Surging E-Commerce Sales Fueling U.S. Beauty and Personal Care Products Market Growth
A number of factors such as the booming geriatric population, surging incidence of skin ailments, rising shift of customers toward chemical-free and organic products, and soaring personal care expenditure are expected to propel the U.S. beauty and personal care products market at a CAGR of 4.8% during 2020–2030. According to P&S Intelligence, the market revenue is expected to surge from $81.1 billion in 2019 to $128.7 billion by 2030. Moreover, the escalating number of working women, growing consciousness about personal healthcare, and increasing disposable income of people will support the market growth in the coming years.
This was because of the huge requirement for beauty products, especially among the younger people, in the country. Moreover, the labor force of the country is dominated by millennials and there has been a massive rise in the popularity of skin care products among these individuals over the last few years. Furthermore, the surging geriatric population and the rising requirement for skin disease treatments are pushing up the demand for beauty and personal care products in the country.
When distribution channel is taken into consideration, the U.S. beauty products market is categorized into marketplace platform, professional health and beauty outlets, club/value store, brand owner to store/franchise, local marketplace platform, brand owner to home, specialist marketplace platform, dermatologist, social commerce, and new cross-category distribution point. Amongst these, the marketplace platform category, that consists of platforms such as Walmart and Amazon, registered the highest revenue growth in the market during the last few years.
This was because these platforms provide a one-stop solution that allows customers to buy various beauty products at highly affordable prices. Furthermore, these organizations have developed a robust distribution channel all over the country, which has made the faster and timely delivery of beauty products possible. This has, in turn, expanded the customer pool of many beauty brands and companies operating in the U.S., as per the observations of P&S Intelligence, a market research company based in India.
Hence, it is safe to say that the market will demonstrate huge expansion in the coming years, primarily because of the growing incidence of skin diseases, the surging population of geriatric people, and the growth of the e-commerce industry in the country.
Source: P&S Intelligence
