Ethnic Population Explosions Blast Open HBC Opportunities
Retail sales of ethnic health and beauty care products are projected to approach $1.9 billion in 2006, according to The U.S. Market for Ethnic HBC: Hair Care, Skin Care, Color Cosmetics, a newly published Packaged Facts report available at MarketResearch.com. Hispanic and Asian American population segments are expected to increase by more than 30 percent between 2001 and 2010. The African American population is projected to increase 12 percent in the same time period. This tremendous growth will inevitably create a greater demand for health and beauty care products that address the needs and desires of a diverse population.
“Major marketers within the HBC industry are looking to the ethnic product arena as a new source of potential income within what has traditionally been a very stable and mature HBC market,” according to the new report. “As large corporations have entered the ethnic niche, the resources devoted to research and development for products specifically designed for minority populations has exploded, bringing a flood of new products into the marketplace,” it surmises.
“The market for ethnic health and beauty care products is projected to grow by almost four percent in the next five years,” says Meg Hargreaves, vice president of research publishing for MarketResearch.com. “Compared to the very flat growth rates we historically see in the health and beauty care sector, this sort of expansion is extraordinary.”
Moderator Comment: How will the changing demographic
makeup of America impact retailing? [George
Anderson – Moderator]
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