of the United States cosmetics market. For instance, in October 2022, Undefined Beauty will debut in more than 625 Ulta locations across the United States, the company stated on its Instagram page. The product is now available online at Ulta.com. This is the company's first collaboration with a specialty beauty retailer.

North America Beauty & Personal Care Products Industry Overview

The North American beauty and personal care market is highly fragmented, with many regional and global players. An advanced distribution network gives the manufacturers an upper edge, expanding their range of products across the region. Moreover, key players are focusing on product development and innovation to meet the consumer's needs by offering a variety of product qualities to maintain premiumization. The major companies in the North American beauty and personal care products market focus on mergers and acquisitions, geographical expansions, product innovations, and partnerships to establish a broader consumer base and strengthen their overall sales. The strategy to be followed by these top players in mergers and acquisitions is to sustain and secure a leading position in the industry. This will enable the companies to maintain dominance over other players, and the companies can remain in intense competition with other players in the market. Some of the major players in the North American beauty and personal care products market are L'Oréal S.A., Unilever PLC, Procter & Gamble Company, Maxingvest AG (Beiersdorf AG), and Estée Lauder Companies Inc. Further, companies are using digital and social media advertisements to make consumers aware of their new product launches.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support