United States Beauty and Personal Care Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United States Beauty and Personal Care Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United States beauty and personal care products market is projected to grow at a CAGR of 5.12% during the forecast period.

Key Highlights

• The growth of US beauty and personal care market has been catalyzed by an increasing consciousness among consumers, about personal wellness and appearance.
• Owing to this factor, manufacturers are focusing on launching new and innovative products, in order to increase their offerings and customer base, which, in turn, would provide them an edge over their competitors.
• Some major players in the cosmetics market include Proctor & Gamble, Unilever, Estee Lauder, Revlon, Olay, and L’Oreal among others.

Key Market TrendsGrowing Inclination Towards Organic, Natural, and Cruelty-Free Products

Growing consumer concern is causing an increase in the demand for organic and natural skincare, and “clean beauty” products. For instance, Sephora announced the launch of the company’s new category called Clean at Sephora, that clearly establishes which of their products are formulated without controversial ingredients. Those that meet Sephora’s ingredients guidelines are termed as “clean” and receive the retailer’s Clean at Sephora seal. Similarly, consumers in the market tend to prefer products with the label ''cruelty-free'', denoting that animals are not harmed in the testing of such products. For instance, Wet n Wild is a popular cosmetics products brand in the United States that markets its products as cruelty-free. Moreover, in recent times, there is a sharp rise in the number of beauty blogs and social media accounts that are committed to the benefits of going chemical-free, which has worked in favor of natural and cruelty-free products by enhancing consumer’s information.

Increased Spending of United States Consumers on Beauty and Personal Care Products

Consumer spending towards cosmetics and other personal care products has witnessed a rise. For instance, according to data published by Bureau of Labor Statistics, the average annual expenditure on cosmetics, perfume and bath preparation products per consumer unit in the United States is forecasted to grow at a CAGR of 5.55% in the period 2015-2017. Due to the increase in advertising and promotional activities, the consumers in the United States are still buying these cosmetics. Additionally, often the advertisements are focused towards a specific age group, such as adolescents or ageing-women, in an effort to incluence and target specific population groups. Due to frequent product innovation in the market, consumers are being introduced to new types of products, and trying them out. Consumers generally want to ensure that they buy products that suit their skin or hair type and thus, product trial is important in the cosmetics market. Thus, companies such as Avon and Estee Lauder Company have been increasing their marketing expenditures towards such activities in recent years.

Competitive Landscape

Major players in the United States beauty and personal care products market include Unilever, Loreal, The Estee Lauder Companies Inc., and Proctor and Gamble with popular brands such as Dove, Maybelline New York, M.A.C., and Olay. The market is highly competetive with players actively competing in terms of new product launches, mergers and acquisitions, expansions and partnerships. Additionally, leading players are investing heavily on research and development to come up with product innovations.

Additional Benefits:

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

Companies Mentioned

The Estee Lauder Companies Inc.
Loreal
Unilever
Beiersdorf AG
Amway
Avon Products, Inc
Shiseido Company
Revlon
Coty Inc.
Procter & Gamble

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