Cosmetic & Beauty Products Manufacturing in The US Industry Report

IBISWorld | Cosmetic & Beauty Products Manufacturing in the US Sep 2023
INDUSTRY REPORT
Cosmetic &
Beauty Products
Manufacturing in
the US
Sep 2023
1
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Table Of Contents
1. About............................................................................. 5 5. Competitive Forces................................................ 38
Definition...................................................................... 5 Highlights...................................................................38
What’s Included......................................................... 5 Key Takeaways......................................................... 38
What’s Not Included................................................ 5 Concentration...........................................................39
Companies................................................................... 6 Barriers to Entry....................................................... 40
Related Industries......................................................6 Substitutes................................................................. 42
2. Performance................................................................ 9 Buyer & Supplier Power....................................... 43
Highlights..................................................................... 9 6. Companies.................................................................46
Key Takeaways............................................................9 Key Takeaways......................................................... 46
Executive Summary................................................ 10 Market Share............................................................ 46
Performance Snapshot......................................... 11 Companies................................................................. 48
Volatility...................................................................... 16 7. External Environment............................................ 50
Outlook....................................................................... 18 Highlights...................................................................50
Life Cycle.................................................................... 19 Key Takeaways......................................................... 50
3. Products and Markets........................................... 21 External Drivers........................................................ 50
Highlights...................................................................21 Regulation & Policy............................................... 53
Key Takeaways......................................................... 21 Assistance.................................................................. 54
Products and Services........................................... 22 8. Financial Benchmarks............................................ 56
Major Markets.......................................................... 25 Highlights...................................................................56
International Trade................................................. 27 Key Takeaways......................................................... 56
Imports........................................................................ 29 Cost Structure...........................................................57
Exports........................................................................ 30 Key Ratios.................................................................. 60
4. Geographic Breakdown........................................ 32 9. Key Statistics............................................................. 63
Key Takeaways......................................................... 32 Industry Data............................................................ 63
Business Locations..................................................33
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About
A quick definition of the industry, its
products and services, major
companies and other key identifiers
help you confirm you’re in the right
place.
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1. About
https://my.ibisworld.com/us/en/industry/32562/about
NAICS 2017 - USA 32562
NAICS 2017 - USA 325620
NAICS 2022 - USA 32562
NAICS 2022 - USA 325620
Definition
This industry prepares, blends, compounds and packages beauty products and cosmetics. Products
included in this industry are perfumes, makeup items, hair preparations, face creams, lotions and other
toiletries. Toothpastes, toothbrushes, soaps and body washes are not included in this industry.
What’s Included
 Perfumes, toilet waters, and colognes
 Hair preparations
 Dentifrices, mouthwashes, gargles and rinses
 Creams, lotions and oils
 Cosmetics
 Other
What’s Not Included

 Small electric household appliances
 Haircut and styling services
 Household soaps and detergents
 Diapers and incontinence products
 Surface active agents
 Electric fans
 Polishes and other sanitation goods
 Edge tools, saw blades and handsaws
 Razor blades and razors
 Paper towels and napkins
 Feminine products
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 Cutting tools and precision measuring tools

 Hair coloring and tinting services
 Mechanics' hand service tools
 Nail care services
Companies
 Procter & Gamble Co
 Estee Lauder Companies Inc.
 L'oreal Usa, Inc.
 Unilever N V
 Coty Inc.
 Mana Products Inc.
 Blistex Inc.
 Lady Burd
 Colorlab Cosmetics Inc.
 Body Dimensions Industries Inc.
 Lon Cosmetics Ltd.
 Labtec Cosmetics
 Medusa’s Make-Up
Related Industries
Industries in the Same Sector

 Competitors:
o No data available
 Complementors:
o Sanitary Paper Product Manufacturing in the US
o Soap & Cleaning Compound Manufacturing in the US
o Hand Tool & Cutlery Manufacturing in the US
o Vacuum, Fan & Small Household Appliance Manufacturing in the US
o Hair & Nail Salons in the US
International Industries
 Global Cosmetics Manufacturing
 Cosmetic & Beauty Product Manufacturing in Canada
6
 Cosmetics, Perfume and Toiletries Manufacturing in Australia

 Perfume & Cosmetics Manufacturing in the UK
 Cosmetic & Personal Care Product Manufacturing in China
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Performance
Track historical, current and forward-
looking trends in revenue, profit and
other performance indicators that
make or break an industry.
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2. Performance
https://my.ibisworld.com/us/en/industry/32562/performance
Highlights
Revenue Employees Businesses
$48.8bn 56,142 4,254

