Whether the economy is hitting highs or lows, one thing does not seem to be wavering—the global demand for quality skin care products. Similar to other industries, the world of beauty is driven by the latest breakthroughs—the changing consumer lifestyles are the driving forces behind beauty innovation. Key drivers now include the quest for healthy living, environmentally responsible consumption, and a demand for targeted solutions for skin challenges. In addition, consumers’ time has shrunk, and yet expectations are higher as consumers look for convenience and efficacy in their products.
Each year new theories, technologies, ingredients, and products are launched, all with the same end goal: to slow down the look of aging! Today’s consumers are looking ahead to tomorrow and investing in preventative measures to future-proof their skin.
Premiumization—the ability to create luxury products that prove as necessity to the market—is driving standards across all levels in the beauty industry, from the low-end mass market to the prestige level. It isn’t about excess, but more about bridging the gap between the luxury line consumers and mass-market consumption. It’s about making the “good” better and the “great” more accessible. As standards improve across the skin care industry, luxury is becoming more accessible to the ordinary consumer, notably millennials, who tend to be the protagonists of these lifestyle changes.
So, what does all of this mean for the skin care business throughout 2017 and beyond? It means it’s a great time to be in the skin care business!
According to Euromonitor’s new research, premium beauty and personal care is outperforming the mass-market segment for the second consecutive year, growing at nearly 6%.
In a global perspective, various markets are growing at a noticeably faster pace than the rest. Asia Pacific is on target to lead absolute growth from 2016-2021 as more consumers from its large demographic are switching to premium products. Brazil and Russia rebound and are back on track as key growth markets in the beauty and personal care industries. India and Indonesia grew 9.2% last year and 10.6% respectively, which are major jumps for these markets within the industry. The Korean market continues to look for more in-depth, multi-step home skin care regimens. Lastly, North America dominates premium beauty and personal care products per capita spent.
To find out what topics are trending, we can look to the most recent Google analytics. Earlier this year, Google released its 2017 insights, including the skin care topics people are typing into the search engine.
The top three most-searched skin care categories in the United Staes? Face masks, natural skin care, and men’s skin care. In addition, the word, “acne” is the number one searched word in combination with facemask in the U.S.
Although men’s skin care has been a trending search for some time in other countries like France and Japan, Google is seeing a huge uptick in the U.S., specifically for face creams designed specifically for men. According to Google, the top two searched skin care ingredients for 2017 are clay and aloe vera.
These trends in skin care, ingredients, and global markets give us great insight as to the huge potential in front of us, relative to skin care and personal care sales. Thus far, 2017 has proved to be a huge success in the industry and 2018 looks even more promising!