What do we need more of in the beauty industry?

makeup

Explanation:

The beauty industry is, in fact, quite broad: it includes both services (such as hairdressers, barbers, etc.) as well as products. In the United States alone, the beauty services sector employs over 670,000 people, and its job growth outlook is “faster than average” according to BLS data at a rate of 13% (2016-2026).

According to a study, it was worth $532.43 billion in 2017 and is expected to reach a market value of $805.61 billion by 2023.

The table below highlights the different segments and their relative weight by revenue.

US Beauty Industry Segments by Revenue

It is still an extremely concentrated industry, with the 20th largest manufacturer in the world still producing only 5.5% of the revenue of the largest one: French giant L’Oréal, which commands an eye-watering 20.2% market share in Western Europe.

Revenue of the Leading 20 Beauty Manufacturers Worldwide in 2018 (US $ Billions)