Last year, the US color cosmetics market saw a 9.1% growth, driven by the success of Korean lip makeup products. Notably, the strong performance of K-beauty brands during Amazon Prime Day highlighted the increasing popularity of Korean cosmetics. However, with global giants like L'Oréal and Estée Lauder still holding significant market shares, competition is expected to intensify for K-beauty brands.
Korean products captured a significant market share in the US color cosmetics market last year, especially in the lip makeup category. Korean brands swept the top ranks during Amazon Prime Day.
K-beauty products have gained popularity among US Gen Z consumers who prioritize affordability. Color cosmetics with skincare benefits, aligned with the "skinification" trend, have attracted consumers. Word-of-mouth through platforms like TikTok has significantly contributed to sales growth.
Over 70% of cosmetics in the US are still sold in physical stores, emphasizing the need for both online and offline channels. The market is highly competitive, with established players like L'Oréal and Estée Lauder, as well as emerging brands like Fenty Beauty and Elf Beauty.
The implementation of MoCRA (Modernization of Cosmetics Regulation Act) has tightened regulations for cosmetics imports, particularly regarding color additives. MoCRA is one of the biggest challenges for K-Beauty. Since MoCRA compliance is non-negotiable for US market success, it is strongly recommended to consult with MoCRA professionals to fully comply with the MoCRA regulation.
Implications:
The US color cosmetics market presents significant growth opportunities for K-beauty brands. However, the intense competition and stringent regulations require thorough preparation and strategic planning.
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