The skin care market in the United States is thriving in 2024, buoyed by changing consumer preferences, a surge in demand for organic and sustainable products, and an increasing awareness of the importance of skin care routines. With a projected revenue of around $24.35 billion this year, the US skin care market is bustling with opportunities, especially for those looking to start their own brand.
Let’s explore what’s happening, what’s trending, and how you can make your mark.
Skin Care Market Size & Growth
According to various market research reports, the US skin care market was valued at about $22.90 billion in 2023 and is expected to grow to approximately $23.85 billion in 2024. This growth is forecasted at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2030, which indicates a robust demand for skin care products as consumers increasingly prioritize skin health.
In per capita terms, the average American is expected to contribute around $71.24 to the skin care market in 2024. This figure suggests that skin care has become an essential part of the consumer’s personal care regimen, reflecting a cultural shift toward investing in skin health.
6 Consumer Trends Shaping the Skin Care Market in 2024
The 2024 US skin care market is vibrant, diverse, and brimming with opportunities for brands ready to carve out their own space. Whether you’re an aspiring entrepreneur or an established business looking to expand, now is the time to embrace market trends and cater to the evolving needs of consumers.
1. Natural & Organic Products
Consumers are increasingly gravitating toward natural and organic skin care solutions. The global natural skin care market is expected to grow at a remarkable 6.6% CAGR from 2022 to 2030. Here in the US, revenue from natural cosmetics is forecasted to reach $1.87 billion in 2024. While that figure includes more than just skin care, it’s clear that shoppers are seeking products with clean, safe ingredients—and brands that focus on sustainability are standing out.
2. Men’s Skin Care
Gone are the days when skin care was solely a women’s domain. Today, men are stepping up their grooming game, leading to a projected 4.6% CAGR in men’s skin care products from 2024 to 2030. Brands that cater to this demographic have a golden opportunity to connect with a new audience eager for tailored solutions.
3. Luxury Skin Care
The luxury skin care segment is thriving, with forecasts predicting growth from approximately $21.77 billion in 2022 to $49.87 billion by 2032. Consumers are ready to invest in premium products that offer unique benefits and luxurious experiences. If you’re looking to carve out a niche, high-end formulations could be your ticket.
4. Sustainability & Eco-Friendliness
Today’s consumers are making conscious choices, with 52% expressing interest in supporting sustainable brands and 66% looking for eco-friendly brands and products. The push for eco-friendly products is strong, and brands that prioritize sustainable sourcing and packaging are resonating with environmentally aware shoppers.
5. Ingredient Transparency
More consumers are becoming ingredient-savvy, seeking out products that deliver tangible benefits. Popular ingredients like niacinamide, salicylic acid, and retinol are at the forefront as shoppers prioritize clarity and effectiveness in their skin care choices.
6. Inclusivity & Diversity
In 2024, inclusivity is a driving force in beauty. Brands are expanding their offerings to cater to diverse skin tones and gender identities, making beauty accessible to everyone. A commitment to diversity can help foster loyalty and connection with a wider audience.
Skin Care Market Challenges to Look Out For
While the outlook is bright, there are some obstacles in today’s skin care market that brands need to consider.
Market Saturation
With many new brands entering the market, it’s crucial to differentiate yourself. Unique branding and innovative products can help you stand out.
Regulatory Compliance
Navigating the regulations surrounding cosmetic products requires diligence and resources. Ensure your formulations meet all necessary guidelines.
Supply Chain Issues
Managing sourcing and distribution effectively is key to maintaining product availability and quality.
5 Opportunities for Beauty Brands in Today’s Skin Care Market
The US skin care market presents various opportunities for businesses, particularly those that can adapt to emerging trends. Here are a few ideas to consider as you plan out the next stage of your beauty brand.
1. Launch Natural & Sustainable Products
Companies focusing on clean, organic, and sustainable ingredients can attract a growing customer base seeking safer options.
2. Target Male Consumers
With the increasing acceptance of skin care among men, brands can develop targeted marketing strategies to cater to this demographic.
3. Innovate with Multitasking Products
The minimalist movement is gaining popularity, with consumers favoring multi-functional products that simplify their routines.
4. Embrace Technology & E-Commerce
The rise of digital shopping offers brands a platform to reach consumers directly, allowing for personalized marketing strategies and better customer engagement.
5. Educate Consumers
Providing transparent information about product ingredients and benefits can build trust and enhance brand loyalty.
2024 Skin Care Market FAQs
Have skin care market questions? We’ve got answers.
How big is the skin care market in the US?
The US skin care market is projected to generate approximately $24.35 billion in revenue in 2024.
How big is the global skin care market?
The global skin care market is anticipated to grow from $181.2 billion in 2023 to over $210 billion by 2028.
Is skin care a growing industry in the US?
Absolutely! The skin care industry is on a growth trajectory, with a forecasted CAGR of 4.2% from 2024 to 2030.
What percentage of Americans use skin care?
About 50% of Americans say they have a consistent skin care routine, highlighting the widespread commitment to skin health.
Is now a good time to start a skin care brand?
Yes! With so many opportunities and a strong market growth forecast, 2024 is an ideal time to launch a skin care brand, especially with the benefits of private labeling to help you create a custom line that stands out.
How Private Label Skin Care Fits In
With the US skin care market booming, conditions are perfect for you to explore private label skin care options. This approach allows you to create a custom skin care line tailored to your brand’s unique vision and values.
Here’s how private labeling can help you take advantage of the current market growth.
Customization
You can design products that align with your brand’s identity, focusing on ingredients, formulations, and packaging that resonate with your target audience.
Cost-Effective
Launching a private label line often requires less investment compared to developing products from scratch, allowing you to enter the market with a lower financial barrier.
Faster Time to Market
With existing formulations, you can bring your products to market more quickly, giving you a competitive edge in a rapidly growing industry.
Brand Loyalty
By offering a unique line of skin care products, you can build strong connections with your customers, encouraging brand loyalty and repeat purchases.
Build Your Private Label Skin Care Line at Trilogy Laboratories
Are you ready to build your skin care brand or expand your line of beauty products? Skip the messy at-home chemistry and let us formulate, manufacture, and label your skin care products in our one-stop-shop.
At Trilogy Laboratories, our experienced project consultants are ready to guide you through the process of branding high-quality products that align with your company’s vision. We offer a beautiful selection of packaging, low minimum order quantities, and customizable formulas made with natural and scientifically advanced ingredients—all so you can wow your users, develop a loyal customer base, and grow your beauty brand.
Private label skin care doesn’t get any better than this.
Contact us today or call 239.939.5454 to get started with your private label skin care line.
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