PARSIPPANY, N.J., Oct. 15, 2014 /PRNewswire/ -- The multicultural beauty products market continues to outpace the growth of the overall market for cosmetics and toiletries, posting a 3.7% increase in 2014. To gain share of the ethnic consumer's pocketbook, beauty marketers now competing from both ends of the spectrum need to understand a myriad of new market undertones found in the soon-to-be-published Multicultural Beauty and Grooming Products: U.S. Market Analysis and Opportunities by global consulting and research firm Kline & Company.
Rapidly growing ethnic populations have given way to intensified competition and catches multicultural beauty marketers breaking boundaries between general and multicultural beauty. On one end, there are brands such as Carol's Daughter that are positioning away from being an exclusive ethnic brand to now also target a broader audience, regardless of ethnicity. This holds particularly true in the natural personal care segment where popular ethnic hair brand Shea Moisture is now rebranding to become suitable for all consumers.
"This widening approach helps move multicultural brands beyond the ethnic section of the beauty aisle to sit side-by-side nationally advertised brands," comments Donna Barson, Senior Associate at Kline's Consumer Products practice. "However, this audience expansion needs to be done without alienating long-time consumers who might feel deserted if they feel like their brand no longer speaks exclusively to them."
Concurrently, mainstream brands continue to develop tactics to capture a growing percentage of the ethnic personal care market. While mainstream brands like Revlon, Lancome, and Cover Girl have long reached ethnic consumers via the creative use of spokesmodels and targeted advertising, the approach for many brands has become even more savvy and genuine. Some marketers, including Estee Lauder and Shiseido, use beauty advisors who speak the language of the local ethnic community, whether it is Mandarin, Vietnamese, or Spanish, to create a greater connection with these consumers. Some also launch products targeting certain ethnic groups in the United States that are simultaneously released in that group's country of origin.
The movement of mainstream companies into the multicultural space will not only open possibilities of more M&A in the coming years, but it will also be beneficial for consumers as they will be provided with a wider array of products targeting their needs. Smaller multicultural companies will also need to innovate in order to gain sales and create a niche for themselves or position themselves for a potential acquisition. In addition, the competition coming from the general market is also blurring the lines and having a challenging impact on the multicultural marketers.
During the forecast period through 2019, the ethnic beauty market will continue to face intense competition from general cosmetic and toiletry brands, and the fine line between mainstream and multicultural markets will continue to blur. However, competition will give an incentive for a surge of innovative, quality products entering the market.
To better understand and capture a greater share in this increasingly important market segment, Multicultural Beauty and Grooming Products: U.S. Market Analysis and Opportunities provides an analysis of market size, competitive landscape, and trends in beauty and grooming among products marketed to the expanding ethnic community, such as African Americans, Asians, Hispanics, and mixed-race people.
About Kline & Company
Kline is a worldwide consulting and research firm dedicated to providing the kind of insight and knowledge that helps companies find a clear path to success. The firm has served the management consulting and market research needs of organizations in the agrochemicals, chemicals, materials, energy, and consumer products industries for over 50 years.
Kline Consumer Products focuses on cosmetics, personal care, professional beauty, and home care market research covering trends, scenario forecasts, and intelligent insights not found anywhere else. For more information, visit www.KlineGroup.com.
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SOURCE Kline & Company