Market Navigator: US Beauty Retailing—Growth Is Real, but Fewer Companies Are Capturing It

Published – September 2026

Discover why growth in the US beauty market no longer guarantees a stronger business, and uncover the widening split between companies that are gaining ground and those falling behind. Read this report to find answers to these key questions:

• Why are some companies continuing to gain market share while others lose both share and profitability at the same time?
• How is the shift toward proven, ingredient-backed formulations changing which brands earn consumer trust and shelf space?
• Why is e-commerce growing faster than the overall beauty market, and how close is online shopping to overtaking physical stores?
• Which retail channels are shrinking, and how much of that decline comes from store closures and pharmacy economics rather than weaker beauty demand?
• How are AI-powered tools reshaping the competitive gap between large and small retailers?
• Where is store expansion accelerating, and which retailers are pulling back their physical footprint instead?

Introduction

What We Think

• The Coresight Research View on US Beauty Retail

Themes We Are Watching

Coresight Research Analysis: Growth Is Accelerating

• The Sector
• Market Factors
• Online Beauty Market: On Track To Reach Nearly Half of Total Sales by 2030
• Online Versus In-Store Comparison
• In-Store Shopper Visits: Traffic Stabilizes as Growth Shifts from Footfall to Spending

The Companies

• Competitive Landscape: Retailers
• Competitive Landscape: Brand Owners’ Revenues
• Store Metrics
• Retailers’ Store Traffic

Retail Innovators

• Technology Is Becoming a Competitive Advantage

The Consumer

• Where Consumers Are Shopping and What They Are Buying

Appendix: Ranking Retailers by Store Numbers

Notes and Methodology

Ulta Beauty; Sephora; Bath & Body Works; Sally Beauty Holdings; L’Oréal; Estée Lauder Companies; Coty; e.l.f. Beauty.

US Estimated Male-Purchased Beauty Products Market Size (USD Bil. and YoY % Change)

US Estimated Male-Purchased Beauty Sales, by Category (USD Bil.)

US Beauty Product Market Size (Left Axis; USD Bil.) and YoY % Change (Right Axis)

Breakdown of Beauty Sales in Tracked Channels by Category (USD Bil.)

US Estimated Distribution of Beauty Product Sales (%)

US Estimated Distribution of Beauty Product Sales (USD Bil.)

US Consumer Price Index, June 2026

US Beauty Tariffs: A Moving Target in 2026

US Beauty Online Sector Sales (USD Bil.; Left Axis) and YoY % Growth (Right Axis)

US Beauty Online Sector Sales as % of Total Sales

Beauty Sector-Level Shopper Visits To Stores, 2020–2025 (Mil.)

Beauty Sector-Level Shopper Visits To Stores: YoY % Change

US Major Beauty Sector Retailers’ Revenues (USD Bil.)

US Major Beauty Sector Retailers’ Share of Sector Sales (%)

US Major Beauty Sector Retailers’ Operating Margins (%)

Selected Leading US Beauty Retailers: Key Comparable Metrics

US Major Beauty Sector Brand Owners’ US Revenues (USD Bil.)

US Major Beauty Brand Owners’ Share of Sector Sales (%)

US Major Beauty Sector Brand Owners’ Operating Margins (%; Ranked Highest to Lowest in 2025)

US Major Beauty Sector Retailers’ Store Numbers

US Major Beauty Sector Retailers’ Total Sales Area (Sq. Ft. Mil.)

US Major Beauty Sector Retailers’ Sales per Store (USD Mil.)

US Major Beauty Sector Retailers’ Sales per Square Foot (USD)

US Major Beauty Sector Retailers’ Store Traffic: YoY % Change (Jun 2025–May 2026)

Retail Innovators Impacting the Beauty Sector

US Beauty Shoppers: Where They Have Purchased Beauty Products in the Past Three Months, May 2026 (% of Respondents)

What Types of Beauty Products Have Shoppers Purchased in the Past Three Months (% of Respondents)

Consumer Sentiment Toward Beauty Retailers (% of Respondents)

Top 50 Retailers by US Store Numbers