LONDON--(BUSINESS WIRE)--Technavio analysts forecast the mass beauty care market in the US to reach close to 24 billion by 2020, according to their latest report.
The research study covers the present scenario and growth prospects of the mass beauty care market in the US 2016-2020. The report segments the market into four broad categories, which are color cosmetics (make-up), deodorants, hair care products, and skin care products.
Technavio consumer and retail analysts highlight the following five factors that are contributing to the growth of the mass beauty care market in the US:
- Increase in demand for male grooming products
- Well-established organized retail sector
- Rise in demand for anti-aging products
- High demand for deodorants among teenagers
- Growth in e-commerce
Additional Insights: Mass Beauty Care Market in US Infographic
Increase in demand for male grooming products
The men's grooming category is a lucrative market for all the vendors in the US market. Hair care and deodorants are the most popular men's grooming products. Increased consciousness among men about beauty and personal grooming is driving the hair care segment in the mass beauty market in the US. Male celebrity endorsement is an approach being taken by a growing number of hair care companies.
According to Arushi Thakur, an industry expert at Technavio for cosmetics and toiletry, “Men have also become key consumers of anti-aging, hair growth, and anti-wrinkle products. Johnson & Johnson launched the Neutrogena Men Age Fighter Face Moisturizer with sunscreen to cater to the specific skin requirements of men. Some popular vendors that provide facial care products for men are Nivea, L’Oréal, and Avon.”
Well-established organized retail sector
The majority of the sales of mass beauty care products in the US are conducted via organized retail stores. Skin care products, hair care products, color cosmetics, and deodorants are placed on separate shelves of the beauty and personal care sections in retail stores to make them easy to find. Specific stock keeping unit (SKU) management is done for different beauty categories. Walmart, the largest organized retail chain in the world, contributed 14% to P&G's net revenue in 2014.
Rise in demand for anti-aging products
Consumers, especially the aging population, are increasingly looking for methods and products to maintain and improve their appearance so as to look youthful. Currently, out of the total aging population in the world, those aged above 65 are the fastest-growing population group, constituting 8.1% of the total population in 2014. This share is expected to double and reach 16% by 2050. The rise in the aging population is, therefore, expected to drive the growth of the market.
It has also been observed that the desire to retain a younger look is not restricted to the older generation. Younger men and women are making changes in their lifestyles to retain youthful-looking skin. Many products have emerged in the mass beauty care market that give results equivalent to age intervention facials. These anti-aging products not only reduce wrinkles, fine lines, and black spots but also improve skin texture, protect from UV rays, increase collagen, and hydrate the skin. They also increase skin oxidation levels and protect skin from pollution. Many of these skin care products are targeted at specific age groups.
High demand for deodorants among teenagers
The increasing awareness about the importance of grooming among teenagers is also contributing to the growth of the market, particularly in the deodorant segment. The youth segment is the largest target customer group in the US mass beauty care market.
Unilever promotes its Axe brand and P&G its Gillette brand as meant for the youth segment. “Manufactures who targeted the youth segment saw considerable growth in their deodorant revenue between 2013 and 2014. Unilever, for instance, registered a 6.2% growth in sales in the US market and P&G achieved 5.8%,” says Arushi.
Growth in e-commerce
In the US, increased internet penetration has been a key driver behind the growth of the online retail market over the past decade. As of 2014, 278.6 million people in the US were internet users and this number is the third-largest globally, after China and India. As of 2014, the internet penetration rate (percentage to population) was 87.4%. Internet users in the US have also been found to spend more time online than users in other parts of the world. An average US internet user spends more than 90 hours online per week, almost five times the global average. Also, broadband penetration in the country has increased recently with the growth of both fixed and wireless broadband connections.
Browse Related Reports:
- Global Facial Care Products Market 2016-2020
- Global Sun Care Products Market 2016-2020
- Global Night Skin Care Products Market 2016-2020
Do you need a report on a market in a specific geographical cluster or country but can’t find what you’re looking for? Don’t worry, Technavio also takes client requests. Please contact enquiry@technavio.com with your requirements and our analysts will be happy to create a customized report just for you.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
