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16 Min Read |
The cosmetics industry is growing at a rapid rate. With the explosion of indie beauty brands, the rise in demand for organic products and growing interest in sustainability, many entrepreneurs are seeing new opportunities in the beauty space and seeking knowledge on how to start a cosmetic business.
As it stands the global beauty industry is valued a $532 billion annually. The U.S. is the worldās largest beauty market, with about 20% share, followed by China (13%) and Japan (8%). The forecasted growth is expected to increase at a 5%-to-7% compound-annual-growth-rate to reach or surpass $800 billion by 2025.
Even in the current climate, with the world economy expected to contract in the short term, the beauty industry is more likely than other categories to weather the storm. The āLipstick Effect,ā a theory proposed by Professor Juliet Shor back in 1999 in her bookĀ The Over-Spent American, hypothesized that in times of economic crisis, consumers will continue to indulge in prestige cosmetics ā small luxuries ā which gives them an emotional boost, while sacrificing expenditure on higher-priced luxury items.
Consequently, this could be a great time for those who want to start their makeup line or cosmetics business and pursue their venture in the beauty industry. That being said, starting a makeup line or other form of cosmetics business comes with its own set of challenges, particularly if careful planning is not considered.
Featured Resource
- Baking in social brief.
- Writing for people.Ā Not search engine.
- Handling objections before they happen
With the beauty industry being made up of a considerable array of businesses from manufacturers to distributors, anti-aging clinics, spaās and salonās, cosmetic retailers, and even makeup artists, if you are planning to start a cosmetics business, there is enormous opportunity for growth. The beauty industry offers up a lot of room for growth into niche product categories – from skincare, makeup and perfumes, to toiletries, hair products and deodorants. This indicates that even though it is a competitive landscape, the size and diversity of the market makes it easier for new entrants and smaller players in the segment to carve out a place.
Table of Contents
- Choose A Niche
- Manufacturing Strategy & Product Development
- Brand Building
- Developing A Winning Marketing Strategy
- Create Your Retail Strategy
- Participate In Trade Shows
- Understand Your Finances
- Find Mentors
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Updated July 2021
