Is skincare a growing market?

Is skincare a growing market?

Skincare, as a market segment, is growing faster than any other part of the beauty industry. Sales of skincare products grew by 13% last year in the United States, while makeup grew by only 1% in the same period. Online beauty retailers grew 24% in that time, with skincare leading the way.

How much is the skincare industry worth 2021?

The global beauty industry market is valued at $511 billion in 2021. The beauty and personal care market will hit a jaw-dropping market size of $716.6 billion by 2025. The US cosmetic market is worth a staggering $62.46 billion.

How much is the skincare industry worth 2020?

The Cosmetic Skin Care market in the U.S. is estimated at US$39.2 Billion in the year 2020.

What age group buys the most skincare products?

18 to 24 years
According to a survey conducted in February 2021 in the United States, skin care was the most shopped-for beauty category across all age groups. The majority of Gen Z shoppers (aged 18 to 24 years) said skin care was the product category they currently spend the most on.

Is the skincare industry oversaturated?

That being said, and it may sound contradictory coming from someone who sells skincare, this market is officially over-saturated. There are too many skincare brands and products. One of the biggest trends in the past couple of years is the proliferation of celebrity beauty brands.

What skincare products are in demand?

Growing Demand for Anti-aging and Anti-pollution Ranges The market is experiencing an accelerating demand for anti-aging products, like anti-wrinkle cream, face cream, serum, eye cream, and others. In addition, factors like pollution and hard water conditions are bombarding such products’ needs.

What race buys the most beauty products?

Black Americans
According to a study by market research company Nielsen, Black Americans bought more beauty products in 2019 than any other group of consumers. To put that in context, they found that Black Americans outspent other groups by nearly 19 percent, which translates to $572.6 million.

What makes the most money in the beauty industry?

11 Best High-Paying Jobs in The Beauty Industry

  • Hairdresser/Hair Stylist. Hairdresser Salary and Hair Stylist salary range: $25,000 – $50,000.
  • Cosmetic Surgeon.
  • Beauty Blogger or Vlogger.
  • Private Cosmetic Dentist.
  • Beautician or Cosmetologist.
  • Modeling.
  • Esthetician.
  • Image Consultant/ Stylist.

What’s missing in the beauty industry?

Why did the industry decline in 2019? The lack of innovation in color cosmetics was a big contributing factor. Meanwhile, the rise of skincare, with its anti-aging claims, also impacted the potential growth of color cosmetics. A lot of retailers, especially Sephora and Ulta, depend on new brands or products for growth.

What age group buys the most skincare?