The cosmetics and personal care products industry added $308.7 billion to US gross domestic product (GDP) in 2022, according to a report published by the Personal Care Products Council (PCPC).
The Beauty of Impact highlights the industry's role in job creation, economic growth, scientific advancement, sustainability and community support throughout 2022, the most recent data available.
The report found the industry also contributes: 4.6m direct and indirect jobs across various sectors; $203.3 billion in labour income; and $82.3 billion in federal, state and local taxes.
Despite the challenges posed by the pandemic, the industry has demonstrated 15% increase in GDP contributions since 2020; 17% rise in total employment; 19% boost in labour income; and 27% increase in tax payments.
The report also found 71% of employees work for businesses with fewer than 50 employees, showcasing the industry's role in fostering entrepreneurship.
Meanwhile, employment rates for women (nearly 80%) and people of colour (33%) significantly exceed national averages.
In addition, over 5,700 professionals are employed in science, technology, engineering and mathematics (STEM), driving innovation and ensuring product safety.
On sustainability efforts, industry leaders reduced Scope 1 greenhouse gas emissions by 8.7%, highlighting their commitment to environmental responsibility.
Finally, the industry donated $170 million to various causes, translating to $1,500 for every $1m in revenue, significantly above the national average.
“On every measure, our industry is thriving and contributing to the US economy while serving as an agent for positive change for people and the planet,” said PCPC President and CEO Tom Myers.
"Our member companies are committed to creating employment opportunities, driving innovation through scientific research, and supporting consumers' health and wellbeing.”
An executive summary and the full report, including detailed data for every state and the nation's largest Metropolitan areas (New York and Los Angeles), are available on PCPC's website.
