Market Overview:
According to Fortune Business Insights North America cosmetics market size is projected to record a CAGR of 3.8% during the forecast period of 2023-2030.
North America is experiencing strong growth in the adoption of diverse cosmetic products as consumers seek to enhance their physical appearance. This rising demand has encouraged leading market players to significantly increase investments in research and development to introduce innovative and advanced cosmetic solutions. For instance, in October 2022, L'Oréal U.S.A. announced an investment of USD 140 million to establish a 250,000-square-foot research and innovation center in Newark, New Jersey. The facility will focus on cutting-edge research in areas such as beauty technology and green science, driving advancements across hair, skin, and beauty product lines. With the growing consumer interest in anti-aging solutions to combat early signs of aging, companies are developing new technologies and formulations to meet this demand. These factors are expected to accelerate the growth of the North America cosmetics market.
LIST OF LEADING ORGANIZATIONS PROFILED IN THE REPORT
- L'Oréal S.A. (France)
- Unilever plc (U.K.)
- The Procter & Gamble Company (U.S.)
- The Estée Lauder Companies Inc. (U.S.)
- Beiersdorf AG (Germany)
- Shiseido Co., Ltd. (Japan)
- Coty Inc. (U.S.)
- Kao Corporation (Japan)
- Johnson & Johnson Services, Inc. (U.S.)
- Amorepacific Corporation (South Korea)
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Segments:
In terms of category, the market is divided into hair care, skin care, makeup, and others.
Based on gender, the market is bifurcated into men and women.
In terms of distribution channel, the market is segmented into specialty stores, hypermarkets/supermarkets, online channels, and others.
This report on the North America cosmetics market covers the following countries/regions – the U.S., Canada, and Mexico.
Report Coverage:
The report offers a wide range of qualitative and quantitative insights about the industry. The report also provides a detailed analysis of the regional market size & growth rate for all possible segments in the industry. It expands on the most recent market trends & dynamics, competitive landscape, and forecast. Various top insights are displayed in the report including new product launches, an overview of the regulatory scenario in key countries, top industry developments – mergers, acquisitions & partnerships, and the effect of COVID-19 on the market.
Drivers and Restraints:
Greater Focus on R&D by Key Market Players to Accelerate Market Growth
More companies are increasing their focus on R&D programs and activities to speed up the production of a wide variety of new cosmetic products. Many manufacturers are developing products, such as creams, lotions, and gels, that are compatible with their customers’ hair and skin, thereby augmenting the market progress in the coming years. More men and women are purchasing skincare and makeup products, further accelerating the market development.
However, the high costs associated with cosmetic products and their adverse side effects are expected to restrain the market growth during the forecast period.
Competitive Landscape:
L’Oréal S.A., the Estée Lauder Companies Inc., Procter & Gamble Co., Unilever, Kao Corporation, Johnson & Johnson, Inc., Beiersdorf AG, Coty Inc., and Shiseido Co., Ltd. are the top participants in the North America market. These companies are increasing their investments in research & development programs to speed up the process of launching new products and receiving approvals for these solutions. They are also focusing on expanding their distribution networks and product portfolios to solidify their position in the market. These firms are entering strategic collaborations and partnerships to expand their regional presence and increase their North America cosmetics market share.
To know more about the market, please visit:
https://www.fortunebusinessinsights.com/north-america-cosmetics-market-108004
Key Industry Development:
February 2023: Sephora Canada announced the rollout of DTC beauty brand Glossier’s products. The Glossier lineup of products includes makeup, skincare, and fragrances available online on Sephora.ca, the Sephora App, and offline channels. Glossier also opened its 7,000 sq. ft. flagship store in Manhattan in SoHo’s Spring Street, New York.
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