Latest product developments with the use of intense research works and technology backing have been the path for skin care industry, keeping it among the most active industries of 2015. This has been a flip side of the sector as after a couple of dormant years, the industry has woke to some fight beating down the projections. Companies like Estee Lauder has begun the party by going on an acquisition spree, undertaking two brands from the US market within a quick span of 2 months.
Following the trend; Unilevel has purchased a UK skincare brand in the start of 2015 indicating some super actions for the year. Moreover, the Asian market is a big crunch of the global skincare business and there is a lot coming up from that corner of the globe.
Boiling trends in the Skincare Industry for 2015
Beauty is continued to be ruled by technology and diagnostics-
About a quarter of the total beauty industry revenue roots up from the skincare section. The increase of devices has crept up innovation in the industry has bought in many companies that are researching and bringing their products to the global markets. During the start of 2014 more concentration was paid to beauty products such as the complete make-up kits; however the trend has changed and today there is more of a specific option regarding the skin type and the region catered to. A massive individualistic market is growing big time in order to cater as per the consumer’s requirements. Bigger changed in skincare and beauty (also known as personal care together) expected in the years to come as the end user is listened to more carefully and products are manufactured accordingly.
Skincare products will be impacted by the Asian markets-
As known, skincare and other personal care products enjoy a growing market in the Asian region. Countries like India, China, Korea, Japan and others are major contributors for the market. Products like skin treating creams, face packs and sunscreen lotions are flooding the markets as multiple brands have their shares at several markets. Korea and China have the most users for skincare products followed by India and so on. BB creams have ignited the Asian market as most of the users are opting for the products coming from the west as manufacturers from there have an edge with innovation and technology thus creating better quality products that show results.
55% of the gross growth in Skincare segment will come from China by 2018
Gone are the days where beauty products including specialized skincare brands were purchased only by the elite class, they have become a necessity today and enjoy a much larger market worldwide. Especially the skincare products such as face packs and masks along with specialized oils are growing at a tremendous speed.
Face packs witnessed the strongest growth in 2013-14 and are projected to continue at least upto 2016. They are estimated to have a CAGR of 6% compared to other skincare products which are likely to have a maximum growth of 4% until 2018. The facemasks product has exceeded all records in China as it is predicted to grow into a market worth a whopping $1.2 billion by the end of 2018. Moreover, acquisitions and mergers are ought to intensify the competitive markets thus shifting the figures to a higher level.
Animal testing ban, good for the expansion of the industry-
Recently, India has bought a ban on cosmetic products that are tested on animals; following the step, China has removed the mandatory clause of animal testing for locally manufactured cosmetic products. As the two major markets have done away from the animal testing processes for the skincare and beauty products; most of the manufacturers have banned the involvement of animal testing and even including ingredients from the source.
This vital step of banning animal testing and involving animal ingredients has expanded the research possibilities in the industry and renowned brands are forced to find ways to keep up their quality and better innovation with the use of clean manufacturing process.