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Emerging Markets Helping Push Professional Skin Care
Posted: July 31, 2014
In a blog post from Kline Blogs with insights from Pierrick Dutton and written by Marcela Chifu, the market researcher shares information on how unexpected markets are helping to encourage the growth of the professional skin care market. In “Finding the Gems in the Global Market for Professional Skin Care Products,” the post notes, “In 2013, the global professional skin care market performed at its best, posting moderate growth to reach almost $6 billion.” And that is at least partially due to gains in the four emerging markets of Indonesia, Thailand, Poland and Russia, according to Kline’s Professional Skin Care Global Series: Market Analysis and Opportunities report.
According to the blog post, “An improved level of treatment services and equipment used by skin care professionals, as well as rising disposable income, leads to consumers flocking to the professional sector for treatment of their skin care concerns. Estimated at nearly $100 million each and posting double-digit gains in 2013, Indonesia and Thailand are among the exciting countries for professional skin care companies to evaluate. While in Indonesia the demand is driven by consumers accustomed to visiting medical care providers and consequently purchasing professional skin care products, the key growth drivers in Thailand are increasing awareness about the efficacy of professional products, new and innovative product introductions, and a rise in luxury spending.”
The medical side of the beauty business is an important opportunity, according to Kline. “The medical care providers channel is the largest channel of distribution and posts the strongest growth in 2013, in both Thailand and Indonesia,” the post states. “The number of physicians providing skin care treatments and dispensing products is increasing agilely, creating a favorable environment for beauty marketers. While the professional skin care market in these two countries is primarily dominated by local brands, Kline sees the future of these markets full of potential.”
Moving away from Asia, the post also notes, “Within Europe, Poland is one of the fastest growing markets driven by a significantly improved quality of service offered by professional outlets. While beauty institutes and salons is the largest channel of distribution in Poland, spas and medical care providers is the fastest growing. Stronger concerns over skin aging signs, new facilities and an increasing consumer’s interest in aesthetic procedures are all driving the growth within this promising European market.
“Russia is another market witnessing strong growth over the past several years. In preparation for the Winter Olympic Games of 2014 and the upcoming FIFA World Cup in 2018, local economies in southern Russia have been developing rapidly. A number of professional outlets, especially hotel spas and medical spas, have been opening recently as Russian consumers, more open to luxury goods, are increasingly interested in the professional skin care services and spa culture. Similar to Poland, beauty institutes and salons is the largest channel of distribution in Russia and the strongest growth has been recorded by spas and medical care providers. Unlike in all previously mentioned markets, the fairly fragmented professional skin care market in Russia is dominated by foreign brands,” the post explains.
And encouraging the future develop of these markets, Kline points to its Professional Skin Care Global Series: Market Analysis and Opportunities report for father information on market opportunities, growth drivers, distribution issues, product trends and more.