Skin care market continue to grow despite economic downturn

Mumbai, India – May 21, 2014 – A study of the skin care market statistics indicates that in 2010, the global skin care market had expanded only by 5% and generated USD 78 billion as revenues. However, between the years 2010 and 2015, the skin care market size is projected to grow 21% generating more than USD 95 billion as revenues. Of the various segments in skin care, facial care continues to dominate the market by contributing 64% of the overall value. Asia Pacific constitutes of 45% of the global market.

Anti-aging products

As per the skin care industry trends there has been shift from the older consumer base to the younger generation. Young people have started using skin care products to bid adieu to skin problems especially aging. Furthermore, the increased baby boomer’s disposable income has fuelled the growth of the segment. The anti-aging products sales were not affected even during the economic recession, though the consumers did prefer the cheaper variants. Moving forward, it will be seen that the consumers may demand for products that provide more value for money and come with functional and visual benefits.

Sun care market

The skin care industry statistics has seen that sun care products will contribute almost USD 9 billion by 2015 which will be spurred by the demand of increased awareness regarding the need for protection from the harmful rays of the sun. Moreover, the consumers are also aware and paying more attention to the ingredients being used in them. Currently, the European Union holds about 42% share in the global sun care market.

Overall market outlook

Due to the global economic recession, the manufacturers of the skin care products concentrated in offering cheaper variants for consumers to maintain with their skin care regimes. However, there was also a rise of the popularity of own brand products as consumers searched for products that will continue caring for their skin and yet limit their spending on the non-essential items.  With the recovery of the market, the consumer pattern will undergo a change again as people will be ready to invest in expensive products and skin treatments. In addition to this, there will be increased tendency to purchase products with natural ingredients.

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