In a new report, Canadean shows that, while facial care will retain the top share of the sector, hand care is set to show the most growth to 2017 in the Canadian skin care market. One of the top three health and beauty sectors in Canada, skin care will likely grow at a value CAGR of 2.9% between 2012 and 2017, the report notes, and volumes will grow at a CAGR of 2% for the same period, as consumers spend more on luxury and value-added products.
The report also says the introduction and rapid popularity of new products such as BB creams into the mainstream has helped the mature facial care category to continue growing, despite already accounting for almost half of the market in both value and volume terms. The category will also fare well to 2017 thanks to further product innovations, as value and volume grow at a CAGR of 2.9% and 2.3%, respectively.
Focusing in, the report also explains that hand care will display the fastest growth of the sector, growing to 2017 at a value CAGR of 4.4% and volume CAGR of 2.4%, respectively; however, this is from a relatively small value and volume share of 12.4% and 13.4% in 2012. As with facial care, anti-aeing will play a key role in this growth, as Canadian consumers seek products that help fight the signs of aging not just on their faces, but on their hands as well.