Most reports centering on global beauty and personal care sales are focused on China these days.
But Prescient and Strategic Intelligence (P&S), the global market research and consulting firm, predicts that the US beauty market will surge to US$128.7 billion by 2030 – up from US$81 billion in 2019.
Much of the growth will be driven by online sales. The growing e-commerce industry bodes well for the US beauty and personal care products market, as fast-moving consumer goods, including beauty products, are some of the most purchased commodities via online platforms, says P&S.
The researcher taps clean beauty, personalised skincare, an increase in the number of working women and substantial discounting as key drivers of growth over the next decade.
P&S acknowledges the continued impact of the Covid-19 pandemic on the US beauty market, but forecasts that rapid advances in the click-and-collect category will attract more beauty and personal care shoppers going forward.
In spite of the increased wearing of face masks, P&S predicts a recovery in lipstick sales over the next few years. The US lip colour market totaled US$9.2 billion in 2018 and growth of 6.6 per cent is on the cards, thanks to more launches of powder formats and enhanced formulas, notably with hydrating ingredients.