Black Beauty Market (2024-2033) Growth Rate Pricing and Market Forecast
As per the current market research conducted by the CMI Team, the global Black Beauty Market size is expected to record a CAGR of 14.2% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 9,314.3 Million. By 2033, the valuation is anticipated to reach USD 30,771.1 Million.
Black Beauty Market: Growth Factors and Dynamics
- Cultural Empowerment: The rise of cultural empowerment within the Black community has led to a reclamation of beauty standards and a demand for products that cater to diverse skin tones, hair textures, and cultural identities.
- Social Media Influence: Social media platforms have played a significant role in shaping beauty trends and amplifying the voices of Black influencers, driving demand for products that are endorsed and recommended by individuals within the community.
- Inclusive Marketing: Brands that prioritize inclusive marketing campaigns and product offerings that celebrate diversity and representation are experiencing growth in the Black beauty market, as consumers seek brands that align with their values and identities.
- Product Innovation: Continued innovation in product formulations and technologies tailored to the unique needs of Black consumers, such as skincare solutions for hyperpigmentation and hair care products for diverse textures, fuels growth and drives consumer engagement.
- Accessibility and Affordability: Increasing accessibility and affordability of Black beauty products through expanded distribution channels, price competitiveness, and targeted marketing efforts enable more consumers to access and purchase products that meet their specific needs and preferences.
- Community Engagement: Brands that actively engage with the Black community, support community initiatives, and foster a sense of belonging through educational resources, events, and collaborations, build trust and loyalty, driving sustained growth in the Black beauty market.
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Black Beauty Market: Partnership and Acquisitions
- In 2023, Shea Moisture, a popular US hair care brand, officially launched in the UK, delighting naturalists with its cult-favorite products now available at Boots. With beloved items like the Coconut & Hibiscus Curl Enhancing Smoothie, UK customers can now easily access their favorite essentials.
- In 2022, in Atlanta, Black entrepreneurs are establishing and expanding beauty product brands and businesses, capitalizing on the city’s vibrant entrepreneurial ecosystem. With successful national beauty brands and thriving local ventures, Atlanta solidifies its position as a hub for Black entrepreneurship in the beauty industry.
Black Beauty Market: COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the Black Beauty Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: COVID-19-related lockdowns and restrictions disrupted global supply chains, leading to shortages of key ingredients and packaging materials used in Black beauty products, impacting production and availability.
- Shift in Consumer Behavior: Changes in consumer spending habits and priorities during the pandemic resulted in reduced discretionary spending on beauty products, especially high-end and luxury items, affecting sales and revenue in the Black beauty market.
- E-commerce Expansion: Accelerated adoption of e-commerce channels and digital platforms enables Black beauty brands to reach consumers directly, offering convenience, accessibility, and personalized shopping experiences, driving sales and revenue growth.
- Diversification of Product Offerings: Black beauty brands are diversifying their product portfolios to meet evolving consumer preferences and needs, introducing new formulations, innovative packaging, and sustainable options to attract and retain customers in a post-pandemic landscape.
- Community Engagement Initiatives: Enhanced community engagement through social media, influencer partnerships, and grassroots marketing efforts fosters brand loyalty and consumer trust, creating a supportive ecosystem that drives awareness, advocacy, and sales in the Black beauty market.
- Partnerships and Collaborations: Strategic partnerships and collaborations with retailers, beauty influencers, and other brands enable Black beauty companies to expand their reach, gain exposure to new audiences, and leverage synergies to drive growth and market share.
List of the prominent players in the Black Beauty Market:
- SheaMoisture
- Carol’s Daughter
- Mielle Organics
- The Mane Choice
- Black Opal Beauty
- Fenty Beauty by Rihanna
- IMAN Cosmetics
- Juvia’s Place
- Briogeo Hair Care
- Aunt Jackie’s Curls & Coils
- Urban Hydration
- Camille Rose Naturals
- Taliah Waajid Natural Hair Care
- Beauty Bakerie
- Pattern Beauty by Tracee Ellis Ross
- Others
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