Global Skin Care Market
The skin care industry has witnessed a shift from demand from older consumers to a growing younger consumer base. People are beginning to use skin care at an increasingly young age in a bid to delay the signs of aging, while the number of older consumers is beginning to fall. Skin care companies may adapt their marketing strategies to correct this balance and hold on to their older consumer base.
The U.S. skin care and toiletries market in general is benefiting from rising demand for natural and organic products, with a faster growth rate than that of the overall market. In 2016, 57 percent of U.S. women said it was important to buy all-natural skin-care products. Therefore companies continue to offer consumers innovative products, concentrating on developing environmentally friendly products either made locally or using locally sourced ingredients. Anti-aging products also represent a strong growth area in the US cosmetics and toiletries market. In 2014, the leading skin care brand in the United States was Olay Regenerist, a facial anti-aging brand that is owned by Procter & Gamble, with sales that amounted to approximately 103 million U.S. dollars. The U.S. anti-aging skin care market generated about 2.11 billion U.S. dollars in 2013, with that figure expected to decrease to 2.05 billion U.S. dollars by 2015.
In light of falling consumer confidence, companies operating in the skin care product market are concentrating on offering consumers cheaper alternatives to their usual skin care regimes. Own-brand products also rose in popularity as consumers sought to continue caring for their skin while limiting their spending on non-essential items.