Published on : Dec 30, 2015
Skincare has always remained as the major revenue generator within the beauty industry and the global sales reached more than US$111bn in 2014. Apart from China, India and Indonesia are also prime markets and will remain so by 2019. The growing technological advancements have created diagnostic tools and devices and have changed the experience of consumers altogether. In addition, Asianification i.e. the increasing influence of Asia skin care market and niche brands have provided a new outlook to the categories as that of facial moisturizers and face masks in the global skincare market.
Indonesia has emerged as the second-biggest contributor of skin care and will be trailed by the U.S. In addition, India will trail South Korea and will emerge as the fifth biggest market on the basis of growth. India and Indonesia as a whole have contributed US$2 bn to the skincare industry in 2019. Within Western Europe, Turkey is the prime region for growth owing to rising research and development activities by chief players in this region.
Thus, these trends may emerge as game changers in the coming years and may further boost the skincare segment within the beauty industry.