As the global population grows and the importance of skin care becomes more well known, the global skin care market is projected to increase from 134.5 billion dollars in 2018 to over 180 billion by 2024. As of 2016, the world’s largest skin care market is the Asia Pacific region, which makes up about 43 percent of the global market. However, the world’s most lucrative market for skin care is the United States.
The United States has a thriving skin care market. The skin care segment makes up the largest share of revenue generated by the beauty and personal care market. The two best selling skin care products in the U.S. are facial cleansers and acne treatments, selling 205 million and 101 million units respectively in 2016.
In most Western societies, youthfulness is highly coveted, and every year millions of Americans undergo cosmetic procedures to make themselves look younger. Every year new and innovative products come onto the market, so it should come as no surprise that anti-aging skin care market in the United States is projected to grow substantially between 2015 and 2021. The anti-aging facial products with the largest market share are the Olay Regenerist Micro-Sculpting, the regular Olay Regenerist, and the Olay Total Effects 7-in-one.
In a 2017 survey among U.S. consumers, 52 percent reportedly used skin care products every day. Only six percent of those surveyed reported that they never used skin care products. In addition, 65 percent of women in the United States used skin care products every day, compared to 37 percent of men. When asked about the main purpose of their facial skin care products, the majority of survey respondents cited dryness or aging as the main problems they were trying to address.