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Skin Care Remains Star of Global Beauty Market
By: Carrie Lennard, Euromonitor International
Posted: August 31, 2010, from the September 2010 issue of GCI Magazine.
page 3 of 3Sales of men’s grooming products are set to rise due to changing attitudes among men with regard to grooming, resulting in strong growth in discretionary areas such as male skin care (forecast 9% growth 2009–2014).
By 2014, skin care will increase its already sizeable lead in the beauty market to reach $91 billion. This will be driven primarily by the Asian skin care market, which is set to add an additional $6 billion in absolute growth 2009–2014.
Outlook—Separating the Wheat From the Chaff
There is a key trend emerging in consumer spending habits; it is becoming clear that many consumers are streamlining the number of products they buy and are instead focusing on products that are deemed necessary. This new mindset is set to result in highly varied fortunes for the different skin care categories. According to Euromonitor International statistics, while the antiaging segment is set to gain more than $5 billion 2009–2014, sales of facial cleansing wipes are predicted to rise by a more modest $115 million, and toners by just $110 million. The crucial reason behind this difference in performance is consumer perception with regard to the long-term effects of these products on skin. Antiagers are seen by many as an investment in future skin health while the latter two are not. Brand owners would be well advised to focus on necessity products in their skin care ranges rather than those categories that will be impacted by consumer cutbacks.
Carrie Lennard is a research analyst at Euromonitor International.