NEW YORK — The cosmetics and toiletries market enjoyed growth in 2013, despite a challenging economy, and that growth is expected to continue into the future as the economy improves and manufacturers set their sights on innovation and products with multi-purpose functionality, according to a recent Kline & Co. blog.
According to Kline, U.S. sales exceeded $41 billion at the manufacturers’ level in 2013, up 2.4% compared with 2012. Fueling sales were strong performances in makeup and skin care. In addition, such mature product classes as oral care and hair care also contributed to the market’s overall growth, thanks to innovation and new product launches.
Kline also noted that private-label products increasingly are moving into the spotlight, proving to be a strong force among shoppers who are looking for lower-priced alternatives to expensive branded products.