2018-23 CAGR ↓ 2.7 % 2018-23 CAGR ↓ 0.3 % 2018-23 CAGR ↑ 4.0 %
2023-28 CAGR ↑ 1.2 % 2023-28 CAGR ↑ 1.3 % 2023-28 CAGR ↑ 2.4 %
Profit Profit Margin
$2.8bn 5.7%
2018-23 CAGR ↓ 4.3 % 2018-23 CAGR ↓ 0.5 pp
Key Takeaways
 Customers are more conscious of the products they use. They seek innovative formulas and
beneficial ingredients, such as cannabidiol (CBD), alpha hydroxy acid and probiotics.
 Manufacturers have adjusted marketing budgets as consumers change their purchasing
behavior. Social media and e-commerce have driven manufacturers to connect directly with
consumers over the internet.
 The Food and Drug Administration doesn't define organic cosmetics or beauty products. Still,
some brands use the term to market products.
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Executive Summary
Rising per capita disposable income has supported cosmetic and beauty products manufacturing revenue.
Still, following the Federal Reserve's decision to aggressively raise interest rates multiple times in
2022-2023, a tighter policy has affected budgets and decreased disposable income. The ongoing economic
situation and the Federal Reserve's stricter policy have led to industry-wide revenue decreasing at a CAGR
of 2.7% over the past five years, including an estimated 1.9% decrease in 2023, and is expected to total
$48.8 billion. In the same year, profit is projected to decrease to 5.7%.
Still, a growing middle-aged consumer group has provided an opportunity for developing anti-aging and
luxury products. Increasing awareness of innovative, inclusive, technical and sustainable products has been
the trend for consumers. As disposable income has increased, consumers have had more flexibility to
purchase discretionary products. Exports have also supported revenue growth, except for 2020, with exports
primarily destined for Canada, China, the United Kingdom and Mexico. Aided by social media marketing
and increased demand for US-made products, online businesses like Glossier have been especially well-
positioned to reach consumers internationally.
Rising consumer confidence and disposable income will boost discretionary product spending. The world
price of zinc, which represents an essential input for manufacturers, will drop but still support profit growth
during the outlook period. Slowing imports will provide an opportunity for increased revenue for domestic
producers. So, industry revenue is expected to increase at a CAGR of 1.2% over the next five years, reaching
$51.8 billion in 2028. Still, strong demand for products manufactured overseas will continue to stifle growth.
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Performance Snapshot
↓ 2018-23 Revenue CAGR -2.7%
Revenue:
Revenue
2023 Revenue CAGR Revenue Volatility
$48.8bn ↓ 1.9 % Moderate
’18-’23 ↓ 2.7 %
’23-’28 ↑ 1.2 %
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Employees:
Employees Employees per Business Revenue per Employee
56,142 13 $868k
’18-’23 ↓ 0.3 % ’18-’23 ↓ 4.1 % ’18-’23 ↓ 2.4 %
’23-’28 ↑ 1.3 % ’23-’28 ↓ 1.0 % ’23-’28 ↓ 0.1 %
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Businesses:
Businesses Employees per Business Revenue per Business
4,254 13 $11.5m
’18-’23 ↑ 4.0 % ’18-’23 ↓ 4.1 % ’18-’23 ↓ 6.4 %
’23-’28 ↑ 2.4 % ’23-’28 ↓ 1.0 % ’23-’28 ↓ 1.1 %
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Profit:
Total Profit Profit Margin Profit per Business
$2.8bn 5.7% $653.3k

’18-’23 ↓ 4.3 % ’18-’23 ↓ 0.5 pp ’18-’23 ↓ 7.9 %
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Performance Snapshot
What’s driving current industry performance?
The industry faces COVID-induced economic impacts
 Following the Federal Reserve's decision to aggressively raise benchmark interest rates multiple
times in 2022-2023, a tighter policy has affected budgets and decreased disposable income, causing
reduced demand for cosmetic and beauty product manufacturers.
 The COVID-19 pandemic led to significant drops in 2020 consumer spending and confidence as
economic uncertainties increased and government lockdowns restricted economic activities.
Customers are more conscious of the products they use
 The trend of health-conscious consumerism is rising, with increasing demand for innovative
products containing beneficial ingredients. Ingredients like cannabidiol (CBD), alpha hydroxy acid
and probiotics are particularly sought after for their therapeutic properties.
 Since many makeup-wearing people were adversely affected by using masks over their makeup,
consumers started looking for healthy beauty solutions.
The use of anti-aging products is becoming more widespread
 The number of adults aged 50 and older has increased in recent years, contributing to a broadening
emphasis on anti-aging-related beauty products.
 Women in their thirties spend more on beauty products, especially anti-aging, because of the
expansion of anti-aging technology and the growing emphasis on using these products before signs
of aging appear.
New marketing strategies are emerging
 As consumer purchasing behavior evolves, manufacturers adapt by reallocating their marketing

budgets. This strategic shift aims to align with current consumption habits and optimize advertising
efforts.
 Social media and e-commerce growth have driven more manufacturers to connect with consumers
directly over the Internet, like investing in search engine marketing (SEM) to show up at the top of
search results for important keywords.
 Brands with vertically integrated manufacturing and business processes contribute to companies'
mobility to quickly identify and translate consumer preferences into new products.
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Volatility
What influences industry volatility?
Diverse companies are less susceptible to volatility
 Within an industry, revenue volatility can differ greatly among companies. Factors like market
demand, economic conditions and company-specific operations influence this variation.
 Procter & Gamble targets consumers with affordable everyday essentials like shampoo and
deodorant. Less influenced by market fluctuations, these products tend to maintain stable demand.
Discretionary products suffer the most
 During challenging economic periods, consumers often face restrictions on disposable income; this
leads them to reduce discretionary spending, which results in a significant drop in revenue for
businesses.
 Major manufacturers, being large-scale companies, possess sufficient resources to endure
temporary profit decreases. Their solid financial base enables them to sacrifice short-term benefits
to retain long-term market dominance.
 Companies can mitigate profit drops through strategic investment in areas like marketing to
enhance brand visibility and product development for innovation, thereby boosting their market
competitiveness and revenue.
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Outlook
What’s driving the industry outlook?
Social media and influencers will continue to drive cosmetic and beauty product demand
 Celebrity endorsements and influencer collaborations on platforms like Instagram and TikTok will
continue to attract consumer attention and boost demand for new, trendy products.
 However, factors like disposable income, consumer confidence, and increased awareness of
environmental and health impacts will continue significantly influence demand for cosmetic and
beauty products.
Environment preservation will take precedence in the manufacture of cosmetics
 Manufacturers will continue investing in research and development to formulate new and innovative
products with a particular emphasis on products that photograph well and are sustainable.
 Concerns about carbon footprints encourage producers to adopt eco-friendly resources, leading to
innovative materials and redesigned packaging. The cosmetic industry is replacing plastic with
environmentally friendly paper alternatives for sustainable waste reduction.
Competition will intensify in the Cosmetic and Beauty Products Manufacturing industry
 With a highly competitive market, new entrants must take advantage of innovative product lines and
niche markets to establish themselves among top producers like Estée Lauder.
 The increased production of organic and all-natural beauty products will continue as manufacturers
attempt to set themselves apart from the competition.
The manufacturer landscape will broaden
 Imports' share of domestic demand will drop as a declining trade-weighted index (TWI) enables US
products to be relatively more affordable to international buyers.
 Established manufacturers, like Revlon and Estée Lauder, aren't as well-positioned to take advantage
of exports and global online trade since they rely on distribution through traditional retail channels
to drive sales.
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Life Cycle
Why is the industry mature?
Contribution to GDP
Industry value added, which measures an industry's contribution to GDP, has nearly plateaued, with the
industry stalling as the overall economy grows.
Market Saturation
Cosmetic and beauty product manufacturing is in the mature stage of its life cycle and is saturated in many
product categories. Still, niche and developing markets can offer aspiring beauty product manufacturers
opportunities.
Innovation
Producing sustainable, eco-friendly and climate-conscious lifestyle products is recognized as an innovation

