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US Cosmetic & Toiletries Market Analysis
RNCOS E-Services Private Limited, June 2011, Pages: 95
Cosmetics & Toiletries market in the US witnessed healthy recovery in the year 2010 after experiencing slowdown during the previous years. The recovery is a positive sign for marketers and leading brands as they are launching innovative products and services focused on specific consumer segments. The market grew by around 2.8% in 2010 crossing US$ 36 Billion over the previous year. Consumer remained the king during 2010 as they preferred multifunctional products with competitive pricing. It is projected that, the return in confidence level will boost the cosmetics and toiletries sales in the country in future.
Further, with the economy reshaping to the pre crisis level after the downturn, manufacturers and distributors of professional skin care are exerting a tremendous amount of time as well as money to lure customers back for expensive skin treatments and product purchases. These efforts are visible through heightened levels of product activity featuring advanced research and development formulae, as well as more extensive promotional support.
Natural and organic products are also gaining popularity in the US. The organic and natural personal care sector has observed higher growth rate compared to the total market for personal care products in the US. Additionally, new products with innovative formulations are driving market growth. In the current scenario, marketers are pressing their R&D efforts to develop greener products to satisfy consumer demand with sustainability becoming the prime focus for them. Locally made products or sourced ingredients are also gaining popularity.
In addition to the above, US Anti-aging skincare industry has been running at a high-neck speed since 2006. Alongside the naturals and organic segment, anti-aging skin care products have consistently provided strong growth in the US; even during the past two years when sales have been hit by economic hardships and a shrinking consumer spend.
According to the report “US Cosmetic & Toiletries Market Analysis”, there is a large room for future growth in the US. As per this study, the total market for cosmetics and toiletries is projected to reach around US$ 42 Billion by the end of 2015. Maximum of the growth will be accounted by the natural beauty products and anti aging products as consumers are becoming more aware of natural ingredients and their benefits.
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