U.S. Market Size: BB Cream
The US market size for BB (blemish balm) cream is estimated at $313 million in 2018. While an exact growth rate for the US was not available, it is trending upwards in line with global growth.
- The global BB cream market was worth $2.11 billion 2018. It was predicted to have a CAGR of 14.4% between 2019-2025, according to Grandview Research.
- The US market size is shown as $246.9 million in 2016, up from $220.1 million the year before.
- Another market research report from Future Market Insights has a more modest estimate of 9% CAGR 2018-2027.
- Another report from TechSci Research states that the market will be worth 'over' $4 billion by 2023, with a CAGR of 13%.
- There is predicted to be substantial growth of BB cream in the Asia-Pacific region. Consumers in developing countries like Thailand, China and India are demanding cosmetic products at record levels across all age groups. Specifically, Korean and Chinese women are driving this growth in that region.
- Women comprise around 90% of the BB cream market.
After not being able to find market research reports on just the US, we turned to global reports in order to triangulate the US market size. We found three global reports with enough data on size and growth from which we were able to start our calculations. Therefore, we used reports from Grandview Research, TechSci Research and Future Market Insights to compare older US data against global figures and growth to estimate the size of the US BB cream market in 2018.
In the Grandview Research report, the US market size is shown as $246.9 million in 2016, up from $220.1 million the year before. While the graph does not show exact dollar amounts beyond these years, the trend is positive. In the absence of historical data, we can apply the 14.4% CAGR backwards to find global 2016 sales revenue of $1.61 billion. This means the US has around a 15.3% market share ($246.9 million / $1.61 billion).
Another market research report from Future Market Insights has a more modest estimate of 9% CAGR 2018-2027. Using backwards calculations from the predicted market size of $5.5 billion in 2027, this means the global market value is calculated at $2.53 billion in 2018. We could then estimate further backwards that the global market was worth $2.13 billion in 2016. This means the US market was worth 11.6% of the total global market ($246.9 million / $2.13 billion).
Another report from TechSci Research states that the market will be worth 'over' $4 billion by 2023, with a CAGR of 13%. We have to assume this quantity is likely between $4 billion and $4.1 billion, since market reports will usually round to the nearest tenth. Therefore, for the sake of calculations, we have to go with $4 billion. Using backwards calculations, this means the market was worth around $2.17 billion in 2018. In order to calculate US market share similar to the previous market reports, we go further backwards to a global market size of $1.7 billion in 2016. If the US market size was $246.9 million, this is a 14.5% market share ($246.9 million / $1.7 billion).
If we average these three different US market size calculations, as it is common for different market research firms to vary slightly, due to employing distinct methodologies in their own calculations, we can estimate the US market share at around 13.8% in 2016 ([15.3% + 11.6% + 14.5%]/3).