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.
- Impact of Technology on Customer Experience and Innovation: The influence of technology on skincare has been immense. The increasing beauty devices, new technologies such as 3D printers enhancing the manufacturing process, and the launch of new ingredients have greatly influenced the beauty industry.
- Competitive Landscape Augmented by Niche Brands: The swiftly developing niche brands have become more popular in 2014 and have resulted in numerous acquisitions by big multinationals. This is because consumers prefer highly effective skincare products and consider niche brand as masters in their field. This was majorly seen in the U.S. skincare market.
- Increasing Impact of Asia in Skin Care: The region of Asia Pacific will remain as the most significant region on the basis of both value and innovation. The launch of novel products including emulsion and essence, the new outlook provided to skin care products including face masks, etc., and the Asia Brands’ growing expansion in the West have created a balance between the growth of the skincare market in the West and East.
Thus, these trends may emerge as game changers in the coming years and may further boost the skincare segment within the beauty industry.