The increasing sales through e-commerce platforms, growing geriatric population, and rising number of working women will drive the U.S. beauty and personal care products market growth at a CAGR of 4.8% during the forecast period of 2020–2030. At this rate, the revenue will increase from $81.1 billion in 2019 to $128.7 billion in 2030. Additionally, the growing incidence of skin diseases, rising expenditure on personal care, and shifting focus toward chemical-free and organic products will aid the expansion of the market.
The increase in the number of working women in the U.S. is also a significant factor that will drive the U.S. beauty and personal care products market growth during the forecast period. The U.S. Bureau of Labor Statistics published an article that states that the number of women in the U.S. workforce is expected to reach 92 million in 2050 from 66 million in 2000. Moreover, the records state that as of 2019, 46% of the women in the U.S. were part of its workforce, which wasgreater than the global average that stood at 39%.
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The presence of several market players offering a varied range of premium, standard, and mass products makes the U.S. beauty and personal care products market highly fragmented. To consolidate their market position, the major players are acquiring firms that offer better products and can help them in expanding their reach. For instance, Shiseido Americas Corporation, a unitof Shiseido Company Limited, completed the acquisition ofa rapidly growing skincare brand— DRUNK ELEPHANT — in October 2019to strengthen its presence in the U.S. skincare industry.
Therefore, the availability of a wide range of products and increasing income of women in the U.S. will boost the growth of the country’s beauty and personal care industry in the future.
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