While there is more attention today on Black beauty consumers and brands, deep challenges remain when it comes to equity. Removing those barriers has the potential of creating a greater opportunity for everyone in the industry.

McKinsey’s Institute for Black Economic Mobility conducted research to understand the structural challenges facing Black people and the vast untapped economic opportunities in the beauty category.

Market Size

• Black Americans spend $6.6 billion on beauty and represent 11.1% of the total US beauty market.
• Black beauty brands capture only 2.4% of revenue in the overall beauty market, lagging far behind the 11.1% of the Black consumer spend on beauty products, and the 12.4% of Black people in the US population.
• Black brands make up only 2.5% of revenue in the beauty industry.
• Addressing racial inequity in the beauty industry is a $2.6 billion opportunity.

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KELLY KOVACK – JUNE 19, 2022