The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJul 2018
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The colour cosmetics market in the US is still far from saturation. In the next five years, US colour cosmetics will gain another USD2.9 billion. It is the second most lucrative market in the world (behind China) and the third country in the world to have the biggest unmet potential. Within colour cosmetics, facial make-up and lip products have the highest growth prospects and potential. How can beauty brands win and become the next million-dollar brand?
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
In the next five years, US colour cosmetics will gain another USD2.9 billion. It is the second most lucrative market in the world (behind China) and the third country in the world with the biggest unmet potential.
Facial make-up’s latest quarterly update forecast remains the strongest in absolute retail value terms; the market will grow by USD1.2 billion by 2022. According to Euromonitor’s Industry Forecast Model, it also has the biggest unmet potential; meaning, there still some room for growth. Lip products is also showing good prospects and potential. Lip products is expected to gain USD881 million by 2022 and has an unmet market potential of almost USD1 billion.
Income (GPD per capita) is not the most impacting driver. As consumers are becoming more affluent, they buy more facial make-up and lip products but habit persistence and soft drivers play a more important role with the growth of those two markets.
To win, beauty brands need to target the right distribution strategy. Beauty specialist retailers and internet retailing are two dynamic distribution channels, which have both increased by five percentage points in five years. However, a shift in attitudes in consumers means that an online strategy needs to be carefully planned. Consumers of all age are digitally influenced but not to the same extent. This means beauty brands need to refrain from a one-size-fits-all policy when it comes to digital investment. The same can be applied to products variety; think about diversity. Lastly, consumer lifestyles are changing; and therefore, brands should change too and align with lifestyle choices.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.