Beauty instrument market in the United States is expanding

The increase of disposable income promotes the overall prosperity and high possibility of export in the recent growing beauty instrument market in the United States, Korean products are favored by k-beauty because of its popularity. According to the forecast of KOTRA Washington Trade Center, with the increase of SNS marketing and the continuous growth of e-commerce, the cosmetics and beauty industry is expected to maintain a sustained growth momentum. In the past five years, the beauty industry in the United States has grown by 1.3% annually, and is expected to grow by 0.2% annually by 2024. According to the data of Conference strategic intelligence, a global market research organization, the global beauty instrument market will expand to about 97 billion US dollars by 2023. The North American market is the largest, and there is a high demand for facial massagers using LED and photorejuvenation.

According to the American Academy of Dermatology (AAD), 85% of the American population has suffered from acne, which will lead to the demand for facial massage and therapeutic apparatus. According to the U.S. Bureau of labor statistics, by 2026, the disposable income of the United States will be close to $20 trillion. With the increase of disposable income, the prosperity of the overall beauty market, such as cosmetics and facial massage devices, will follow. World forecasts that the demand for beauty instruments in the United States will increase by an average of 0.5% annually from 2019 to 2025, and by about 1% annually from 2005 to 2019. Especially after the financial crisis in 2008, although the demand for cosmetics has been greatly reduced, thanks to the sustained economic growth, starting from 2010, the growth momentum of cosmetics is continuing. In 2017, nbsp imported $1.129 billion and $1.2862 billion of facial massagers, reaching $1.2862 billion in 2018 and $1.581.74 billion in October 2019, showing a continuous growth trend.

In terms of countries, China accounts for the highest proportion, accounting for 57%, followed by Mexico and Canada, accounting for 18% and 5%, respectively. According to last October, South Korea only accounts for 1%, but people pay more and more attention to k-beauty. Therefore, South Korea is expected to show a high growth momentum in the future. Kotra said that there is a lot of demand for beauty products in the United States, so the sales structure is also diverse. It is expected that with the continuous growth of e-commerce, the demand for online platforms will grow fastest. After that, he said, SNS online celebrities continue to promote Korean facial massagers, and more Americans are familiar with Korean products. SNS can be used to predict the preferences and needs of domestic consumers in the United States as a reference for product planning. "