Trends in the Skin Care Market
The skin care industry is one of the fastest growing sectors in the field of consumer goods. Despite the global recession, there was a high demand for skin care products as consumers spending in beauty products did not decline. The outlook of the market is quite good as the global market for skin care products is forecasted to reach a value of 102.3 billion USD by the end of 2018. In recent years, the growth in skin care segments like anti aging products and sun protection products have increased manifold. The market for skin care products is booming at a rapid rate and there is still immense potential for growth.
The market leaders in the field of skin care are Procter and Gamble Co., L’Oreal S.A., Unilever Group, Shiseido Co., Avon Products Inc., Estee Lauder Co. and Beiersdorf AG. The market for skin care products is categorized as facial care products and body care products. Some of the future trends in the market are.
• The demand for anti aging products is going to increase which will in turn lead to the growth of this sector. Consumers are becoming more aware about facial skin care and the various signs of aging. People are now looking for non invasive methods of reversing and preventing aging. This has boosted the demand for skin care products that have anti aging properties. In the near future, growth in the market will be driven by demand of consumers for anti aging products.
• Consumers are also attracted to products that are multi functional. Multi functional products like creams and lotions that have radiance boosting and skin lightening properties in addition to moisturizing properties are going to be in demand. People are on the lookout for skin care products that are value for money. The market will be fueled by products that are able to give multiple benefits to consumers.
• Another rapidly growing segment in the beauty industry is skin lightening products. The demand for skin whitening is more in Asian countries as the popularity of such products are quite high in the Asia Pacific region. Consumers demand for products that even out the skin are also on the rise. By 2018, the global market for skin lightening products is forecasted to reach a value of 19.8 billion USD.
• In recent years, more and more consumers are favoring the use of organic and natural products. Organic products have all natural formulations that are free of chemicals and synthetic compounds. In the coming years, the demand for such products is predicted to increase as consumers become more aware of the benefits of such products.
These were some of the future trends in the market for skin care products. With product innovation and creative marketing strategies, the global market for skin care products is all set to boom.
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