Changing Face of the US Cosmetics Industry: An Overview

The US Cosmetics Industry has witnessed significant growth in recent years with respect to the HS Code 3304. In the last three years alone, the overall imports of this industry grew by around 41%, reaching a value of $6.36 billion in 2022. China, France, Canada, Italy, and South Korea are the top five players in this trade.

While the overall imports of the industry have been increasing over the past five years, there has been a significant shift in the share of exports by different countries. For instance, China’s share of exports of HS Code 3304 fell from 18.5% to 10.5%, and the trade value decreased by 35% from 2018 to 2022. Meanwhile, South Korea witnessed exceptional growth in the market, with a 67% increase in exports from $526.85 million in 2018 to $884 million in 2022.

Within this particular HS code, there are primarily three subcategories: 330410 (lip makeup), 330420 (eye makeup), and 330499 (skincare).

The eye makeup industry, which falls under HS Code 330420, is displaying shifting trends. While China used to lead the imports in this industry with approximately a 20% share of the total imports, it was dethroned by Italy in 2022, which surpassed China’s 17% share of the total imports with a 19.5% share. South Korea also witnessed exceptional growth in this market, with its value of imports increasing from $89.06 million in 2020 to $142.59 million.

These trends indicate that the cosmetics industry in the US is evolving rapidly, and businesses involved in this industry need to stay informed about the shifts in imports and adapt to the current trends. Companies anticipating and responding to these changes are more likely to thrive in this highly competitive industry. In conclusion, the cosmetics industry in the US is expected to continue its growth trajectory, presenting numerous opportunities for businesses that can navigate the changing landscape successfully. To get such data for a great kickstart to your business, check out Trademo Intel.