The report forecasts the mass beauty care market in the US to grow at a CAGR of 2.59% during the period 2016-2020.
The beauty industry can be divided into two broad segments: mass beauty care and premium beauty care, on the basis of the target market and product pricing. The mass category of products is targeted at the middle- and low-income population, whereas the premium category is targeted at the upper-income class or affluent population.
Based on product category, the market is segmented into:
Color cosmetics (make-up)
Hair care products
Skin care products
A trend which has helped to boost market growth tremendously is e-retailing and social media marketing. Mass beauty care manufacturers are also offering their products online in various price segments through third-party portals and their own online shopping portals. Online shopping creates convenience for consumers. Companies also now provide customized and personalized services online to offer color shade suggestions based on the skin or hair color of the customer and their preferences.
According to the report, a key driver of market growth is a well-established and organized retail sector. The majority of the sales of mass beauty care products in the US are conducted via organized retail stores. Further, the report states that one challenge that could restrict market growth is the risk of exposure to toxic chemicals.