among cosmetic and beauty manufacturers.
Consolidation
Consolidation has characterized the industry, with larger companies acquiring smaller companies to gain
market share.
Technology and Systems
Research and development (R&D) is an increasingly important investment for manufacturers, supporting
the premiumization of cosmetic products. Artificial intelligence (AI) is becoming more prevalent in the
industry, identifying different skin breakouts and consumers' concerns to optimize product quality.
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Products and
Markets
Find out what the industry offers,
where trade is most concentrated and
which markets are buying and why.
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3. Products and Markets

https://my.ibisworld.com/us/en/industry/32562/products-and-markets
Highlights
Largest Market
Product Innovation
$17.0bn ↑ High
Cosmetics
Key Takeaways
 Cosmetics face large amounts of innovation and are subject to quickly changing trends. Anti-
aging, vegan, cruelty-free and male-catered products lead the way.
 High-income consumers can purchase premium cosmetics and other personal care items.
These wealthy consumers shop at high-end department stores and specialty retailers with high-
value industry goods.
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Products and Services
How are the industry’s products and services performing?
Cosmetics face large amounts of innovation and are subject to quickly changing trends
 The array of products in this segment is extensive and includes lipstick, eye shadow, nail polish,
mascara, blush, eyeliner and several other product types.
 Anti-aging trends impact this segment, with specialized products that combine cosmetics and skin
care ingredients quickly coming to market.
 Companies that promote themselves as vegan or cruelty-free have revived a product line in
response to the recent drive for organic and ecologically friendly cosmetics.
 Men are becoming more interested in cosmetics, offering a fantastic market opportunity.
The most expensive products in the market are creams, lotions and oils
 This category includes facial creams, body, hand and face lotions and sunscreen, sun tan lotions and
oils.
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 Some of the most expensive products on the market can be found in this category, with some
costing more than $200.00 per two ounces.
 A focus on anti-aging treatments boosts this segment's popularity.
 Consumer concerns about appearance and technological advances have paved the way for this
segment's ascent.
 Men's skincare products have become a significant category as men have spent more on facial
skincare products.
Customers are more knowledgeable about hair care
 Products in this segment include hair color, shampoos, conditioners, rinses, hair sprays, pomades,
mousses, gels and restorative treatments.
 The haircare segment includes professional and daily at-home consumer-use products.
 An enhanced understanding of hair care product chemicals creates the potential for new specialized
markets, like sulfate-free shampoo, organic products and goods with additional benefits from
compounds like cannabidiol and moringa oil.
Oral care remains consistent
 This segment includes oral hygiene products like floss, mouthwash, denture cleaners and adhesives.
 Many of the products in this segment are nondiscretionary and their share of revenue has remained
broadly consistent.
Fragrances must work hard despite low earnings
 Products in this segment include fragrances like perfumes, toilet water and colognes.
 The popularity of celebrity-endorsed fragrances has worked to stimulate sales.
 The industry must invest in fragrance research and development because popular scents cycle,
similar to fashion trends.
 Only a few brands and scents have withstood the test of time as many fragrances, especially
celebrity fragrances, quickly gain and lose popularity.
Many other hygiene products account for the rest of the industry
 This segment includes deodorants, manicure preparations, bath salts, shaving gel, creams, lotions,
powders and aftershave preparations.
 Some products in this segment are considered non-discretionary, providing a steady revenue
stream.
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What products or services do successful businesses offer?

Promote products effectively
High brand visibility is essential in increasing mass-market cosmetics and toiletries sales.
Having a good reputation

In this highly competitive industry, marketing and brand reputation development are crucial to
gaining market share. Building a brand identity and cultivating loyal consumers is essential for
differentiating products and developing loyal customers.
Present products attractively

As many products in this industry are luxury, consumers expect high-quality and engaging packaging
and presentation of products.
What are innovations in industry products and services?
Eco-friendly and climate-conscious lifestyle products
 A growing number of US consumers prioritize eco-friendly and climate-conscious products,

particularly in the cosmetics and beauty sector, reflecting increased environmental awareness in
purchasing decisions.
 Consumers recognize South Korea for its innovation in cosmetics as the Asian market gains
popularity for affordability and focus on gentle and natural ingredients, which US companies
emulate.
Inclusive products
 Companies now include a wide color selection to accommodate all skin tones, so manufacturers that
only offer a select number of foundation colors cannot compete.
 Products targeted at curly hair were once an overlooked niche. However, their popularity is on a
continuous rise, indicating a healthy future growth trajectory.
 Recognizing the growing popularity of male makeup, especially among Gen Z, cosmetic companies
are diversifying their product lines to specifically cater to this expanding consumer segment.
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Major Markets
What’s influencing demand from the industry’s markets?
High-income consumers remain a stable market
 Consumers in this segment benefit from high disposable income levels of more than $200,000 and
can purchase more premium cosmetics and other personal care items.
 These affluent consumers prefer shopping at luxury department stores and niche retailers
specializing in high-value industry goods, exemplifying their premium taste and high spending
power.
Middle-income consumers drive sales
 These consumers benefit from higher disposable income between $100,000 and $199,999, leading
to a more robust demand for industrial goods.
 These segments consist of aspirational shoppers who enjoy indulging in little luxuries. Their
purchases often include products like high-end designer lipsticks or reputable brand-name
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shampoos.
 Demand from varying income quintiles has surged as companies produce mid-tier luxury items; this
reflects the desire for luxury within affordable means, expanding market demographics.
Mid to low-income consumers focus on necessities
 Consumers in this segment have reduced disposable incomes between $30,000 and $99,999 and
buy low-value industry goods that don't carry a high price tag and fewer non-discretionary
products.
 With increased interest rates in 2022-2023, consumer behaviors have notably shifted; consumers are
now prioritizing essential products while exhibiting a heightened awareness of their expenditures,
affecting this segment's growth.
Low-income customers have the smallest share
 Consumers with an income below $30,000 are experimenting the least with new products, tending
to purchase only nondiscretionary items because of their limited disposable income.
 This segment, significantly impacted by the current economic situation, predominantly prioritizes
essential products, demonstrating an increased consciousness of their spending patterns and
financial commitments.
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International Trade
Total Imports Total Exports Trade Balance
$14.4bn $9.6bn Net Importer

