This statistic depicts the total revenue of the cosmetic industry in the United States from 2002 to 2011 and provides a forecast until 2016. The revenue of the U.S. cosmetic industry is estimated to amount to about 62.46 billion U.S. dollars in 2016.
Since the early twentieth century, the production of cosmetics has been controlled by a handful of multi-national corporations. The global cosmetics industry is broken down into six main categories; skin care being the largest one out of them all, accounting for 33.8 percent of the global market in 2012.
In recent years, consumers have been spending higher levels of disposable income on cosmetics than they had in the past. Unfortunately, the global financial crisis has put a damper on the market and during those years, more affordably priced merchandise and do it yourself at home products were key in the beauty market. However, in recent years as Generation Y has really entered the job market, they have become a big driver of the cosmetics market; especially in the United States. The United States is the biggest cosmetic market in the world, with an estimated total revenue of about 56.63 billion U.S. dollars and employing about 56,235 people in 2013.
In the coming years, global cosmetic companies will continue to focus their efforts on product innovation in order to attract new consumers and keep existing consumers loyal to specific brands.