US Skin Care Market (2015–2027)
With revenues from the global skin care market expected at $155.7 billion in 2023, starting a skin care brand can seem like an extremely lucrative entrepreneurial venture.
As an aspiring entrepreneur based in the United States, having a clearer picture of the local market can help you better determine business opportunities. All this starts with knowing how much the US skin care market is worth.
US skin care market in 2023
According to a recent analysis, the US skin care market is set to generate $21.1 billion in revenues in 2023—a 5.87% increase from the previous year. Skin care products will also be the second-largest revenue-generating products of the entire US beauty industry, after personal care, which has revenues forecasted at $42.2 billion.
Despite the expected annual increase, the US skin care market’s growth rate this year marks a slowdown from the previous year. In 2022, it grew by 10.24%.
From 2015 to 2023, the only year the US skin care market shrank was 2020, when revenues fell by 5.03%. With the exception of this, the sector has been expanding every year, growing its annual revenues from $16.2 billion in 2015. This marks a rise of $4.9 billion—a 30.25% overall increase and an average annual growth rate of 3.46%.
Understanding how consumers are purchasing skin care products can also help with business planning. Despite ecommerce’s share of retail sales growing year after year, as many as 63.4% of the US skin care market’s revenues in 2023 are still expected to come from offline sales. However, the preference to purchase skin care products in-store appears to be wavering, with revenues from online sales increasing every year. By 2025, total offline skin care purchases are set to represent just 54.8% of overall sales—a stark decline from 83.5% in 2017.
US skin care market: 2024–2027 revenue forecast
Looking ahead, analysts expect the US skin care market to continue growing, albeit at a slower pace. Growth rates of 3.56% and 3.34% are expected in 2024 and 2025, respectively, to bring overall revenues to $21.8 billion and $22.6 billion.
In 2026, the market is set to expand by 3.28%, to $23.3 billion. By 2027, it’s forecast to hit $24.1 billion, after growing 3.52% year on year.