’18-’23 ↑ 3.2 % ’18-’23 ↓ 2.3 % ↓ Deficit: $-4.8bn
’23-’28 ↓ 0.3 % ’23-’28 ↑ 2.2 %
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International Trade
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Imports
Moderate Increasing
What are the industry’s import trends?
Consumers require affordable luxury products
 Demand for both high-end and affordable products has been increasingly satisfied by imports.
Domestically, consumers with a rise in disposable income have demanded discretionary products
from European manufacturers, leading to increased imports.
 COVID-19 caused a significant drop in import activity globally. However, with 2021's economic
recovery and resumption of trade, there's been a notable rebound in global imports.
Asian beauty market expands
 Asian beauty products, renowned globally, are appreciated for their affordability. Their formulations
emphasize gentle, natural ingredients, prioritizing skin health over temporary fixes, carving a unique
stature among beauty enthusiasts.
 South Korea is recognized for innovation in cosmetics, producing sustainable, eco-friendly and
climate-conscious lifestyle products, which the US market considers when purchasing products from
the industry.
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Exports
Moderate Decreasing
What are the industry’s export trends?
US exports to a handful of foreign markets
 The value of cosmetic and beauty product exports has decreased, partially because of the
appreciation of the US dollar, which has caused US goods to be more expensive in foreign markets.
 Overseas retailers depend on the perceived high quality of US-made goods to entice foreign buyers,
notably Canada, China, the United Kingdom and Mexico.
US-based companies capitalize on foreign consumer confidence
 Glossier's digital business model permits shipping its beauty products to primary export markets;
this includes countries like Canada and the UK, broadening their customer base globally.
 Rising consumer spending in foreign countries has supported demand for US exports. Also,
increasing social media utilization effectively promotes cosmetic and beauty products globally,
ensuring consistent export rates and protection against sudden dips in demand.
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Geographic
Breakdown
Discover where business activity is
most concentrated in this industry
and what’s driving these trends.
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4. Geographic Breakdown
https://my.ibisworld.com/us/en/industry/32562/geographic-breakdown
Key Takeaways
 The West region dominates the market, with California having the most industry
establishments. The state has a high population and fashion-forward metropolises.
 The Mid-Atlantic region capitalizes on its location. This region is close to upstream chemical
producers and contains significant shipping ports.
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Business Locations
State Establishments Establishments Revenue Revenue Wages Wages Employment Employment

Units % $ million % $ million % Units %
New Jersey 275 6.4 9,584.6 19.7 677.5 17.4 6,978 12.4
California 1,061 24.7 5,645.9 11.6 402.3 10.3 7,261 12.9
Florida 297 6.9 1,936.6 4.0 138.4 3.5 2,888 5.1
North Carolina 132 3.1 4,961.3 10.2 345.7 8.9 5,197 9.3
New York 241 5.6 3,555.0 7.3 256.6 6.6 4,473 8.0
Ohio 97 2.3 3,368.3 6.9 233.9 6.0 4,254 7.6
Illinois 215 5.0 1,818.4 3.7 126.6 3.2 2,291 4.1
Texas 210 4.9 2,732.0 5.6 194.3 5.0 2,903 5.2
Pennsylvania 122 2.8 1,634.7 3.4 114.3 2.9 3,393 6.0
Washington 143 3.3 177.3 0.4 12.4 0.3 290 0.5
Michigan 81 1.9 1,488.2 3.1 103.9 2.7 1,240 2.2
Colorado 118 2.8 382.7 0.8 27.4 0.7 721 1.3
Tennessee 74 1.7 1,269.8 2.6 91.7 2.4 1,510 2.7
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Utah 107 2.5 459.1 0.9 28.7 0.7 641 1.1

Virginia 31 0.7 1,017.6 2.1 74.3 1.9 1,313 2.3
Minnesota 89 2.1 1,066.9 2.2 76.7 2.0 1,038 1.8
Arizona 97 2.3 210.0 0.4 14.6 0.4 423 0.8
Georgia 86 2.0 786.9 1.6 54.6 1.4 1,098 2.0
Arkansas 13 0.3 850.3 1.7 47.5 1.2 581 1.0
Oregon 94 2.2 251.7 0.5 18.2 0.5 284 0.5
Kentucky 17 0.4 396.4 0.8 66.5 1.7 583 1.0
Missouri 60 1.4 832.0 1.7 60.6 1.6 318 0.6
Connecticut 49 1.1 618.0 1.3 46.1 1.2 990 1.8
Idaho 19 0.4 486.2 1.0 35.4 0.9 916 1.6
Maryland 32 0.7 681.9 1.4 39.4 1.0 529 0.9
Mississippi 54 1.3 498.2 1.0 40.8 1.0 783 1.4
Iowa 23 0.5 532.0 1.1 35.0 0.9 598 1.1
Massachusetts 73 1.7 336.1 0.7 24.3 0.6 478 0.9
Wisconsin 72 1.7 70.5 0.1 4.7 0.1 144 0.3
Alabama 57 1.3 108.4 0.2 8.4 0.2 465 0.8
Indiana 50 1.2 441.8 0.9 31.0 0.8 481 0.9
Nevada 44 1.0 21.2 0.0 1.5 0.0 68 0.1
Vermont 16 0.4 312.7 0.6 18.4 0.5 406 0.7
New Hampshire 34 0.8 235.3 0.5 16.8 0.4 138 0.2
New Mexico 33 0.8 50.2 0.1 3.6 0.1 101 0.2
Hawaii 33 0.8 79.2 0.2 5.9 0.2 103 0.2
Delaware 21 0.5 242.2 0.5 14.9 0.4 263 0.5
Montana 31 0.7 3.6 0.0 0.2 0.0 36 0.1
Rhode Island 8 0.2 111.5 0.2 6.4 0.2 119 0.2
Maine 29 0.7 83.4 0.2 5.7 0.1 111 0.2
Oklahoma 13 0.3 70.2 0.1 5.2 0.1 157 0.3
Louisiana 25 0.6 16.8 0.0 1.2 0.0 29 0.1
South Dakota 8 0.2 105.1 0.2 6.3 0.2 118 0.2
West Virginia 8 0.2 103.2 0.2 6.2 0.2 115 0.2
South Carolina 15 0.4 72.6 0.1 5.2 0.1 129 0.2
Kansas 4 0.1 56.5 0.1 3.2 0.1 60 0.1
North Dakota 4 0.1 37.1 0.1 2.9 0.1 55 0.1
Alaska 4 0.1 35.9 0.1 2.8 0.1 53 0.1
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Where are industry businesses located?
The West region dominates the market
 California leads the nation in cosmetic and beauty product manufacturing, housing nearly a quarter
of all US industry establishments. This economic sector significantly contributes to the state's diverse
economy.
 California has a high population and many fashion-forward metropolises. Companies will locate
manufacturing facilities close to downstream markets and save on transportation costs.
The Mid-Atlantic region capitalizes on ports
 With high industry establishments, New York and New Jersey rank second and third, respectively.
The high population in New York City attracts numerous downstream customers, contributing to its
popularity.
 This region is close to upstream chemical producers and contains significant shipping ports, which
have become increasingly crucial to shipping within the US and for export destinations.
The Southeast region has major metropolises
 The Southeast region boasts significant consumer hotspots like Atlanta and Miami. These
geographically dispersed locations offer high population densities, making them attractive markets
for cosmetic and beauty manufacturers.
 Florida boasts numerous shipping ports, which are major gateways connecting the United States to
export markets and imported industrial suppliers offering affordable rates.
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36
Competitive
Forces
Uncover challenges and benefits in
the operating environment, digging
into market share, buyer and supplier
power and key success factors for
operators.
37
5. Competitive Forces
https://my.ibisworld.com/us/en/industry/32562/competitive-forces
Highlights
Concentration Competition Barriers to Entry

