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Where the Beauty Industry Will Be in a Couple of Years

By: James Cummings

The industry proved resilient even during the terrible 2008 recession and since then, it has only waxed stronger. It only takes a minute to look around and note the number of faces with makeup on.

Even more obvious is the realization that just about everyone uses some form of cosmetic or beauty product, whether it is bathing soap or deodorant, toothpaste or hair mousse. From time to time, you have to head the salon to get a haircut or pedicure, or the spa to get a massage or facial, the list is endless.

The American beauty industry was estimated to have generated $56.2 billion in 2015 and the skin care segment alone is expected to generate revenue of close to $11 billion by 2018. The Bureau of Labour Statistics says close to a million people employed in the beauty industry provide primary service and the numbers are growing.

In 2014, there were 55,000 persons employed as skincare specialists and that number is set to rise by 12% by 2024. Massage therapists employed in the same year stood at 168,800 and the growth rate expected by 2024 is nearly twice that of skincare specialists at 22%. There were 113,600 manicurists and pedicurists in 2014, with that figure set to see a 10% growth by 2024. Finally, there were 656,000 hairdressers, cosmetologists, and barbers in 2014 and by 2024, there will be 10% more.

Meanwhile, the hair care segment has the highest market share by revenue at 24%, with skin care coming a close second with 23.7% of the market share. While the cosmetics segment takes 14.6% of the beauty industry’s market share, perfumes and colognes have a market share of 9.5%. Oral hygiene takes up 5.6% of the industry’s revenue while the antiperspirant, deodorant and female cleaning segment has an 8.5% market share. Other segments of the beauty industry take up 14.1% of the market share.

These figures indicate that the beauty industry is growing phenomenally, but what do the paychecks look like at the top?

One job you might want to consider is product development. As a product developer, you may be tasked with generating new ideas or concepts for products, determining how a product should look, smell, or feel, and creating new formulas for products.

Another role related to products is that of a corporate trainer. Corporate trainers can train and mentor employees at beauty brands. The job may involve travelling to hold trainings on the brand’s latest products or beauty techniques. While a product developer may earn over $80,000 per year, a corporate trainer may earn about $60,000 or more annually.

Another high paying job in makeup artistry is theatrical and performance makeup; artists can make as much as $60,000 a year. It requires specialised knowledge of prosthetics, wig and facial hair application, among other elements of makeup applied in theatres.

Similar to the theatre makeup artist is the special effects or SFX artist who would usually be found on film sets. Many beauty schools offer special courses in theatrical and special effects makeup; you can find the best schools via Beauty Schools Directory. Special effects artists may make up to $50,000 annually.

Also, there are celebrity makeup artists who work with a celebrity clientele and may make up to $100,000 per year.

The above mentioned salaries are not entry level and it might take some time to get to that point. In the beauty industry, the primary way to build oneself is to work under established artists in the field and gradually build a portfolio.