U.S. Cosmetics Market Size, Share & COVID-19 Impact Analysis, By Category (Hair Care, Skin Care, Makeup, and Others), By Gender (Men and Women), By Distribution Channel (Specialty Stores, Hypermarkets/Supermarkets, Online Channels, and Others), and Forecast 2023 - 2030

The U.S. is the largest market for cosmetic products globally. The U.S. cosmetics market size is projected to record 3.7% CAGR during the forecast period. The global market is estimated to grow from USD 313.22 billion in 2023 to USD 417.24 billion by 2030.

The inclination of consumers toward personal care and skin hygiene is estimated to drive the U.S. cosmetics market growth during the forecast period. Moreover, the growing popularity of cosmetics and skin care products among the male population have increased the demand for personal care products in the country. Consumers nowadays are concerned about their physical appearance and public image which, as a result, will foster the demand for cosmetics in the U.S.

LATEST TRENDS

Growing Product Launches and Investments to Support Market Growth

Consumers nowadays are extensively looking for skin care products that provide nourishment to their skin in the long run. Therefore, renowned companies in the U.S. are continuously focusing on making new and innovative cosmetics that contain superior-quality ingredients, thereby attracting more consumers. The firms are also making heavy investments to improve their research activities and focusing on adopting various strategic business approaches to promote their new products.

• For instance, in March 2022, Revlon, Inc. launched a range of cosmetics including an oil-absorbing roller, matte lip crayons, skin reviving roller, and other items. These products are long-lasting and suitable for all skin types.

DRIVING FACTORS

Increasing Influence On Social Media to Bolster Product Demand

In recent years, the young population of the U.S. has drastically reshaped the cosmetics & personal care industry. The growing influence of social media on millennials to look good is anticipated to boost the U.S. cosmetics market. Besides, the emergence of new technologies has given birth to new trends in the beauty industry, shifting the demand pattern and buying behavior of young consumers and contributing to the market growth.

• For instance, in 2021, according to research published by SpringerOpen on ‘The impact of K-beauty social media influencers, sponsorship, and product exposure on consumer acceptance of new products’, it was concluded that the development of social media channels in the U.S. had increased the demand for and retail sales of cosmetics among American consumers, which contributed to the U.S. cosmetics market share in 2021.

RESTRAINING FACTORS

Use of Synthetic Products May lead to Skin Problems and Hinder Market Growth

Synthetic cosmetic products can sometimes cause skin irritation and create allergic reactions when directly applied to the skin. These products contain harmful chemicals, such as artificial fragrances, paraben, oxybenzone, toluene, phthalates, and other ingredients, which are not suitable for sensitive skin. These aspects can reduce the demand for cosmetic products. Besides, people nowadays are opting for organic skin care products, which are eco-friendly and beneficial for their skin in the long run. These factors are expected to restrict the market growth.

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KEY INDUSTRY PLAYERS

The key players in the market include P&G, L'Oréal S.A., and the Estée Lauder Companies, among others. These companies are rapidly investing in R&D activities to develop new cosmetics to gain a competitive edge in the market. They are also organizing promotional events to boost their brand value and display their product portfolios to attract more customers.

Other market players, such as Revlon, Inc., Kao Corporation, Coty Inc., and others, have also strengthened their presence in the U.S. beauty care space. They are constantly adopting new technologies to invent unique products to draw the attention of more customers in the market. This factor is predicted to increase the U.S. cosmetics market share during the forecast period.

LIST OF KEY COMPANIES PROFILED:

• 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.)

KEY INDUSTRY DEVELOPMENTS:

• November 2022: Avon collaborated with Perfect Corp. to launch a virtual try-on online shopping experience for its customers. Consumers can try cosmetics through online portals using the artificial intelligence (AI)-based power technology by Perfect Corp.


• November 2022: L’Oréal S.A. collaborated with Microphyt, a French biotech company, to expand its organic product portfolio. The partnership focused on innovative strategies by adopting the latest technologies to scale up their production of eco-friendly cosmetics.


• January 2022: L’Oréal S.A. launched two innovative technologies ‘Colorsonic’ and ‘Coloright’ to reduce hair coloring-related problems among consumers. These technologies improved the color application process on consumers’ hair.

REPORT COVERAGE

This market research report provides qualitative and quantitative insights into the market and a detailed analysis of the U.S. market size & growth rate for all possible segments in the market. The research report elaborates on the market dynamics, competitive landscape, and industry forecast. Various key insights presented in the report are an overview of the number of procedures, price analysis of types of products, regulatory scenario in key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.

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Report Scope and Segmentation