Low ↓ High ↓ Increasing Moderate ↑ Increasing
Substitutes Buyer Power Supplier Power

Moderate ↓ Increasing ↓ High ↓ Increasing Moderate Steady
Key Takeaways
 External competition exists from many other countries. Cosmetic and beauty product
manufacturers compete with low-cost imports from China and Mexico, high-end products from
France and Italy and innovation from South Korea.
 At-home remedies help with cost-effectiveness during economic hardship. When the economy
is downturned, many people turn to products they already have at home, like coconut oil.
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Concentration
Low
What impacts the industry’s market share concentration?
The industry exhibits a low level of market share concentration
 The industry's highly fragmented nature is evidenced by over half of companies having a workforce
of less than 20; this shows a prevalence of smaller, niche businesses.
 Merger and acquisition activity is widespread as larger companies buy shares of smaller companies
like Coty Inc. did by purchasing a large percentage of Kim Kardashian's skincare business, SKKN BY
KIM.
Small businesses can expand their operations
 Small manufacturers can thrive as the internet's prevalence makes it easier for shoppers to research
and buy cosmetic and beauty products online.
 Consumer interest in niche, small-batch products has grown significantly, offering increased
opportunities for smaller manufacturers to thrive amid an otherwise mass-production-dominated
market.
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Barriers to Entry
Moderate Increasing
What challenges do potential industry entrants face?
Legal
 The Food and Drug Administration (FDA) is the primary regulating body governing cosmetic and
beauty product manufacturing, enforcing the laws and regulations relating to the manufacturing,
labeling and marketing of cosmetics.
Start-up Costs
 Cosmetic and beauty product manufacturing requires factory and production equipment, which can
be costly. Securing financing is a hurdle all new companies must overcome.
Differentiation
 Building a brand identity and cultivating loyal consumers is crucial for differentiating products and
cultivating loyal customers. Also, manufacturers range in price and quality, appealing to various
consumers.
Labor Expenses
 Capital remains central to cosmetic and beauty products manufacturing, driven by significant
investment in machinery. Still, smaller companies invest less in machinery and more in human labor,
as many of these companies need to face higher demand to warrant purchasing machinery.
Capital Expenses
 Capital remains central to cosmetic and beauty products manufacturing, driven by significant
investment in machinery. Still, smaller companies invest less in machinery and more in human labor,
as many of these companies need to face higher demand to warrant purchasing machinery.
40
How can potential entrants overcome barriers to entry?

Develop marketing expertise
This industry changes rapidly as new ingredients, product formulations and trends
develop. Consumers prefer the most innovative and compelling products, so being
able to quickly adopt new technology is vital to keep consumers.
41
Substitutes
Moderate Increasing
What are substitutes for industry services?
Imports
 The industry faces stiff competition from inexpensive imports originating from China and Mexico.
Furthermore, it must also contend with the superior quality of high-end products imported from
France and Italy.
 Domestic manufacturers compete with Asian imports based on innovation and price since the
cosmetics and beauty products industry in South Korea is especially innovative.
Do-it-yourself
 Many cosmetic and beauty products are considered discretionary, so many people turn to products
they already have at home, like coconut oil, honey and baking soda, when discretionary funds are
low.
 Do-it-yourself products offer organic advantages, efficiently duplicating the effects seen in
industrially produced counterparts. Their natural components make them attractive, reliable and
sustainable alternatives.
42
Buyer & Supplier Power
What power do buyers and suppliers have over the industry?
Buyer: eco-conscious trends
High Increasing
 Buyers primarily select cosmetic and beauty products based on high quality and prices. Also,
sustainable, eco-friendly and climate-conscious lifestyle products make loyal buyers.
 Thanks to the increased reliance on online reviews and social media, consumers can easily share
their experiences with cosmetic and beauty products, which can influence the buying decisions of
others.
43
Supplier: chemicals as commodities
Moderate Steady
 Being located close to upstream chemical suppliers, particularly in the Mid-Atlantic region, provides
cost advantages by reducing transportation and logistics expenses, resulting in competitive pricing
for customers.
 Large companies can keep costs low through relationships with suppliers and well-established
distribution networks; these decreased costs often translate to higher profit.
How do successful businesses manage buyer & supplier

power?
Develop marketing expertise
This industry changes rapidly as new ingredients, product formulations and trends
develop. Consumers prefer the most innovative and compelling products, so being
able to quickly adopt new technology is vital to keep consumers.
44
Companies
Find out which companies hold the
most market share and how revenue,
profit and market share have shifted
over time for these leaders.
45
6. Companies
https://my.ibisworld.com/us/en/industry/32562/companies
Key Takeaways
 L’Oréal is a private company with an estimated 12,000 employees. The company has a
significant market share in US cosmetic and beauty products manufacturing.
 Procter & Gamble is a public company headquartered in Ohio. Its most significant market share
is in the Shaving Razor Manufacturing industry, so most of its relevant cosmetic and beauty
products are related to hygiene.
Market Share
46
Chart displays current year only in the PDF version of this report. You can view and download chart
for all other years associated with this industry on my.ibisworld.com.
47
Companies
Company Market Share (%) Revenue ($m) Profit ($m) Profit Margin (%)
2023 2023 2023 2023
Procter & Gamble Co 13.9 6,760.4 1,517.5 22.4

