Like food and fitness before it, the skin care market has succumbed to the lure of the wellness trend. But what does this mean for skin care NPD? SPC reports
For a sector that prides itself on preservation, skin care has a canny way of reinventing itself. From dermatologist brands to DIY beauty, the market is more diverse yet segmented than ever thanks to a plethora of formats, routines and procedures that fall under its umbrella.
But the one theme that unites the skin care market, from nascent brands to the most established, is the same trend that has dominated the lifestyle sector at large: the unstoppable march of wellness.
According to market researcher Mintel, the global skin care market was valued at t50bn in 2015 and is forecast to have grown a healthy 4% in 2016.
“Established markets are doing well in terms of sales, but it is emerging markets that are really driving growth,” explains Vivienne Rudd, Director of Global Insight and Innovation, Beauty and Personal Care at Mintel. “However, this growth is uneven across markets.” Strong growth (in terms of CAGR) has come from . . .
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