US cosmetics market to hit US$62 billion in 2016

US cosmetics market to hit US$62 billion in 2016

The US beauty and cosmetics industry – the largest in the world – is expected to report revenue of US$62 billion in 2016, according to an article published by Market Research.

The US make-up segment is expected to reach a value of US$8.4 billion, while the US hair care category was valued at US$11.6 billion in 2014, representing growth of 2 percent on the previous year.

Globally, skin care is the largest sector, with a value of US$121 billion. Opportunities for growth are centred around the Indonesian and Indian markets. Demand for fragrance, meanwhile, is highest in Asia Pacific, Latin America and Eastern Europe, leading to a CAGR of 2 percent for the global fragrance market.

Premium products are increasingly popular as consumers upgrade their purchases and more manufacturers enter the market. The global market for premium cosmetics is predicted to reach US$126 billion by 2019, with premium sun care driving growth.