Cosmetics Market is Expected to Undergo a Rapid Growth with a CAGR of 8.64% Through 2026
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"
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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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