Estee Lauder Companies Inc. 8.7 4,222.8 644.9 15.3
L'oreal Usa, Inc. 8.5 4,166.6 819.9 19.7
Unilever N V 8.2 3,985.2 645.1 16.2
Coty Inc. 1.2 590.6 79.3 13.4
Mana Products Inc. 0.8 413.5 23.6 5.7
Blistex Inc. 0.1 46.9 2.7 5.7
Lady Burd 0.0 18.0 1.0 5.7
Colorlab Cosmetics Inc. 0.0 8.7 0.5 5.7
Body Dimensions Industries Inc. 0.0 8.2 0.5 5.7
Lon Cosmetics Ltd. 0.0 8.0 0.5 5.7
Labtec Cosmetics 0.0 7.8 0.4 5.7
Medusa’s Make-Up 0.0 2.7 0.2 5.7
You can view and download company details on my.ibisworld.com.
48
External
Environment
Understand the demographic,
economic and regulatory factors
positively and negatively affecting the
industry.
49
7. External Environment
https://my.ibisworld.com/us/en/industry/32562/external-environment
Highlights
Regulation & Policy Assistance

Moderate ↓ Increasing Moderate Steady
Key Takeaways
 The Food, Drug and Cosmetic Act prohibits distributing adulterated cosmetics. The legislation
protects consumers against products containing filthy, putrid or decomposed substances.
 The federal government places tariffs on cosmetic and beauty products imports. For example,
deodorants and antiperspirants are subject to a 4.9% tariff, reducing import competition.
External Drivers
What demographic and macroeconomic factors impact the industry?
The Consumer Confidence Index mirrors consumers' sentiments about the state of the economy and
reflects unemployment and disposable income trends. Consumers purchase cosmetic and beauty products
when the Consumer Confidence Index is high because many industry goods are discretionary. The
Consumer Confidence Index is expected to drop in 2023.
50
Per capita disposable income determines an individual's ability to purchase goods or services like cosmetics
and beauty products. Many cosmetic and beauty products, like shampoo and deodorant, are non-
discretionary. The industry also manufactures nonessential luxury goods, like perfume and makeup. Per
capita disposable income is expected to rise in 2023, representing a potential opportunity for
manufacturers.
The trade-weighted index (TWI) measures the strength of the US dollar compared with the currencies of
major trading partners. An appreciating dollar makes US-made cosmetic and beauty products less
affordable for foreign customers, limiting industry exports. An increasing TWI makes foreign-manufactured
goods more affordable, decreasing demand for domestically produced products. The TWI is expected to
rise in 2023.
51
Investment in research and development (R&D) drives new product development in the industry. As public
and private R&D funding grow, manufacturers will have better access to advanced ingredients and
methodologies for producing cutting-edge products. R&D expenditure is expected to rise in 2023.
Women's labor force participation rate measures the percentage of civilian, noninstitutionalized women
aged 16 and older who are employed or unemployed but looking for work. As this rate increases, more
women demand products. Women's labor force participation rate is expected to drop in 2023, posing a
potential threat to manufacturers.
52
Regulation & Policy
Moderate Increasing
What regulations impact the industry?
Food and Drug Administration (FDA)
The FDA is the primary regulating body governing cosmetic and beauty product manufacturing, enforcing
the laws and regulations relating to cosmetics manufacturing, labeling and marketing. The FDA doesn't
define organic cosmetics or beauty products, but some brands use the term to market products.
Food, Drug and Cosmetic Act (FDR)
The Food, Drug and Cosmetic Act prohibits the distribution of adulterated cosmetics that contain a
substance that may make the product harmful to consumers. The legislation protects consumers against
products containing filthy, putrid or decomposed substances.
Fair Packaging and Labeling Act (FPLA)
The FPLA protects against mislabeled products. A product will be misbranded if its labeling is false or
misleading if it doesn't bear the required labeling information, or if companies deceptively make or fill
containers.
California Safe Cosmetics Act
The California Safe Cosmetics Act of 2005 requires cosmetic companies selling products within California to
disclose details to the Department of Health Services of any ingredients that contain chemicals identified as
causing cancer or reproductive toxicity, particularly chemicals in the phthalate family.
Microbead-Free Waters Act
The Microbead-Free Waters Act of 2015 bans producing rinse-off toiletry products containing plastic
microbeads. The ban required that all manufacturers remove microbeads from production by July 2017.
COVID-19 pandemic
Health and safety guidelines were established in 2020 amid COVID-19. Such guidelines advised temporary
social distancing and ongoing additional sanitation measures within facilities. Many of these guidelines
have since been repealed.
53
Assistance
Moderate Steady
What assistance is available to this industry?
US Trade Representative (USTR)
Tariffs on cosmetic and beauty products vary depending on the product and the material used to make the
product. For example, deodorants and antiperspirants are subject to a 4.9% tariff, reducing import
competition.
COVID-19 relief
Manufacturers of cosmetic and beauty products benefited from forgivable loans provided through the
Paycheck Protection Program (PPP), established by the Coronavirus Aid, Relief, and Economic Security Act,
in 2020. Assistance connected to the pandemic has since ended.
Personal Care Products Council (PCPC)
The PCPC is a national trade association representing 600 global cosmetic and beauty product
manufacturers. The organization, founded in 1894, works as an advocate and educator for industry
members through its five main departments: Science, Government Affairs, Global Strategies, Legal and
Regulatory Public Affairs and Communications.
54
Financial
Benchmarks
Understand average costs for industry
operators and compare financial data
against key ratios and financial
benchmarks broken down by
business size.
55
8. Financial Benchmarks
https://my.ibisworld.com/us/en/industry/32562/financial-benchmarks
Highlights
Profit Margin Average Wage Largest Cost
5.7 % $69,531 Purchases

