The global skincare market is predicted to just keep growing, with a CAGR between 4.7% and 5.3% by 2023. In 2016, the skincare segment of personal care products was worth $130.7 billion USD, and this upward trend will just continue to increase as consumers demand more multi-purpose skincare products that deliver a variety of results. Such as?
For starters, anti-aging effects like reduction of wrinkles and fine lines, as well as cleansing and improved overall health of skin. They’re looking for personal care products that offer clinical effectiveness at home.
That worldwide anti-aging market? As we’ve mentioned before it’s expected to be worth $331.41 billion USD by 2021, and this burgeoning demand by consumers for more anti-aging products is being driven by the seemingly never-ending segment growth for facial care products.
Anti-aging facial care products, in particular those with multi-beneficial ingredients like glycolic acid, will be even more sought-after by global consumers in the next five years.
Bring on the Elephant – and healthier skin
The global skincare market boom is also attributed to the boosted consumer interest in products that deliver not just noticeable physical results but promote overall health of skin, according to Forbes. This trend of personal care products that promote skin vitality makes traditional workhorse ingredients like glycolic acid, praised for its effectiveness for everything from loosening dead skin cells to brightening skin tone, continue to be a smart addition for reformulations and new products.
So the explosive growth of the global skincare market owes largely to the increased consumer desire for clinically effective skincare products bought over the counter. “Largely” as in “Elephant-sized.”
The smashing success story of the relatively new skincare line, Drunk Elephant (Sephora’s 2016 highest grossing skincare product line), to be precise. “The brand has gained buzz thanks to its transparent, no-nonsense approach to skincare, and the fact that it focuses on effective, clinical ingredients over exclusively natural or organic ones — even with natural beauty being one of the most booming categories in skincare,” according to beauty influencer website Racked.
Savvy consumers are craving more anti-aging facial care products, improved skin health, and products delivering clinical effectiveness via ingredients like multipurpose, hyper-effective glycolic acid. Those are the forces that will propel the growth of the skincare category in the next five years.
And they’ll provide formulators plenty of opportunities to create new innovative skincare products, and reformulate old favorites to become more potent, exciting, and inspiring to consumers.
After all, even an elephant-sized idea has to start somewhere.
