Over the past decade, Americans have spent more than $500 billion on beauty products. Last year alone, the US beauty industry was worth $60 billion, and with a compound annual growth rate (CAGR) of 5 percent, it’s expected to reach $73 billion by 2025.
Likewise, spending on beauty is robust among Black Americans, a diverse and growing group of 41 million people with increasing spending power. In 2021, they spent $6.6 billion on beauty. That’s 11.1 percent of the total US beauty market, lagging slightly behind the 12.4 percent Black representation in the total US population. Yet, despite significant spending by the Black community, the prospect of equity in the beauty industry, like in so many other industries, has been elusive.