↑ Higher than sector ↓ Lower than sector 39.0% of Revenue
Key Takeaways
 Large companies can keep costs low through supplier relationships and well-established
distribution networks. Estée Lauder and L'Oréal create high-quality products that command higher
prices.
 Changing raw material prices impact a company's costs and its profitability. Manufacturers
purchase inputs like alcohols, chemicals, dyes, essential oils and minerals for cosmetics and beauty
products.
56
Cost Structure
Chart displays current year only in the PDF version of this report. You can view and download chart
for all other years associated with this industry on my.ibisworld.com.
What trends impact industry costs?
Product success depends on research and development
 Other has increased over the past five years and is estimated to account for 43.3% of industry
revenue in 2023.
 Manufacturers incur costs associated with accounting and legal matters. Furthermore, expenditure
on research and development fluctuates, contingent on the available resources.
 Most growing companies in the Cosmetic and Beauty Products Manufacturing industry spend some
revenue on product development to stay relevant and marketable.
57
Profit depends upon economic conditions
 Profit has decreased over the past five years and is estimated to account for 5.7% of industry
revenue in 2023.
 Manufacturing costs and returns are influenced by several factors, including the size of the
company, its location, supply contracts and product mix. Large companies can leverage supplier
relationships and use well-established distribution networks to maintain minimal costs.
 Estée Lauder and L'Oréal create high-quality products that command higher prices, which enables
them to earn higher returns under favorable economic conditions.
 The high-interest rates of 2022-2023 have put significant pressure on consumer spending, causing a
shift toward essential products. Awareness of expenses is heightened, adversely affecting profit
growth for businesses.
Purchases account for the highest share of revenue
 Purchases have decreased over the past five years and are estimated to account for 39.0% of
industry revenue in 2023.
 Manufacturers must buy inputs, like alcohols, chemicals, dyes, essential oils and minerals to use in
cosmetics and beauty products. Any changes in raw material prices impact a company's costs and,
ultimately, its profitability.
 The industry includes the cost of product packaging as a purchase cost; some companies package
products in-house, while others contract packaging and labeling out to third-party manufacturers
(IBISWorld report 56191).
 The cost of product presentation for cosmetic and beauty items is significantly high. This is because
their sales heavily rely on aesthetics and visual appeal, making presentation critical.
Marketing has traditionally been vital in the highly competitive cosmetics field
 Marketing has decreased over the past five years and is estimated to account for 1.4% of industry
revenue in 2023.
 Manufacturers use advertising, promotional materials, marketing research, product sampling and
publicity to build brand awareness. However, manufacturers that rely less on luxury product sales
spend less on marketing.
 Manufacturers of beauty products are increasingly collaborating with influencers and celebrities for
endorsements, enhancing the visibility and appeal of their high-profile cosmetics brands to
consumers.
58
59
Key Ratios
Year Revenue Revenue Employee Employee Average Wages/ Estab. per IVA/ Imports/ Exports/
per per s per s per Ent. Wage Revenue Enterprise Revenue Demand Revenue
Employee Enterprise Estab. (Units) ($) (%) (Units) (%) (%) (%)
($) ($ million) (Units)
2004 948,98 42.1 41.9 44.3 72,619 7.7 1.1 15.8 10.0 10.5
5
2005 1,056,7 45.4 40.9 43.0 69,463 6.6 1.1 16.0 10.2 10.7
54
2006 1,116,0 41.7 35.7 37.3 70,658 6.3 1.0 12.7 9.8 10.9
74
2007 1,190,4 41.3 33.5 34.7 70,136 5.9 1.0 14.3 9.9 11.0
26
2008 1,016,4 33.3 31.8 32.8 71,182 7.0 1.0 15.3 11.8 13.8
19
2009 945,27 26.6 27.5 28.1 70,024 7.4 1.0 15.1 12.6 15.2
8
2010 1,051,3 24.0 22.3 22.8 74,380 7.1 1.0 14.8 14.2 16.6
01
2011 1,085,5 22.7 20.5 20.9 73,988 6.8 1.0 15.3 14.4 15.7
68
2012 1,069,4 19.6 18.0 18.4 70,859 6.6 1.0 15.8 16.7 17.9
29
2013 1,015,6 18.2 17.6 17.9 69,584 6.9 1.0 15.7 18.1 18.8
22
2014 1,084,6 18.8 17.0 17.3 68,739 6.3 1.0 15.9 17.6 17.7
34
2015 1,125,8 17.7 15.4 15.7 68,751 6.1 1.0 17.0 17.0 16.9
83
2016 1,037,9 16.1 15.3 15.5 69,892 6.7 1.0 18.0 19.2 17.8
70
2017 952,02 15.7 16.2 16.5 68,454 7.2 1.0 15.7 21.0 19.6
4
2018 978,76 15.9 16.0 16.3 71,197 7.3 1.0 15.1 21.4 19.3
9
2019 954,93 14.3 14.7 14.9 67,585 7.1 1.0 15.2 21.3 20.0
0
2020 883,66 12.3 13.7 13.9 69,772 7.9 1.0 14.8 20.8 19.0
4
2021 893,63 12.4 13.7 13.9 69,928 7.8 1.0 15.9 23.1 18.6
3
60
2022 878,53 11.8 13.3 13.5 69,691 7.9 1.0 15.1 25.4 19.2
3
2023 868,41 11.5 13.1 13.2 69,531 8.0 1.0 15.3 26.8 19.6
6
2024 868,19 11.4 13.0 13.1 69,527 8.0 1.0 15.7 26.5 19.8
4
2025 869,44 11.2 12.8 12.9 69,547 8.0 1.0 16.1 26.1 20.2
5
2026 868,07 11.1 12.7 12.7 69,524 8.0 1.0 16.3 25.9 20.3
8
2027 866,81 10.9 12.6 12.6 69,505 8.0 1.0 16.4 25.8 20.4
7
2028 864,93 10.8 12.5 12.5 69,475 8.0 1.0 16.5 25.6 20.5
5
2029 863,35 10.7 12.4 12.4 69,450 8.0 1.0 16.6 25.6 20.6
8
61
Key Statistics
Discover 14 years of historical, current
and forward-looking industry
performance data in table format.
62
9. Key Statistics
https://my.ibisworld.com/us/en/industry/32562/key-statistics
Industry Data
Year Revenue IVA Establishments Enterprises Employment Exports Imports Wages
($ million) ($ million) (Units) (Units) (Units) ($ million) ($ million) ($ million)
2004 56,168 8,848 1,414 1,335 59,187 5,894 5,590 4,298

