The demand for skincare products is about to undergo a rapid expansion. In 2014, the global skincare market was valued at $110.69 billion and this number is expected to grow 4.9% annual through 2021, when it will reach $155.44 billion, according to a recent report by Transparency Market Research.
In Europe and North America, a surge in demand for items made with organic ingredients and anti-aging creams, lotions, and serums is leading the charge, while a desire for budget-friendly skin glowing products is prevalent with low-to-mid-income consumers in Asia Pacific.
Americans are learning to take better care of their skin and as a result, data from MarketResearch.com predicts the U.S. skincare market will total $11 billion by 2018.
3 Trends Leading the Skincare Boom
If your company isn’t currently producing products that cater to the three trends below, it’s time to get started.
- Organic Ingredients. Consumers across the world are starting to demand products made from natural ingredients free of any avoidable parabens, chemicals, fillers, and additives. In total, the organic skincare market is expected to reach $12.58 billion by 2022, according to a 2016 report from Grand View Research, Inc.
- Anti-Aging Products. Instead of solely focusing on wrinkles, popular anti-aging products are now designed to combat a host of issues, including a blotchy uneven skin tone, dry skin, dark under eye circles, and hyperpigmentation. A recent Euromonitor survey revealed that only 35% of consumers over 60 years of age had used an anti-aging product in the last three months, but this is expected to change as younger customers become more focused on preventing the signs of aging.
- Damage Prevention Rituals. Asian customers in particular are becoming increasingly focused on preventing skin problems, instead of just conducting damage repair. The popular facial sheet mask started in the region and has also promoted the growth of multi-step beauty regimes and ingredients, including whitening products and snail venom. In total, Asia Pacific is primed to spawn over 75% of skin care absolute growth from now through 2019.
In addition to keeping up with current trends in the skincare industry, it’s always important to be looking ahead to the future. An increased focus on cruelty-free products, at-home devices, and new technology — such as DNA testing — are expected to become prevalent in the coming years.
Prepare for the skincare boom and every other cosmetic and beauty industry trend by building a team of industry-leading professionals. Partner with Momentum Search Consultants to fill positions in the areas of B2B sales; logistics and distribution; manufacturing; marketing, branding and product development; merchandising & retail; packaging; purchasing; quality assurance & control; regulatory affairs; research & development, and spa & salon.