Euromonitor International has released a preview into the latest data on the beauty and personal care market ahead of its seminar at in-cosmetics North America
With just under three months to go until the new annual in-cosmetics North America exhibition taking place in New York, 7- 8 September, Euromonitor International has released a preview into the latest data on the beauty and personal care market, labelling the US the “undisputed king of beauty with the lion’s share of the global industry.”
The report details that the US beauty market is currently worth US $80 billion and is expected to rise to $90 billion by 2020, with a significant boost from the luxury and make up sectors. Should these predictions be achieved, the market will have expanded by almost 45% in just ten years.
A considerable area of growth is noticeable from within the premium segment with significant percentage hikes across many sectors including premium BB/CC creams and lipsticks, premium skin care and also mascaras. The largest percentage of year-on-year growth in the US for 2014-2015 came from premium foundations/concealers, increasing from 3% in 2013-2014 to 14.2%.
However, premium BB/CC creams still head up the market coming close to reaching 40% year-on-year growth in 2015. Overall the premium beauty sector reached a historic high in 2015 as the market delivered 7% year-on-year growth.
Colour cosmetics has also made huge advances, with the US contributing to approximately 25% of all global value sales. The US market was worth approximately $14 billion in 2015 with a year-on-year growth of about 7%.
As the market continues to take progressive steps forward, there is still scope for expansion within the fragrance and skin care sectors, with the US currently accounting for only 17% of the global value sales for fragrance and just 14% for skin care.
Amanda Hatzmark, research analsyst at Euromonitor International, will be evaluating this data and more as part of the marketing trends seminar programme at the in-cosmetics North America show. Through the combination of data driven insights and a deep understanding of the beauty and personal care industry, Amanda’s session is set to provide a fascinating overview of the current US market trends and how the consumer landscape is changing.
Amanda Hatzmark comments: “The US cosmetics market has shifted markedly to premium products, as consumers are now looking for higher quality products at a variety of price points. Cosmetics manufacturers can capitalize on this trend by examining shifting consumer attitudes and considering the changes in the premium and mass markets.”
The US cosmetics industry is thriving and now is a fantastic time to propel the US market further into the spotlight with the launch of the first in-cosmetics North America show. The event sets the stage for the industry to source the latest products and discuss current trends in the marketplace.
Further information is available from http://www.in-cosmeticsnorthamerica.com/