2005 60,423 9,652 1,399 1,330 57,178 6,446 6,105 3,972
2006 64,895 8,262 1,630 1,558 58,146 7,072 6,290 4,108
2007 70,103 10,019 1,758 1,699 58,889 7,701 6,846 4,130
2008 61,696 9,441 1,907 1,852 60,699 8,491 7,113 4,321
2009 52,538 7,937 2,024 1,976 55,579 7,973 6,415 3,892
2010 53,376 7,886 2,272 2,223 50,771 8,843 7,381 3,776
2011 57,846 8,859 2,597 2,549 53,286 9,054 8,201 3,943
2012 53,786 8,512 2,790 2,739 50,294 9,616 8,842 3,564
2013 53,150 8,319 2,965 2,918 52,332 9,966 9,566 3,641
2014 57,581 9,177 3,115 3,068 53,088 10,190 10,091 3,649
2015 60,003 10,204 3,452 3,399 53,294 10,120 10,205 3,664
2016 55,810 10,065 3,516 3,462 53,768 9,950 10,886 3,758
2017 53,605 8,411 3,473 3,415 56,306 10,482 11,439 3,854
2018 55,788 8,410 3,557 3,503 56,998 10,744 12,295 4,058
2019 53,654 8,158 3,814 3,764 56,186 10,738 11,613 3,797
2020 48,379 7,179 3,987 3,935 54,748 9,172 10,319 3,820
2021 51,161 8,138 4,184 4,127 57,251 9,541 12,519 4,003
2022 49,689 7,496 4,245 4,200 56,559 9,527 13,671 3,942
2023 48,755 7,471 4,290 4,254 56,142 9,561 14,382 3,904
2024 49,448 7,767 4,390 4,355 56,955 9,814 14,305 3,960
2025 50,369 8,120 4,513 4,480 57,932 10,169 14,172 4,029
2026 50,856 8,272 4,624 4,596 58,584 10,323 14,184 4,073
2027 51,355 8,401 4,720 4,695 59,245 10,483 14,195 4,118
2028 51,842 8,555 4,807 4,785 59,937 10,642 14,199 4,164
2029 52,147 8,673 4,877 4,858 60,400 10,726 14,239 4,195
63
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64

Cosmetic & Beauty Products Manufacturing in The US Industry Report

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IBISWorld | Cosmetic & Beauty Products Manufacturing in the US Sep 2023

1. About............................................................................. 5 5. Competitive Forces................................................ 38

What’s Included......................................................... 5 Key Takeaways......................................................... 38

What’s Not Included................................................ 5 Concentration...........................................................39

Companies................................................................... 6 Barriers to Entry....................................................... 40

Related Industries......................................................6 Substitutes................................................................. 42

2. Performance................................................................ 9 Buyer & Supplier Power....................................... 43

Key Takeaways............................................................9 Key Takeaways......................................................... 46

Executive Summary................................................ 10 Market Share............................................................ 46

Performance Snapshot......................................... 11 Companies................................................................. 48

Volatility...................................................................... 16 7. External Environment............................................ 50

Life Cycle.................................................................... 19 Key Takeaways......................................................... 50

3. Products and Markets........................................... 21 External Drivers........................................................ 50

Highlights...................................................................21 Regulation & Policy............................................... 53

Key Takeaways......................................................... 21 Assistance.................................................................. 54

Products and Services........................................... 22 8. Financial Benchmarks............................................ 56

Major Markets.......................................................... 25 Highlights...................................................................56

International Trade................................................. 27 Key Takeaways......................................................... 56

Imports........................................................................ 29 Cost Structure...........................................................57

Exports........................................................................ 30 Key Ratios.................................................................. 60

4. Geographic Breakdown........................................ 32 9. Key Statistics............................................................. 63

Key Takeaways......................................................... 32 Industry Data............................................................ 63

NAICS 2017 - USA 32562

NAICS 2017 - USA 325620

NAICS 2022 - USA 32562

NAICS 2022 - USA 325620

What’s Not Included

 Cutting tools and precision measuring tools

Industries in the Same Sector

o Soap & Cleaning Compound Manufacturing in the US

o Hand Tool & Cutlery Manufacturing in the US

o Vacuum, Fan & Small Household Appliance Manufacturing in the US

o Hair & Nail Salons in the US

 Cosmetics, Perfume and Toiletries Manufacturing in Australia

Revenue Employees Businesses

$48.8bn 56,142 4,254

Profit Profit Margin

↓ 2018-23 Revenue CAGR -2.7%

Employees Employees per Business Revenue per Employee

Businesses Employees per Business Revenue per Business

Total Profit Profit Margin Profit per Business

$2.8bn 5.7% $653.3k

What’s driving current industry performance?

The industry faces COVID-induced economic impacts

Customers are more conscious of the products they use

The use of anti-aging products is becoming more widespread

New marketing strategies are emerging

 As consumer purchasing behavior evolves, manufacturers adapt by reallocating their marketing

What influences industry volatility?

Diverse companies are less susceptible to volatility

Discretionary products suffer the most

What’s driving the industry outlook?

Environment preservation will take precedence in the manufacture of cosmetics

The manufacturer landscape will broaden

Why is the industry mature?

Producing sustainable, eco-friendly and climate-conscious lifestyle products is recognized as an innovation

Technology and Systems

3. Products and Markets

Products and Services

How are the industry’s products and services performing?

Customers are more knowledgeable about hair care

Oral care remains consistent

Fragrances must work hard despite low earnings