With the rapid expansion of racial and ethnic minorities in the U.S. over the next ten years, ethnic health and beauty care product (EHBC) marketers have a fast growing target market. During 2010, the EHBC market posted growth of nearly 13%, and during 2011 the market continued to advance at a healthy pace to reach almost $3 billion. Hispanic, African-American, and Asian population growth is far outpacing that of whites, and people of color are expected to collectively be the majority of the U.S. population as soon as 2042. New ethnic hair, skin, and cosmetics products in the United States are expected to do well, and marketers should be ramping up marketing campaigns for new products sooner rather than later.
EHBC did remarkably well during the recession compared to many consumer packaged goods categories. They continued to chart steady growth even though U.S. minorities were especially hard hit by the economic downturn. The loyalty of people of color to their HBC products kept the market on track to resume impressive growth as soon as economic conditions began to improve.
Currently, more EHBC products are being introduced. New products are addressing gaps in the product lines and meeting previously unrecognized or mis-marketed needs for people of color. The 2012 market drivers include a desire for more natural products and greater participation in HBC categories, particularly for men of color. There has been a surge of innovative, better quality products entering the market in response to these needs.
Consumers of color still spend a great deal more on general market HBC products than they do on targeted ones, which means that EHBC marketers have a unique opportunity to dramatically expand their reach.
This Packaged Facts report has been completed updated to address the market for EHBC products within the context of broader HBC trends in new product development and marketing. EHBD products have been divided into three categories: hair care, skincare, and color cosmetics, and both marketer sns brand profiles have been included. The report analyzes market size and drivers, new product introductions, and competitive strategies, as well as the social and lifestyle patterns shaping the fortunes of ethnic health and beauty care products. The marketer and brand profiles help define the relationship between consumer attitudes and new product development and marketing strategy.Key data sources include Experian Simmons Market Research Bureau national consumer surveys, covering product category, segment, and brand usage levels, as well as demographic and psychographic trends by ethnicity; and the InfoScan Reviews (by Information Resources, Inc. ) for mass-market marketers and brands. The report includes product images, and a Packaged Facts-exclusive interview with an EHBC industry insider.