With a background in business, Larry Gaynor received a 1992 Ernst & Young Entrepreneur of the Year award. Larry Gaynor runs TNG WORLDWIDE and has been in business since 1985, growing from a distributor to an international manufacturer of beauty products. The best-selling signature brands from TNG include Ginger Lily Farms, EMMA BEAUTY, and ForPro Professional Collection.
The global beauty products manufacturing sector is huge and growing. In 2020, the industry was estimated to be worth $483 billion, and 2021 estimates place it at $511 billion. By 2025 it’s predicted to exceed $716 billion, and reach $784.6 billion by 2027. While the overall US beauty and personal care global industry will remain strong, the skincare and cosmetics verticals are projected to experience the most revenue growth.
However, not all brands will grow as fast or benefit from the robust overall market. On the contrary, there will also be many losers because the beauty industry faces seismic shifts in how people define beauty and the perceived role of beauty products in people’s lives. Preference for brands that consumers know and trust is likely to be the biggest challenge for new industry entrants. New brands and manufacturers must offer something different and new to pull consumers away from products they are currently using.
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