The cosmetic products are widely used by consumers in North America to enhance the appearance or odor of their bodies. The region is one of the major markets for the cosmetic industry due to high awareness related to their appearance, presence of most of the global players and the high disposable income of the people. Additionally, recent trends to use natural ingredients in cosmetic products observed among manufacturers have also contributed significantly to the North American cosmetic industry growth. Moreover, considering the new orientation of social media, cosmetic companies are using platforms such as Instagram and YouTube to reach more audiences by showcasing their product using influencing people.
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However, with the outbreak of COVID-19 since January 2019, the market of North America cosmetic products has shown some discouraging results in the growth rate. By the end of March 2020, the number of infected people from the virus crossed 100,000 alone in the US. Due to this, various lockdowns were witnessed in the country. A number of cosmetic stores had to shut down their store at multiple locations. Makeup-try on facilities that were being canceled by the companies is costing them a huge amount of loss in sales. Additionally, many fashion related events that generate revenue and customer base for the cosmetic companies were being canceled in North America which is leading to a sudden decrease in the company’s revenue of first-quarter sales of 2020. The canceled beauty trade shows list includes Cosmoprof, LuxePack, PCHi and many more.
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North America’s cosmetic industry report is segmented based on product type into skincare, hair care, make-up, toiletries & perfumes, and oral cosmetics. Almost all the segments of the cosmetic industry have experienced a downfall in sales during the outbreak due to the closing of offline stores at various locations. In the US, the lockdown situation can go on for a long period of time as per the government guidelines. Most of the companies also had to cut down the workforce or had to send their employees for work from home leading to a decline in production rate.
Verticals Affected Most
- Skin Care
- Hair Care
- Toiletries & Perfumes
- Oral Cosmetics
- Amorepacific Group
- Avon Products, Inc.
- Beiersdorf AG
- Chanel S.A.
- Coty Inc.
- Estee Lauder Companies Inc.
- Henkel AG & Company, KGaA
- Johnson & Johnson
- Kao Corp.
- L Brands, Inc.
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