US Skin Care Market (2018–2028)
With revenues from the global skin care market expected at $156 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 billion in revenues in 2023—a 5% increase from the previous year. This represents a market share of 22.6%. In other words, nearly one-quarter of every dollar US consumers spend on beauty products this year will be on skin care.
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 billion, double the expected revenues of skin care items.
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From 2018 to 2021, the US skin care market’s revenues held steady at $18 billion per annum. Despite the expected annual increase this year, the US skin care market’s growth rate marks a slowdown from the previous year. In 2022, it grew by 11.1%.
By industry experts’ estimations, between 2018 and 2023, the sector is set to increase its annual revenues by $3 billion. This marks a 16.7% overall increase and an average annual growth rate of 3.2%.
US skin care market: 2024–2028 revenue forecast
Looking ahead, analysts expect the US skin care market to continue growing, albeit at a slower pace. Growth rates of 4.8% and 4.5% are expected in 2024 and 2025, respectively, to bring overall revenues to $22 billion and $23 billion.
In 2026, the market is not expected to grow, as it generates $23 billion in revenue. A 4.3% rise in sales is predicted in 2017, which will take revenues to $24 billion. By 2028, it’s forecast to hit $25 billion, after growing 4.2% year on year.
From 2024 to 2028, the US skin care market is forecast to see its revenues increase by a total of $3 billion. This is an overall increase of 13.6% and an average annual growth rate of 3.6%.